LIC Jeevan Umang combines life cover with annual survival benefits after a limited premium-paying term. This article covers Plan 745, UIN 512N312V03, listed on LIC’s current product page on 27 October 2026. Older Plan 945 contracts should be checked against their own documents. The income is conditional on survival and the policy’s status, not an unconditional lifetime pension.
Sources checked 27 October 2026: LIC product/version page, sales brochure applicable from 22 September 2025, and policy wording for UIN 512N312V03. The issued contract takes precedence over a general summary.
What Makes Jeevan Umang Different?
It is a participating, non-linked whole-life savings policy. After the premium-paying term, annual survival benefits continue until death or the policy anniversary before maturity. Maturity is at age 100 (nearer birthday). The death and maturity benefits are different events, not two payments everyone receives.
What Are the Eligibility Terms?
Premium paying term options are 15, 20, 25, or 30 years, and entry age depends on which term you choose:
| Premium Paying Term | Maximum Entry Age |
|---|---|
| 15 years | 55 years |
| 20 years | 50 years |
| 25 years | 45 years |
| 30 years | 40 years |
Minimum entry age is 3 years for a 15-year term, or as young as 30 days for the 20, 25, or 30 year terms. The minimum age at the end of your premium paying term is 18 years, reduced from the earlier 30-year threshold under the previous plan version. Maximum age at the end of the premium paying term is 70. Since maturity always occurs at age 100, your actual policy term is simply 100 minus your entry age.
Minimum Basic Sum Assured is ₹2,00,000, with no upper limit, in multiples of ₹25,000 up to ₹4,50,000, ₹50,000 up to ₹9,00,000, and ₹1,00,000 above that.
How Does the 8% Annual Income Actually Work?
Once your premium paying term ends, provided you’ve paid all due premiums, you receive a survival benefit equal to 8% of your Basic Sum Assured every year. The first payment falls due at the end of your premium paying term, and payments continue annually until you pass away or reach the policy anniversary just before your 100th birthday, whichever happens first.
On a Basic Sum Assured of ₹5,00,000, 8% is ₹40,000 a year. This is not an 8% annual return on the premiums you invest. That comparison would require every premium and benefit to be dated, including when payments start and which bonus amounts are uncertain.
What Happens at Maturity or on Death?
At maturity (age 100):
Basic Sum Assured, plus any vested Simple Reversionary Bonuses, plus a Final Additional Bonus if one is declared.
On death during the policy term:
After risk cover has commenced, an in-force policy pays the higher of seven annualised premiums or Basic Sum Assured, plus vested bonuses and any declared final bonus, with the 105%-of-total-premiums floor. Before risk commences, the benefit is a return of eligible premiums without interest, excluding taxes, extra and rider premiums. Risk commencement can be deferred for children entering below age eight; check the policy schedule.
Since this is a participating plan, the bonus component isn’t fixed in advance. It depends on rates LIC declares periodically based on actual performance.
What Riders Are Available?
Four optional riders currently apply to this version of the plan:
- Accidental Death and Disability Benefit Rider
- Accident Benefit Rider (choose either this or the Accidental Death and Disability Rider, not both)
- LIC’s New Term Assurance Rider
- Premium Waiver Benefit Rider: available when the life assured is a minor, subject to its eligibility rules. The waiver applies to base premiums during the rider term; premiums falling after that term can still be payable.
The Critical Illness Health Rider, available on some other current LIC plans, is not currently offered under this version of Jeevan Umang.
Loan and Surrender Terms
Surrender and loan eligibility start only after the first policy year is completed and one full year’s premiums have been paid. Guaranteed Surrender Value requires two full years’ premiums; Special Surrender Value can arise earlier under the stated conditions. Ask LIC for the actual surrender quotation before treating this as accessible savings.
- During the premium paying term: up to 50% of surrender value before two years of premiums, rising to 75% after, for in-force policies (40%/65% for paid-up policies)
- After the premium-paying term: for a new loan with no earlier outstanding loan, annual loan interest is limited by the policy’s 50%-of-survival-benefit test. LIC determines the permitted amount; obtain the current rate and repayment terms rather than relying on an old brochure’s historical interest rate.
High Sum Assured Rebates
| Basic Sum Assured | Rebate per ₹1,000 BSA |
|---|---|
| ₹2,00,000 to ₹4,50,000 | Nil |
| ₹5,00,000 to ₹9,00,000 | 2.50‰ |
| ₹10,00,000 to ₹24,00,000 | 3.50‰ |
| ₹25,00,000 and above | 4.00‰ |
What’s Excluded?
The suicide provision distinguishes commencement of risk from revival. Within the first 12 months of risk commencement, the stated benefit is 80% of eligible premiums for an in-force policy. Within 12 months of revival, it is the higher of that amount and surrender value. Under-eight and lapsed-policy exceptions apply; see Part F of the linked policy wording.
To know more about the different LIC plans types that may suit your needs, have a look at our complete LIC plans guide here.
Read the illustration before buying
Ask for an illustration using your age, premium term, sum assured, payment frequency and selected riders. Read it in this order:
- List the actual premiums and years when you must pay them.
- Identify the first survival-payment date. Income that starts much later cannot be compared with interest available today.
- Separate guaranteed columns from non-guaranteed bonus assumptions. LIC’s 4% and 8% illustration scenarios are assumptions, not a range of promised returns.
- Keep death benefits separate from survival and maturity cash flows. Do not add a death payout to a scenario where you survive.
- Request surrender and paid-up values for the years when you might need the money.
A fixed rupee payment can lose purchasing power over a long period. Also compare the cost of adequate life protection separately from the savings objective. This is a decision framework, not a recommendation to buy or surrender an existing policy.
Frequently Asked Questions
Is LIC Jeevan Umang Plan 945 still available?
LIC’s current product page lists Plan 745, UIN 512N312V03. Plan 945 is an earlier version; existing policyholders should use the UIN and issue terms on their own policy.
How much annual income does Jeevan Umang actually pay?
For an eligible in-force policy, the annual survival benefit is 8% of Basic Sum Assured after the premium-paying term. It ends on death or the anniversary before maturity. This percentage is not an investment yield.
What premium paying terms are available?
15, 20, 25, or 30 years, with maximum entry age decreasing as the term lengthens, from 55 years for a 15-year term down to 40 years for a 30-year term.
Are the returns on this plan guaranteed?
Contractual survival and maturity benefits are conditional on the policy terms and status. Future bonuses are not guaranteed, and an illustrated 4% or 8% scenario is not a promised policyholder return.
Does this plan include a Critical Illness rider?
No, not currently. The Critical Illness Health Rider available on some other current LIC plans isn’t offered under this version of Jeevan Umang. Four other riders remain available.
At what age does Jeevan Umang mature?
Age 100. Your policy term is effectively 100 minus your entry age, since maturity always occurs at the same fixed age regardless of when you joined.
Last Updated on 1 week ago by Team Paisaseekho
