LIC Jeevan Umang Plan 745: Complete Guide to Benefits, Eligibility, and Returns

If you want a life insurance plan that also pays you a regular income after your working years, LIC Jeevan Umang Plan 745 is worth understanding closely. It is one of the most popular whole life plans sold by Life Insurance Corporation of India (LIC), built around a simple idea: pay premiums for a fixed number of years, then receive a yearly payout for the rest of your life, plus a large lump sum at the end.

This guide explains how the plan works, who can buy it, what benefits it offers, and where it may not be the right fit.

What Is LIC Jeevan Umang Plan 745?

LIC Jeevan Umang (Plan No. 745, UIN 512N312V03) is a participating, non-linked, whole life insurance policy. "Participating" means the policy is eligible for bonuses declared by LIC each year, on top of the guaranteed benefits. "Whole life" means the cover runs all the way up to age 100, instead of ending after a fixed term like a regular endowment plan.

This version of the plan was launched in October 2024, after LIC withdrew the earlier Jeevan Umang plan (sold as Plan 845 offline and Plan 945 online). The core structure — limited premiums, followed by yearly income, followed by a maturity payout at age 100 — has stayed the same.

Key Features at a Glance

• Life cover continues till the policyholder turns 100 years old
• Premiums are payable only for a limited period: 15, 20, 25, or 30 years
• Guaranteed annual survival benefit equal to 8% of the Basic Sum Assured, starting right after the premium paying term ends
• Lump sum maturity benefit at age 100, made up of Basic Sum Assured plus bonuses
• Participation in simple reversionary bonus and, potentially, a final additional bonus
• Death benefit payable to the nominee at any point during the policy term
• Optional riders available for extra protection
• Loan facility available once the policy builds up a surrender value

Eligibility Criteria

Check these entry conditions before applying.

Parameter	Detail
Minimum entry age	30 days (completed)
Maximum entry age	55 years for PPT 15, 50 years for PPT 20, 45 years for PPT 25, 40 years for PPT 30
Premium Paying Term (PPT)	15, 20, 25, or 30 years
Policy term	100 minus age at entry
Minimum age at end of PPT	18 years (completed)
Maximum age at end of PPT	70 years (nearer birthday)
Minimum Basic Sum Assured	₹2,00,000
Maximum Basic Sum Assured	No upper limit
Age at maturity	100 years (nearer birthday)

The Basic Sum Assured must be chosen in specific steps: multiples of ₹25,000 between ₹2,00,000 and ₹4,50,000, multiples of ₹50,000 between ₹4,50,000 and ₹9,00,000, and multiples of ₹1,00,000 above ₹9,00,000.

How LIC Jeevan Umang Plan 745 Works

Think of the plan as running in three phases.

Phase 1 — Premium Paying Period: You pay premiums yearly, half-yearly, quarterly, or monthly for the term you chose. Your life cover is active from day one, even while you're still paying.

Phase 2 — Income Period: Once the premium paying term ends, you stop paying, and the policy starts paying you 8% of the Basic Sum Assured every year. This continues for life, right up to age 100, or until death, whichever comes first.

Phase 3 — Maturity: If you're alive at age 100 (nearer birthday), the policy matures and pays a lump sum: the Basic Sum Assured plus all bonuses built up over the years.

Benefits Under the Plan

Survival Benefit (the yearly income)

This is the defining feature of Jeevan Umang. After your premium paying term ends, LIC pays 8% of the Basic Sum Assured every year, as long as the policy stays in force. For a Basic Sum Assured of ₹10,00,000, that works out to ₹80,000 a year.

Death Benefit

If the life assured passes away during the policy term, the nominee gets a death benefit equal to the highest of:

• Seven times the annualized premium, or
• 105% of all premiums paid up to the date of death, or
• The Basic Sum Assured

Any bonuses accrued by then are added on top. LIC also allows the nominee to take the death benefit as a lump sum, or spread across 5, 10, or 15 years in instalments.

Maturity Benefit

On survival till age 100, the policyholder gets the Basic Sum Assured, plus vested simple reversionary bonuses, plus a final additional bonus if LIC has declared one for that group of policies.

Bonuses

Being a participating plan, Jeevan Umang earns a Simple Reversionary Bonus (SRB) each year, declared by LIC based on how its life fund performs. Bonuses aren't fixed in advance, but once declared, they get locked into the policy permanently. Long-running policies may also qualify for a Final Additional Bonus (FAB) at maturity or death. Since bonus rates change year to year, treat any bonus figure as an estimate, not a promise.

Understanding the Cash Flow: A Simple Example

Say someone buys this plan at age 30, with a Basic Sum Assured of ₹10,00,000 and a 20-year Premium Paying Term.

• From age 30 to 50, they pay premiums every year.
• From age 51 onward, they receive ₹80,000 a year (8% of ₹10,00,000) as guaranteed income, continuing every single year till age 100.
• At age 100, they additionally receive ₹10,00,000 plus whatever bonuses have built up over seven decades.

The exact premium depends on your age, chosen term, sum assured, and payment mode, and it follows LIC's tabular rates. For an accurate quote, use LIC's official premium calculator on licindia.in or speak with a licensed LIC agent — treat any third-party premium figure as approximate.

Optional Riders

These add-ons strengthen the base policy and are usually available only at the time of purchase:

• Accidental Death and Disability Benefit Rider — pays extra if death or permanent disability happens due to an accident.
• Accident Benefit Rider — a simpler cover that pays an extra sum on accidental death.
• New Term Assurance Rider — adds pure extra life cover, available only at inception.
• Premium Waiver Benefit Rider — if the proposer (often a parent buying for a child) dies during the term, all future premiums are waived and the policy continues with full benefits.

Riders add a small amount to your premium but widen your protection, so weigh the extra cost against the extra cover before choosing.

Surrender Value, Loan, Grace Period, and Free Look

• Surrender: After paying premiums for the minimum required period, you can surrender the policy for a surrender value based on LIC's current rules.
• Loan: Once the policy has a surrender value, you can borrow against it, up to a percentage of that value.
• Grace period: You get 30 days from the premium due date to pay, and the policy stays in force during this window.
• Free look period: If you're unhappy with the policy terms after receiving the document, you can return it within 15 days of receipt (30 days for policies bought online) for a refund.

Tax Benefits

Premiums are generally eligible for deduction under prevailing income tax provisions, and death or maturity payouts may be tax-exempt subject to conditions in force at the time. Tax rules change with each budget, so don't rely on memory or old articles for this — confirm the current position with a chartered accountant or tax advisor before factoring it into your planning.

Advantages and Limitations

No single plan fits everyone, so it helps to see both sides clearly.

What works in its favour

• Guaranteed income for life after the premium paying term, useful for retirement planning
• Life cover stays active till age 100, unlike most term plans that stop around age 60–75
• Bonus participation can meaningfully raise the final payout over decades
• Flexible premium terms to match different financial goals

Where it falls short

• Returns from a traditional plan like this are usually modest compared to market-linked options such as mutual funds, especially over 20–30 years
• The life cover amount is often small relative to the premium paid, compared to a pure term plan
• Money stays locked in for a long time; surrendering early usually means a loss
• Bonus rates are declared year to year and are never guaranteed in advance

For many people, a pure term insurance plan (for high, low-cost cover) combined with separate investments (for wealth building) can achieve similar or better outcomes than one combined plan. Still, Jeevan Umang can make sense for someone who specifically wants a guaranteed, insurer-backed income stream and is comfortable trading higher returns for safety.

Who Should Consider This Plan?

This plan tends to suit:

• People who want a predictable, guaranteed income after retirement, separate from market-linked investments
• Parents who want to secure a lifelong income and cover for a child, using the Premium Waiver Rider
• Conservative savers who value safety and guaranteed payouts over higher but uncertain returns
• People who already have adequate term insurance and want to add a low-risk savings layer

It may not suit someone whose main goal is high life cover at a low premium, or someone aiming to maximise long-term wealth — a term plan plus separate investments are usually more efficient for those goals.

How to Buy LIC Jeevan Umang Plan 745

You can buy this policy through a LIC agent, a LIC branch office, or online via LIC's official website. Before buying, check the current premium on LIC's official calculator, read the policy document carefully, and confirm the latest terms, since bonus rates and product details are updated by LIC from time to time.

Frequently Asked Questions

1. What is the minimum Sum Assured under LIC Jeevan Umang Plan 745? The minimum Basic Sum Assured is ₹2,00,000, with no upper limit.

2. At what age does the survival benefit start? It starts right after your chosen premium paying term ends — for example, a 20-year term starting at age 30 means income begins once the last premium is paid, around age 50.

3. What happens if I stop paying premiums midway? If you've paid long enough to acquire a paid-up value, the policy can continue in a reduced, paid-up form instead of lapsing completely, subject to LIC's rules. Check the exact impact with LIC before discontinuing.

4. Is LIC Jeevan Umang Plan 745 a good investment? It offers guaranteed income and life cover, which some people value highly for safety. But its overall returns are usually lower than market-linked options like mutual funds over the long run, so it works best as one part of a diversified plan, not the only one.

5. Can I take a loan against this policy? Yes, once it has acquired a surrender value, subject to LIC's loan-to-value norms at the time.

6. Is the maturity amount guaranteed? The Basic Sum Assured portion is guaranteed. The bonus portion depends on LIC's yearly declarations and isn't fixed in advance.

7. What is the maximum age to buy this policy? It depends on your chosen premium paying term: up to 55 years for a 15-year term, 50 years for 20 years, 45 years for 25 years, and 40 years for a 30-year term.