LIC Jeevan Umang 945 Premium and Maturity Calculator
Calculate accurate premium amounts, maturity benefits, and projected returns for your LIC policy
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LIC Jeevan Umang 945: Complete Guide & Analysis
Understanding LIC Jeevan Umang 945 Policy
LIC Jeevan Umang 945 is a non-linked, participating, individual life insurance plan that offers a combination of protection and savings. This policy provides financial security against death throughout the policy term and offers a regular income after the premium paying term. The plan is designed to cater to long-term financial planning needs with life cover and guaranteed benefits.
One of the unique features of Jeevan Umang 945 is its dual benefit structure. In case of survival of the policyholder, the plan provides annual survival benefits from the end of the premium paying term till maturity, and a lump sum payment at maturity. In case of unfortunate death during the policy term, the sum assured along with accrued bonuses is paid to the nominee.
Key Features & Benefits
- Death Benefit: Sum assured plus vested bonuses are paid immediately on death during policy term
- Survival Benefit: 8% of basic sum assured paid annually after premium payment term till maturity
- Maturity Benefit: Basic sum assured plus accrued bonuses plus final additional bonus
- Loan Facility: Available after 3 years of premium payment
- Tax Benefits: Premiums eligible for tax deduction under Section 80C, benefits under Section 10(10D)
- Bonus Participation: Policy participates in profits of LIC and earns bonuses
How Premium Calculation Works
The premium for LIC Jeevan Umang 945 depends on several factors including age at entry, sum assured, policy term, and premium paying term. Our calculator uses LIC's standard premium rates adjusted for these variables. The calculation considers:
- Basic premium based on age and sum assured
- Policy term adjustments
- Mode of premium payment (annual, half-yearly, quarterly)
- Expected bonus rates based on historical performance
For accurate premium calculation, LIC considers multiple factors including medical history, occupation, and lifestyle habits. Our calculator provides an estimate that helps in financial planning.
Expected Returns & Maturity Benefits Analysis
| Sum Assured | Annual Premium (Approx.) | Total Survival Benefits | Maturity Value (Projected) | Estimated IRR |
|---|---|---|---|---|
| ₹ 5,00,000 | ₹ 35,000 - 42,000 | ₹ 4,00,000 | ₹ 12 - 15 Lakhs | 5.5% - 6.5% |
| ₹ 10,00,000 | ₹ 70,000 - 84,000 | ₹ 8,00,000 | ₹ 24 - 30 Lakhs | 5.5% - 6.5% |
| ₹ 25,00,000 | ₹ 1,75,000 - 2,10,000 | ₹ 20,00,000 | ₹ 60 - 75 Lakhs | 5.5% - 6.5% |
Who Should Consider Jeevan Umang 945?
This policy is ideal for individuals looking for:
- Long-term financial security with life cover
- Regular income after premium payment term
- Combined protection and savings instrument
- Tax-efficient investment under current tax laws
- Safe and guaranteed returns with life insurance
Particularly suitable for individuals in age group 25-45 years who want to build a retirement corpus while ensuring family protection.
Frequently Asked Questions
Q: What is the minimum and maximum sum assured?
A: Minimum sum assured is ₹ 2,00,000 with no upper limit, subject to underwriting.
Q: Can I pay premium monthly?
A: Yes, premiums can be paid monthly, quarterly, half-yearly, or annually through ECS.
Q: What happens if I stop paying premium?
A: Policy may lapse after grace period. Revival options are available within 5 years.
Q: Are there any exclusions?
A: Standard exclusions include suicide within first year and misrepresentation of facts.