LIC Jeevan Umang 945 (UIN 512N312V02) is a with-profit whole life plan sold from 1 February 2020 to 1 October 2024. It covers life to age 100, pays 8% of the sum assured every year after the 15 to 30-year premium term, and pays sum assured plus bonuses at 100. For a 30-year-old with ₹10 lakh cover and a 20-year premium term, the premium is about ₹53,460 a year.
Jeevan Umang 945 Premium & Maturity Calculator
Your estimate
- Premium per instalment
- ₹53,460
- Premium paying term
- 20 years
- Policy term
- 70 years
- Total premium paid
- ₹10,69,200
- 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
- ₹11,22,660
- Approx. return (IRR)
- 4.94%
- Total premium paid₹10,69,20013%
- 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 | ₹53,460 | ₹0 | ₹53,460 | ₹0 |
| 2 | 32 years | ₹53,460 | ₹0 | ₹1,06,920 | ₹0 |
| 5 | 35 years | ₹53,460 | ₹0 | ₹2,67,300 | ₹0 |
| 10 | 40 years | ₹53,460 | ₹0 | ₹5,34,600 | ₹0 |
| 15 | 45 years | ₹53,460 | ₹0 | ₹8,01,900 | ₹0 |
| 20 | 50 years | ₹53,460 | ₹80,000 | ₹10,69,200 | ₹80,000 |
| 21 | 51 years | ₹0 | ₹80,000 | ₹10,69,200 | ₹1,60,000 |
| 25 | 55 years | ₹0 | ₹80,000 | ₹10,69,200 | ₹4,80,000 |
| 30 | 60 years | ₹0 | ₹80,000 | ₹10,69,200 | ₹8,80,000 |
| 35 | 65 years | ₹0 | ₹80,000 | ₹10,69,200 | ₹12,80,000 |
| 40 | 70 years | ₹0 | ₹80,000 | ₹10,69,200 | ₹16,80,000 |
| 45 | 75 years | ₹0 | ₹80,000 | ₹10,69,200 | ₹20,80,000 |
| 50 | 80 years | ₹0 | ₹80,000 | ₹10,69,200 | ₹24,80,000 |
| 55 | 85 years | ₹0 | ₹80,000 | ₹10,69,200 | ₹28,80,000 |
| 60 | 90 years | ₹0 | ₹80,000 | ₹10,69,200 | ₹32,80,000 |
| 65 | 95 years | ₹0 | ₹80,000 | ₹10,69,200 | ₹36,80,000 |
| 70 | 100 years | ₹0 | ₹33,08,975 | ₹10,69,200 | ₹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 945?
LIC Jeevan Umang Plan 945 is a non-linked, with-profit whole life plan. It was sold from 1 February 2020 until 1 October 2024 under UIN 512N312V02. You pay premiums for a chosen period. After that, LIC pays 8% of the basic sum assured every year until age 99, and the policy matures at 100 with the sum assured and bonuses. Life cover runs the whole time.
Plan 945 replaced the original Jeevan Umang 845 in 2020. It was itself replaced by Jeevan Umang 745 in the October 2024 relaunch. If you hold a 945 policy, nothing changes for you. This page and the calculator are meant to help you see what your policy will pay.
Jeevan Umang 945 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 945 / 512N312V02 |
| Sold | 1 Feb 2020 to 1 Oct 2024 (withdrawn) |
| Cover | To age 100 (policy term = 100 − entry age) |
| Premium paying term | 15, 20, 25 or 30 years |
| Entry age | 90 days to 55 years (40–55 depending on term) |
| Minimum sum assured | ₹2,00,000, no upper limit |
| Yearly income | 8% of basic sum assured after the premium term |
| Maturity | Sum assured + bonuses + final additional bonus at 100 |
| Loan | After two full years’ premium |
Premium and a worked example
The premium depends mostly on the premium paying term. Age matters only a little, since an older entrant receives the income for fewer years. The calculator applies LIC’s 2% yearly or 1% half-yearly mode rebate and a high sum assured rebate on bigger policies.
Example: a 30-year-old with ₹10 lakh cover and a 20-year premium term pays about ₹53,460 a year, or ₹10,69,200 in all. From age 50 he receives ₹80,000 a year. By 99 that adds up to ₹40 lakh. With an assumed bonus of ₹45 per ₹1,000, the estimated maturity at 100 is about ₹33,08,975, a return of roughly 4.9% a year.
A 35-year-old paying monthly for 15 years on ₹5 lakh cover pays about ₹3,383 a month and receives ₹40,000 a year from age 50.
Tip: premiums are GST-free from 22 September 2025. If your old receipts show 4.5% or 2.25% extra, that was the GST charged before the exemption, not a premium increase.
Maturity and death benefit
- Maturity at 100: basic sum assured + simple reversionary bonuses + final additional bonus. Bonuses are declared by LIC every year and are not guaranteed.
- Death benefit: the sum assured on death is the higher of the basic sum assured or 7 times the annualised premium. It is never less than 105% of premiums paid, and vested bonuses and any final additional bonus are added on top. Income already received is not deducted. In our example, after all 20 premiums the sum assured on death is about ₹11,22,660, plus bonuses.
Loan, surrender and paid-up value
After two full years’ premiums, the policy acquires a surrender value and you can take a loan against it. If you stop paying premiums after that point, the policy is not cancelled but becomes paid-up with reduced benefits, as set out in your policy document. Surrendering early usually returns much less than you have paid. Try our surrender value calculator before you decide.
Tax treatment
Premiums qualify under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old regime). The yearly income, maturity and death claim are generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) when the premium is within 10% of the sum assured. Most 945 policies were issued before 1 April 2023. For those bought on or after that date, the exemption on income and maturity also needs your total yearly premium on such policies to be ₹5 lakh or less.
Jeevan Umang 945 vs 845 vs 745
| 845 | 945 | 745 | |
|---|---|---|---|
| Period | Until 1 Feb 2020 | 2020 to 2024 | From Oct 2024 |
| Yearly income | 8% of SA | 8% of SA | 8% of SA |
| Cover | To 100 | To 100 | To 100 |
| Premium terms | 15/20/25/30 | 15/20/25/30 | 15/20/25/30 |
| Status | Withdrawn | Withdrawn | Active |
The core promise has stayed the same across all three versions. The changes are in premium rates and surrender values, which were revised under the regulations in force at each launch. New buyers should use the Jeevan Umang calculator or the 745 page.
How to use this calculator
Enter the age, premium term, sum assured and mode from your policy. Then set a bonus rate between ₹40 and ₹50 for a middle estimate. The year-wise table shows premiums paid and payouts received at key ages. All results are approximate; LIC’s own statements are final.
Frequently asked questions
Is LIC Jeevan Umang 945 still available?
No. LIC withdrew Plan 945 for new customers on 1 October 2024 and replaced it with Jeevan Umang 745. Existing 945 policies are unaffected: premiums, the 8% yearly income, bonuses and the maturity at 100 continue exactly as per the policy document.
When does the Jeevan Umang 945 survival benefit start?
The first 8% payment falls due at the end of the premium paying term. If you entered at 30 with a 20-year term, the first ₹80,000 on ₹10 lakh cover arrives at 50, and the payments continue every year up to age 99.
What is the premium of Jeevan Umang 945 for ₹10 lakh?
At age 30 our calculator estimates about ₹78,695 a year for a 15-year premium term, ₹53,460 for 20 years, ₹39,395 for 25 years and ₹31,410 for 30 years. Your policy schedule shows the exact figure LIC charges.
Can I take a loan on my Jeevan Umang 945 policy?
Yes. A loan becomes available after at least two full years' premiums have been paid. The amount is a percentage of the surrender value at that time, and interest is charged at the rate LIC sets for policy loans.
What does the nominee get if I die after my income has started?
The nominee gets the sum assured on death plus all vested bonuses and any final additional bonus. The yearly payments you already received are not subtracted, so the family still receives the full death benefit.
Do I still pay GST on my Jeevan Umang 945 premium?
No. Individual life insurance premiums became GST-exempt from 22 September 2025. Before that date, 4.5% was charged in the first policy year and 2.25% after, so older receipts show slightly higher amounts.
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.