LIC Jeevan Umang 745 is a with-profit whole life plan that covers you up to age 100. You pay premiums for 15, 20, 25 or 30 years, then receive 8% of the sum assured every year until 99, plus sum assured and bonuses at 100. A 30-year-old choosing ₹10 lakh cover and a 20-year premium term pays about ₹53,535 a year, with no GST on top, and gets ₹80,000 a year from age 50.
Jeevan Umang 745 Premium, Income & Maturity Calculator
Your estimate
- Premium per instalment
- ₹53,535
- Premium paying term
- 20 years
- Policy term
- 70 years
- Total premium paid
- ₹10,70,700
- Yearly income starts at age
- 50 years
- Total survival benefits till age 99
- ₹40,00,000
- Estimated maturity amountat age 100: SA + estimated bonus + FAB
- ₹33,08,975
- Total bonus (estimated)
- ₹23,08,975
- Total returns
- ₹73,08,975
- Sum assured on deathplus bonuses accrued; income already paid is not deducted
- ₹11,24,235
- Approx. return (IRR)
- 4.94%
- Total premium paid₹10,70,70013%
- Total survival benefits till age 99₹40,00,00048%
- Estimated maturity amount₹33,08,97539%
Year-wise premiums and payouts (key years)
| Policy year | Age at entry | Premium paid | Payout | Premium paid so far | Received so far |
|---|---|---|---|---|---|
| 1 | 31 years | ₹53,535 | ₹0 | ₹53,535 | ₹0 |
| 2 | 32 years | ₹53,535 | ₹0 | ₹1,07,070 | ₹0 |
| 5 | 35 years | ₹53,535 | ₹0 | ₹2,67,675 | ₹0 |
| 10 | 40 years | ₹53,535 | ₹0 | ₹5,35,350 | ₹0 |
| 15 | 45 years | ₹53,535 | ₹0 | ₹8,03,025 | ₹0 |
| 20 | 50 years | ₹53,535 | ₹80,000 | ₹10,70,700 | ₹80,000 |
| 21 | 51 years | ₹0 | ₹80,000 | ₹10,70,700 | ₹1,60,000 |
| 25 | 55 years | ₹0 | ₹80,000 | ₹10,70,700 | ₹4,80,000 |
| 30 | 60 years | ₹0 | ₹80,000 | ₹10,70,700 | ₹8,80,000 |
| 35 | 65 years | ₹0 | ₹80,000 | ₹10,70,700 | ₹12,80,000 |
| 40 | 70 years | ₹0 | ₹80,000 | ₹10,70,700 | ₹16,80,000 |
| 45 | 75 years | ₹0 | ₹80,000 | ₹10,70,700 | ₹20,80,000 |
| 50 | 80 years | ₹0 | ₹80,000 | ₹10,70,700 | ₹24,80,000 |
| 55 | 85 years | ₹0 | ₹80,000 | ₹10,70,700 | ₹28,80,000 |
| 60 | 90 years | ₹0 | ₹80,000 | ₹10,70,700 | ₹32,80,000 |
| 65 | 95 years | ₹0 | ₹80,000 | ₹10,70,700 | ₹36,80,000 |
| 70 | 100 years | ₹0 | ₹33,08,975 | ₹10,70,700 | ₹73,08,975 |
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC Jeevan Umang Plan 745?
LIC Jeevan Umang Plan 745 is a whole life insurance plan that works like a self-funded pension with life cover attached. You pay premiums for a fixed period of 15 to 30 years. Once that period ends, LIC starts paying you 8% of the basic sum assured every year, and keeps paying until you turn 99. At 100 the policy matures and pays the sum assured plus bonuses. If you die at any point, your family receives the death benefit.
The plan is non-linked (no market exposure) and with-profit (it earns bonuses from LIC’s surplus). Plan 745 is the version currently on sale. It replaced Jeevan Umang 945 when LIC relaunched its traditional plans in October 2024.
Jeevan Umang 745 at a glance
| Feature | Details |
|---|---|
| Plan number | 745 |
| Plan type | Non-linked, with-profit whole life plan |
| Cover | Up to age 100 |
| Premium paying term | 15, 20, 25 or 30 years |
| Entry age | 30 days to 55 years |
| Minimum sum assured | ₹2,00,000 (multiples of ₹25,000), no upper limit |
| Survival benefit | 8% of basic sum assured every year after the premium term |
| Maturity | Sum assured + bonuses + final additional bonus at age 100 |
| Premium modes | Yearly, half-yearly, quarterly, monthly (NACH) |
| Status | Active |
Eligibility
Premiums must end between ages 18 and 70, so the entry age limits depend on the premium term.
| Premium paying term | Minimum entry age | Maximum entry age | Income starts at |
|---|---|---|---|
| 15 years | 3 years | 55 years | entry age + 15 |
| 20 years | 30 days | 50 years | entry age + 20 |
| 25 years | 30 days | 45 years | entry age + 25 |
| 30 years | 30 days | 40 years | entry age + 30 |
The policy term is always 100 minus your entry age. A 30-year-old buyer therefore holds a 70-year policy.
How the premium is calculated
The calculator follows the sample premiums LIC publishes in the official Jeevan Umang 745 sales brochure. For example, the brochure quotes ₹11,407 a year for ₹2 lakh cover at age 30 with a 20-year premium term, and the calculator returns exactly that. Rates between the brochure ages (20, 30, 40, 50) are interpolated; younger ages are extended from the nearest brochure figures, so treat those as estimates. With Jeevan Umang, age matters less than you might expect: an older buyer pays about the same rate but receives the yearly income for fewer years. The steps are:
- Rate per ₹1,000 × sum assured ÷ 1,000 gives the tabular premium.
- A mode rebate of 2% (yearly) or 1% (half-yearly) of the tabular premium is deducted.
- A high sum assured rebate is deducted: ₹2.50 per ₹1,000 of sum assured for ₹5–9 lakh, ₹3.50 for ₹10–24 lakh and ₹4 for ₹25 lakh and above.
- No GST: individual life insurance premiums are GST-exempt from 22 September 2025, so the premium shown is what you pay.
Worked example: a 30-year-old picks ₹10 lakh sum assured and a 20-year premium term. The calculator shows about ₹53,535 a year, or ₹4,558 a month. Buyers who started a 745 policy before 22 September 2025 paid GST on top (4.5% in year one, 2.25% after), about ₹55,944 and ₹54,740 on this example. Over 20 years he pays about ₹10,70,700. From age 50 he receives ₹80,000 every year, which adds up to ₹40 lakh by age 99.
Premiums for ₹10 lakh at age 30 by term, from the chart below the calculator:
| Premium term | Yearly premium |
|---|---|
| 15 years | ₹79,210 |
| 20 years | ₹53,535 |
| 25 years | ₹39,475 |
| 30 years | ₹31,635 |
Tip: a longer premium term lowers the yearly outgo, but income starts later. If you want the payouts to begin around retirement, work backwards: entry age + premium term = the age your income starts.
Maturity benefit at age 100
If you live to 100, LIC pays the basic sum assured + all simple reversionary bonuses + final additional bonus (FAB). The calculator uses your bonus input for the premium-paying years and a lower rate (about half) after that, plus a modest FAB. In our example, a bonus of ₹45 per ₹1,000 gives an estimated maturity of about ₹33,08,975. Adding the ₹40 lakh of yearly income, total estimated payouts come to about ₹73 lakh, an internal return of roughly 5% a year.
Bonuses are not guaranteed. Move the bonus field up or down to see a cautious and an optimistic case, or estimate vested bonus separately with our LIC bonus calculator.
Death benefit
On death at any time during the policy, the nominee receives:
- Sum assured on death: the higher of the basic sum assured or 7 times the annualised premium, never less than 105% of premiums paid; plus
- vested simple reversionary bonuses and any final additional bonus.
Survival benefits already paid are not deducted. For our 30-year-old, the sum assured on death after all 20 premiums works out to ₹11,24,235, plus bonuses.
Survival benefit, loan and surrender
- Yearly income: 8% of sum assured at the end of each policy year from the end of the premium term until the anniversary before age 100.
- Loan: available once the policy acquires a surrender value. The 745 plan follows the newer rules, under which this can begin after one full year’s premium.
- Surrender: LIC pays the higher of the guaranteed and special surrender value. Early exits return much less than you paid. See our surrender value calculator.
- Riders: optional add-ons such as accident benefit and term cover may be attached at extra cost.
Tax benefits
Premiums are deductible under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) in the old tax regime. The yearly survival benefit, maturity and death claim are generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)), provided the premium stays within 10% of the sum assured. For policies issued after 1 April 2023, the exemption on maturity and survival benefits applies only while your total yearly premium on such policies is ₹5 lakh or less. Death claims stay tax-free.
Who should buy Jeevan Umang 745?
It suits people who:
- want a guaranteed lifelong income that starts at a date they choose, for example at 50 or 60;
- want to leave a legacy for children, since the death benefit is paid in full even after years of income;
- prefer guaranteed payouts to market-linked returns.
It is less suitable if you need high life cover cheaply (a term plan does that far better) or if you may need the money back within 10 to 15 years.
Jeevan Umang 745 vs 945
The benefit design is the same: 8% yearly income after the premium term, cover to 100, and premium terms of 15 to 30 years. Plan 745 was introduced under IRDAI’s 2024 product rules, which revised surrender values and premium rates. Our 745 figure at age 30, ₹10 lakh and a 20-year term (₹53,535, from LIC’s published 745 samples) is almost the same as the 945 estimate (₹53,460), so the relaunch did not change the price much. For a generic comparison across terms, try the Jeevan Umang calculator.
How to use this calculator
- Enter your age and pick the premium paying term.
- Type the sum assured or move the slider.
- Choose how often you want to pay.
- Set the expected bonus rate (₹45 is a middle estimate).
- Read the yearly premium, income, maturity at 100 and death benefit, then scroll to the year-wise table for key years. All figures are estimates; get the exact benefit illustration from LIC before you buy.
Frequently asked questions
What is LIC Jeevan Umang 745?
It is LIC's current Jeevan Umang plan, relaunched in the 7xx series in 2024. It is a non-linked, with-profit whole life policy: you pay for a fixed number of years, receive 8% of the basic sum assured every year afterwards, and get the sum assured plus bonuses at age 100.
How much will I get every year from Jeevan Umang 745?
The yearly survival benefit is 8% of the basic sum assured. On ₹10 lakh cover that is ₹80,000 a year, on ₹5 lakh it is ₹40,000. Payments start at the end of the premium paying term and continue every year up to age 99 while the policy is in force.
What is the premium for ₹10 lakh in Jeevan Umang 745?
Our calculator estimates about ₹53,535 a year for a 30-year-old with a 20-year premium term. A 15-year term costs about ₹79,210 and a 30-year term about ₹31,635 at the same age. Your LIC quote may differ slightly.
What is the maximum entry age for Jeevan Umang 745?
Premiums must end by age 70, so the maximum entry age is 55 years for a 15-year premium term, 50 for 20 years, 45 for 25 years and 40 for 30 years. Children can be covered from 30 days old (3 years for a 15-year term, since you must be 18 when premiums end).
What happens if the policyholder dies after survival benefits have started?
The nominee still receives the full death benefit: sum assured on death plus vested bonuses and any final additional bonus. Survival benefits already paid are not deducted, which is one of the main attractions of this plan.
Is the Jeevan Umang 745 survival benefit tax-free?
Premiums qualify under Section 123 (earlier 80C) in the old regime. Survival benefits and maturity are generally exempt under Schedule II (earlier Section 10(10D)) when the yearly premium stays within 10% of the sum assured and, for policies issued after 1 April 2023, total yearly premiums on such policies do not exceed ₹5 lakh.
Are the bonuses in Jeevan Umang guaranteed?
No. Only the 8% yearly survival benefit and the sum assured are guaranteed. Simple reversionary bonuses and the final additional bonus depend on LIC's yearly declarations, so the maturity figure in the calculator is an estimate based on the bonus rate you choose.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.