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The LIC Jeevan Umang Plan 945 is a whole-life insurance plan offered by the Life Insurance Corporation of India (LIC). It gives life cover + yearly income + maturity amount. This plan covers the policyholder up to 100 years of age. (Policy Buy)
Below are the main details of the plan explained simply.
1. Basic Details
Plan Type: Non-linked participating whole life plan
Life Cover: Up to 100 years of age
Minimum Entry Age: 90 days
Maximum Entry Age: 55 years
Premium Paying Term: 15 / 20 / 25 / 30 years
Minimum Sum Assured: ₹2,00,000
Maximum Sum Assured: No limit
Premium Mode: Yearly, Half-yearly, Quarterly, Monthly (Policy Buy)
2. Survival Benefit (Yearly Income)
After you finish paying the premium:
You get 8% of the Basic Sum Assured every year until age 100.
Example:
Sum Assured = ₹10,00,000
Annual income = ₹80,000 every year after premium term. (Policy Buy)
3. Maturity Benefit
If the policyholder survives till 100 years, LIC pays:
Basic Sum Assured + Bonus + Final Additional Bonus as a lump sum. (www.licpcmc.com)
4. Death Benefit
If the policyholder dies during the policy term:
Nominee receives:
Sum Assured on death (usually 7–10 times the annual premium or Basic Sum Assured, whichever is higher)
+ Accrued bonuses. (LIC India -)
5. Other Features
Loan facility: After 2 years
Surrender option: After paying at least 2 years premium
Bonus: Simple reversionary bonus + final bonus
Tax benefit:
Premium: Section 80C
Maturity/Death benefit: 10(10D) tax-free (as per rules). (LIC New Policy Online)
6. Optional Riders
You can add extra protection:
Accidental Death & Disability Rider
Critical Illness Rider
Term Assurance Rider
Premium Waiver Rider. (LIC Branches in India)
✅ Simple understanding:
Pay premium for 15–30 years
After that, get yearly income (8% of sum assured)
Life cover continues till 100 years
At death or age 100 → lump-sum payout + bonus
✅ If you want, tell me:
Your age
How much premium you want to pay monthly/yearly
I can calculate LIC Jeevan Umang premium and yearly income example for you.
