LIC Jeevan Umang Plan (745) Calculator

LIC Jeevan Umang Plan (745) Calculator

What this calculator does

LIC's Jeevan Umang (Plan 745) is a limited premium paying, whole life plan. You pay premiums for a chosen Premium Paying Term (15, 20, 25 or 30 years), and in return you get lifelong cover: once the premium paying term ends, you start receiving an annual Survival Benefit equal to 8% of your Basic Sum Assured, every year, for as long as you live - right up to age 100, when the policy matures and pays out the Sum Assured plus accumulated Guaranteed Additions and bonuses.

This calculator gives you an indicative estimate of:

• the annual premium (and per-installment premium for your chosen payment mode) you would pay during the premium paying term
• the Accident Benefit Rider premium, if you opt for it
• the annual Survival Benefit you would start receiving after the premium paying term ends, and the total you'd receive if you lived to age 100
• the Guaranteed Additions accrued during the premium paying term
• an assumed Simple Reversionary Bonus and Final Additional Bonus (since Jeevan Umang is a participating plan, actual bonus rates are declared by LIC each year and aren't predictable in advance)
• the total Maturity Benefit payable at age 100
• a year-by-year schedule of Survival Benefit payouts from the end of your premium paying term to maturity

based on your entry age, Basic Sum Assured, Premium Paying Term, payment mode, and whether you add the Accident Benefit Rider.

Formula Used

Premium. The illustrative annual premium rate (₹ per ₹1,000 Sum Assured) combines a savings component that shrinks as the premium paying term lengthens with an age-linked component that grows with entry age:

$$PremiumRate(age, PPT) = \frac{1000}{PPT} \times 0.75 + \big(2 + age \times 0.09\big)$$ $$AnnualPremium = \frac{SumAssured}{1000} \times PremiumRate(age, PPT)$$

If you opt for the Accident Benefit Rider, an additional ₹0.50 per ₹1,000 of Sum Assured (capped at a Sum Assured of ₹50,00,000 for the rider) is added:

$$RiderPremium = \frac{\min(SumAssured,\ 50{,}00{,}000)}{1000} \times 0.50$$

The total is then split by your chosen payment mode (yearly, half-yearly, quarterly, or monthly), using LIC's standard modal factors:

$$InstallmentPremium = (AnnualPremium + RiderPremium) \times ModeFactor$$

Mode factors used: yearly 1.00, half-yearly 0.510, quarterly 0.260, monthly 0.0875.

Guaranteed Additions. These accrue only during the premium paying term, at a rate (₹ per ₹1,000 Sum Assured) that rises in 5-year blocks:

$$GARate(year) = 45 + 5 \times \left\lceil \frac{year}{5} \right\rceil$$ $$GuaranteedAdditions = \sum_{year=1}^{PPT} \frac{SumAssured}{1000} \times GARate(year)$$

Survival Benefit. Once the premium paying term ends, 8% of the Sum Assured is paid every year until maturity at age 100:

$$AnnualSurvivalBenefit = 0.08 \times SumAssured$$ $$SurvivalBenefitStartAge = EntryAge + PPT$$ $$TotalSurvivalBenefits = AnnualSurvivalBenefit \times \big(100 - SurvivalBenefitStartAge\big)$$

Maturity Benefit. At age 100, the Sum Assured, accrued Guaranteed Additions, and (for illustration) an assumed Simple Reversionary Bonus plus a Final Additional Bonus for longer policy durations are all paid out together with the final Survival Benefit installment:

$$SimpleReversionaryBonus = \frac{SumAssured}{1000} \times 45 \times (100 - EntryAge)$$ $$FAB = \begin{cases} 0 & (100 - EntryAge) < 30 \\ \frac{SumAssured}{1000} \times 15 & 30 \le (100 - EntryAge) < 50 \\ \frac{SumAssured}{1000} \times 30 & (100 - EntryAge) \ge 50 \end{cases}$$ $$MaturityBenefit = SumAssured + GuaranteedAdditions + SimpleReversionaryBonus + FAB$$

Note: these rates are illustrative approximations for planning purposes, not LIC's official rate card or bonus declarations, which are IRDAI-approved and can change over time. Always confirm exact figures with LIC or an authorized agent before purchasing a policy.

How to Use

1. Enter your Age at Entry in years.
2. Enter your desired Basic Sum Assured (minimum ₹2,00,000).
3. Choose a Premium Paying Term - 15, 20, 25 or 30 years. Note the maximum entry age allowed shrinks as the term lengthens (60 years for a 15-year term, down to 45 years for a 30-year term), since the whole life cover still runs to age 100 either way.
4. Choose your Premium Payment Mode - yearly, half-yearly, quarterly, or monthly.
5. Choose whether to add the Accident Benefit Rider.
6. Click Calculate Benefits to see your premium, Survival Benefit schedule, Guaranteed Additions, assumed bonuses, and total Maturity Benefit.

Worked Example

Suppose you are 30 years old, choose a Basic Sum Assured of ₹5,00,000, a 20-year Premium Paying Term, yearly payment mode, and no rider.

$$PremiumRate(30, 20) = \frac{1000}{20} \times 0.75 + (2 + 30 \times 0.09) = 37.5 + 4.7 = 42.2$$ $$AnnualPremium = \frac{5{,}00{,}000}{1000} \times 42.2 = 21{,}100 \text{ per year}$$

Your Survival Benefit starts at age 30 + 20 = 50, at 0.08 \times 5{,}00{,}000 = ₹40{,}000 a year, for 100 - 50 = 50 years - a total of ₹20,00,000 in Survival Benefits alone, before the Maturity Benefit (Sum Assured plus accrued Guaranteed Additions and bonuses) is paid at age 100.