{"id":1777,"date":"2026-11-04T05:27:40","date_gmt":"2026-11-04T05:27:40","guid":{"rendered":"https:\/\/www.coversure.in\/blog\/?p=1777"},"modified":"2026-11-13T11:46:46","modified_gmt":"2026-11-13T11:46:46","slug":"lic-jeevan-umang-plan-745-meaning-survival-benefit-returns-who-should-buy-it","status":"publish","type":"post","link":"https:\/\/www.coversure.in\/blog\/life-insurance\/lic-jeevan-umang-plan-745-meaning-survival-benefit-returns-who-should-buy-it\/","title":{"rendered":"LIC Jeevan Umang (Plan 745): Meaning, Survival Benefit, Returns & Who Should Buy It"},"content":{"rendered":"

LIC Jeevan Umang: The Whole Life Plan That Pays You Back While It Still Covers You<\/b><\/h2>\n\n\n\n
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Quick Gist<\/b><\/h3>\n

LIC’s Jeevan Umang (Plan 745, UIN 512N312V03) is a participating, non-linked whole life plan. You pay premiums for 15, 20, 25 or 30 years, while cover runs to age 100. From the end of the premium-paying term, you receive a survival benefit of 8% of the basic sum assured every year you are alive, and the sum assured plus bonuses at maturity. Entry age is 30 days to 55 years, depending on the premium term, and the minimum sum assured is \u20b92,00,000. On death, nominees receive the higher of the sum assured or seven times the annualised premium, plus declared bonuses, never below 105% of premiums paid.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Two Letters in One Envelope<\/b><\/h3>\n

Most life insurance is a letter addressed to someone else. Jeevan Umang tucks a second letter into the same envelope, addressed to you.<\/span><\/p>\n

Some history first. Life insurance reached India in 1818, when the Oriental Life Insurance Company opened in Kolkata. The modern chapter began on 1 September 1956, when Parliament nationalised the industry and merged more than 245 insurers and provident societies into the Life Insurance Corporation of India, with \u20b95 crore of government capital and a mandate to spread cover into rural areas. LIC remains state-owned, is headquartered in Mumbai and has been listed on the exchanges since May 2022.<\/span><\/p>\n

On its shelf sit three shapes of protection. Term plans pay only on death. Endowment plans cover a fixed period and pay a lump sum if you outlive it. Whole life plans, the family Jeevan Umang belongs to, set no expiry on protection at all. Here the cover runs to age 100, and an income layer sits on top: once your paying years end, a fixed yearly payout begins.<\/span><\/p>\n

“Par, non-linked” finishes the label. Participating means the policy shares in LIC’s surplus through bonuses. Non-linked means no market units are involved. The sum assured is fixed, and only the bonuses vary.<\/span><\/p>\n

If this gets too complex or overwhelming, reach out to a CoverSure advisor!<\/i><\/b><\/a><\/p>\n

Jeevan Umang at a Glance<\/b><\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Parameter<\/b><\/td>\nJeevan Umang<\/b><\/td>\n<\/tr>\n
Plan type<\/span><\/td>\nParticipating, non-linked, individual savings whole life plan<\/span><\/td>\n<\/tr>\n
Plan no. \/ UIN<\/span><\/td>\n745 \/ 512N312V03<\/span><\/td>\n<\/tr>\n
Premium paying term<\/span><\/td>\n15, 20, 25 or 30 years<\/span><\/td>\n<\/tr>\n
Policy term<\/span><\/td>\n100 minus age at entry, so cover and maturity sit at age 100<\/span><\/td>\n<\/tr>\n
Entry age<\/span><\/td>\n30 days (completed) to 55, 50, 45 or 40 for the 15, 20, 25 and 30-year paying terms<\/span><\/td>\n<\/tr>\n
Age when payments end<\/span><\/td>\n18 (completed) to 70<\/span><\/td>\n<\/tr>\n
Sum assured<\/span><\/td>\nFrom \u20b92,00,000, no upper limit<\/span><\/td>\n<\/tr>\n
Survival benefit<\/span><\/td>\n8% of the basic sum assured every year, from the end of the paying term<\/span><\/td>\n<\/tr>\n
Premium frequency<\/span><\/td>\nYearly, half-yearly, quarterly, monthly (NACH only) or salary deduction<\/span><\/td>\n<\/tr>\n
Lowest sample premium<\/span><\/td>\n\u20b96,840 a year for \u20b92 lakh at age 20 on the 30-year paying term, before taxes. Monthly mode carries no rebate, so expect a figure a touch above one-twelfth of the annual premium<\/span><\/td>\n<\/tr>\n
Lock-in<\/span><\/td>\nNo formal lock-in. Surrender opens after year one, with a guaranteed value from two full years of premiums<\/span><\/td>\n<\/tr>\n
Charges<\/span><\/td>\nNone itemised, so costs sit inside the premium. Extras: taxes, underwriting extra premium, rider premiums, a \u20b975 duplicate-policy fee, and loan and revival interest<\/span><\/td>\n<\/tr>\n
Policy loan<\/span><\/td>\nDuring the paying term, up to 75% of surrender value (65% if paid-up) after two years of premiums<\/span><\/td>\n<\/tr>\n
Free look<\/span><\/td>\n30 days<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Note:<\/strong> interest rates quoted in LIC’s literature are for 2024-25 and reset every May, so confirm the current figure before you commit<\/span><\/p>\n

The Features, One at a Time<\/b><\/h3>\n

Whole Life Cover to Age 100<\/b><\/h4>\n

The policy term is 100 minus your age at entry. Someone who joins at 40 holds a 60-year contract. Premiums stop after 15, 20, 25 or 30 years, and protection carries on regardless. Longer paying terms are reserved for younger entrants, and your age on the final premium date must fall between 18 and 70. Grace is 30 days for yearly, half-yearly and quarterly premiums, and 15 days for monthly.<\/span><\/p>\n

Death Benefit: What the Nominee Receives<\/b><\/h4>\n

Once risk has started, the nominee receives the higher of the sum assured or seven times the annualised premium, plus vested bonuses and any final additional bonus, with a floor of 105% of premiums paid. For a policyholder who has paid \u20b913.5 lakh over 25 years, that floor is about \u20b914.2 lakh, whatever the sum assured says. Check the sum assured itself with<\/span> CoverSure’s CoverRisk Calculator<\/span><\/a>, which weighs income, dependants and liabilities against existing cover.<\/span><\/p>\n

The Survival Benefit: Eight Per Cent, Every Year<\/b><\/h4>\n

This is the headline feature. When the paying term ends, and every premium has been paid, you receive 8% of the basic sum assured each year, for as long as you live, until the policy anniversary before maturity. Take Kabir, 40, with a \u20b912 lakh policy and a 25-year paying term. His payout is \u20b996,000 a year from age 65, for up to 35 payments, about \u20b933.6 lakh in all. Note the wording: it is 8% of the sum assured, not 8% on premiums paid.<\/span><\/p>\n

Maturity at 100 and the Bonus Layers<\/b><\/h4>\n

Reach the end of the term and you receive the sum assured plus vested bonuses and any final additional bonus. During the paying term, simple reversionary bonuses are declared annually and, once declared, become guaranteed. After it, participation continues only for fully paid-up policies, or paid-up ones with a maturity paid-up sum assured of \u20b92 lakh or more, in a form and on a scale LIC may vary. Bonuses are not promised.<\/span><\/p>\n

What the Guaranteed Numbers Imply<\/b><\/h4>\n

Kabir’s premium scales from the sample rate to roughly \u20b954,000 a year before rebates, about \u20b913.55 lakh over 25 years. His \u20b996,000 payouts repay that in just over 14 years, around age 79. Counting only guaranteed amounts and no bonus, our arithmetic gives roughly 2.7% a year if the policy pays out on death at 75, 3.4% on death at 85 and 3.7% if he reaches 100. Across the sample rate card, the payout repays total premiums in 13 to 16 years.<\/span><\/p>\n

That arithmetic runs on sample rates. If you already hold a Jeevan Umang (plan 745 or 945),<\/i><\/b> LIC Policy Check<\/i><\/b><\/a> uses your own details to show what you would get if you surrendered today, what the policy earns a year, and how your bonus has built up year by year.<\/i><\/b><\/p>\n

Rebates and Premium Modes<\/b><\/h4>\n

Yearly payment earns a 2% rebate on tabular premium, and half-yearly earns 1%. Quarterly, monthly and salary deduction earn none. The high sum assured rebate is nil below \u20b95 lakh, then \u20b92.50 per \u20b91,000 of cover from \u20b95 lakh, \u20b93.50 from \u20b910 lakh and \u20b94 from \u20b925 lakh. Sample premiums for \u20b92 lakh run from \u20b916,542 (age 20, 15-year paying term) down to \u20b96,840 (age 20, 30-year term). Longer paying terms mean smaller bills and later payouts.<\/span><\/p>\n

Riders and the Instalment Option<\/b><\/h4>\n

Four riders exist: Accidental Death and Disability Benefit, Accident Benefit (pick one of these two), New Term Assurance and Premium Waiver Benefit. New Term Assurance is taken at inception and runs up to 35 years or age 75, whichever comes first. Life riders together cannot exceed 30% of the base premium. Separately, the death benefit can be paid in instalments over 5, 10 or 15 years if you choose that during your lifetime.<\/span><\/p>\n

Surrender Value and Loans<\/b><\/h4>\n

Surrender opens after year one. Guaranteed value is 30% of premiums in year two, 35% in year three and 50% in years four to seven. For a 40-year-old entrant, it is about 52% by year ten. Kabir, surrendering then with \u20b95.4 lakh paid, would see a guaranteed floor near \u20b92.8 lakh, plus a bonus factor. After the paying term, a new loan is sized so annual interest stays within half the survival benefit, which on \u20b996,000 caps interest at \u20b948,000 and points to a loan near \u20b95 lakh at 9.5%. LIC retains discretion on the amount.<\/span><\/p>\n

If You Stop Paying: Paid-Up Rules and Fine Print<\/b><\/h4>\n

After one full year of premiums, a lapsed policy turns paid-up with proportionately reduced benefits. Here is the catch. If the maturity paid-up sum assured falls below \u20b92 lakh, survival benefits stop entirely. On a \u20b94 lakh, 20-year plan, stopping after 10 years leaves exactly \u20b92 lakh and a yearly payout of \u20b916,000. Stopping after 9 leaves \u20b91.8 lakh and no payout. Revival is open for five years, with arrears, interest and fresh underwriting.<\/span> Know Your Policy<\/span><\/a> turns the policy document into plain language.<\/span><\/p>\n

Thinking of pausing a premium?<\/i><\/b> See what your own policy would still pay<\/i><\/b><\/a> before you do. The report shows the paid-up amount you would still receive, next to your surrender value and what your family would get today.\u00a0<\/i><\/b><\/p>\n

Pros and Cons<\/b><\/h3>\n

What works<\/b><\/h4>\n