LIC Jeevan Umang 745
LIC Jeevan Umang 745 is a whole life insurance policy which provide a combination of income and life protection for individuals and their families. This plan gives yearly survival benefits at the end of the premium paying term till the date of maturity of the policy and a one-time amount at the maturity time or in case of the death of the policyholder during the policy period.
LIC’s Jeevan Umang 745 (UIN: 512N312V03) can be purchased Offline through Licensed agents, Brokers, Corporate agents, and Insurance Marketing Firms.
LIC Jeevan Umang 745 : Features and Eligibility
Feature | Details |
---|---|
Plan Type | Whole Life Insurance with Limited Premium Payment |
Basic Sum Assured | Minimum ₹2,00,000; no maximum limit |
Premium Paying Term (PPT) | Choice of 15, 20, 25, or 30 years |
Policy Term | Until age 100 (calculated as 100 - age at entry) |
Minimum Age at Entry | 30 days (completed) |
Maximum Age at Entry |
• 55 years (nearer birthday) for PPT = 15 years • 50 years (nearer birthday) for PPT = 20 years • 45 years (nearer birthday) for PPT = 25 years • 40 years (nearer birthday) for PPT = 30 years |
Minimum Age at End of PPT | 18 years (completed) |
Maximum Age at End of PPT | 70 years (nearer birthday) |
Age at Maturity | 100 years (nearer birthday) |
Survival Benefit | 8% of Basic Sum Assured, payable annually from the end of PPT until maturity or death |
Death Benefit | minimum of 105% of total premiums paid up to death |
Maturity Benefit | Basic Sum Assured + Accrued Bonuses, payable upon reaching age 100 |
Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly |
Loan Facility | Available after paying one full policy year’s premium |
Surrender Value | Available after one policy year; Guaranteed Surrender Value after two years, or Special Surrender Value based on policy term and premiums paid |
Free Look Period | 30 days to review the policy and return it if not satisfied |
Non-Guaranteed Benefits | Based on LIC’s declared bonuses and estimated returns; at 8% bonus projection, policy could yield significant returns |
Grace Period | 30 days for Yearly, Half-Yearly, and Quarterly payments; 15 days for Monthly |
Riders Available |
• Accidental Death and Disability Benefit Rider • Accident Benefit Rider • New Term Assurance Rider • Premium Waiver Benefit Rider |
Revival Benefit | Lapsed policy can be revived within five years of the first unpaid premium by paying arrears with interest and meeting insurability requirements |
Rebates in LIC Jeevan Umang 745
LIC Jeevan Umang 745 plan offers rebates based on premium paying modes and the sum-assured rebate that we have chosen.
Premium paying mode:
Yearly – 2% of Tabular Premium
Half-yearly – 1% of Tabular premium
Quarterly and Monthly – NIL
Hiqh Basic Sum Assured Rebate:
The rebate for higher Basic Sum Assured is allowed in form of reduction in Tabular Premium. The rebate is as under:
Basic Sum Assured (BSA) | Rebate |
---|---|
2,00,000 to 4,50,000 | Nil |
5,00,000 to 9,00,000 | 2.5% of Basic Sum Assured |
10,00,000 to 24,00,000 | 3.5% of Basic Sum Assured |
25,00,000 and above | 4% of Basic Sum Assured |
Calculation: LIC Jeevan Umang 745
Policy Details:
- Policyholder: Rajesh
- Basic Sum Assured: ₹15,00,000
- Premium Paying Term (PPT): 15 Years
- Policy Term: Until Age 100
- Policy Purchase Year: 2024
- Policyholder Age at Purchase: 32 Years
Premium Calculation for LIC Bima Jyoti 760:
Premium Calculation:
First-Year Premium (Including GST at 4.5%)
- Yearly Mode: ₹1,24,949 (Base Premium ₹1,19,568 + GST ₹5,381)
- Half-Yearly Mode: ₹63,136 (Base Premium ₹60,417 + GST ₹2,719)
- Quarterly Mode: ₹31,899 (Base Premium ₹30,525 + GST ₹1,374)
- Monthly Mode (ECS): ₹10,633 (Base Premium ₹10,175 + GST ₹458)
From Second Year Onwards (Including GST at 2.25%)
- Yearly Mode: ₹1,22,258 (Base Premium ₹1,19,568 + GST ₹2,690)
- Half-Yearly Mode: ₹61,776 (Base Premium ₹60,417 + GST ₹1,359)
- Quarterly Mode: ₹31,212 (Base Premium ₹30,525 + GST ₹687)
- Monthly Mode (ECS): ₹10,404 (Base Premium ₹10,175 + GST ₹229)
Total Premium Paid Over Premium Paying Term (15 Years)
- Approximate total paid premium: ₹18,36,561
Maturity Benefit Calculation :
- If the policyholder survives until age 100, the maturity benefit is a lump sum payment including the Basic Sum Assured and accrued bonuses.
- Maturity Benefit: ₹1,47,37,500 (Total of Sum Assured and estimated bonuses)
Death Benefit Calculation :
Suppose Death Occurs in the 10th Policy Year
Annualized Premium (Excluding Taxes): ₹1,19,568
7 Times Annualized Premium: 7 × ₹1,19,568 = ₹8,37,976
Basic Sum Assured: ₹15,00,000
105% of Total Premiums Paid (up to 10th year):
- Cumulative Premium Paid: ₹12,15,300 (approximate)
- 105% of Cumulative Premium Paid: 1.05 × ₹12,15,300 = ₹12,75,065
Since the Basic Sum Assured of ₹15,00,000 is the highest of these three values, it will be chosen as the Sum Assured on Death.
Accrued Bonuses: Let’s assume LIC has declared an annual Simple Reversionary Bonus of ₹40 per ₹1,000 Basic Sum Assured.
- Accrued Bonus = ₹15,00,000 × (40 / 1,000) × 10 = ₹6,00,000
Total Death Benefit in the 10th Year:
= Basic Sum Assured + Accrued Bonuses
= ₹15,00,000 + ₹6,00,000
= ₹21,00,000
Yearly Breakdown of Premiums and Benefits
Policy Year | Annual Premium (₹) | Cumulative Premiums Paid (₹) | Survival Benefit (₹) | Cumulative Survival Benefits (₹) | Death Benefit (₹) | Maturity Benefit (at Age 100) |
---|---|---|---|---|---|---|
1 | 1,24,949 | 1,24,949 | - | - | 15,00,000 | - |
2 | 1,22,258 | 2,47,207 | - | - | 15,00,000 | - |
15 | 1,22,258 | 18,36,561 | - | - | 15,00,000 | - |
16 | - | 18,36,561 | 1,20,000 | 1,20,000 | 15,00,000 | - |
17 | - | 18,36,561 | 1,20,000 | 2,40,000 | 15,00,000 | - |
18 | - | 18,36,561 | 1,20,000 | 3,60,000 | 15,00,000 | - |
20 | - | 18,36,561 | 1,20,000 | 6,00,000 | 15,00,000 | - |
30 | - | 18,36,561 | 1,20,000 | 18,00,000 | 15,00,000 | - |
67 | - | 18,36,561 | 1,20,000 | 61,20,000 | 15,00,000 | 1,47,37,500 |
This table shows that Rajesh will receive a yearly survival benefit of ₹1,20,000 (8% of the Basic Sum Assured of ₹15,00,000) starting from the 16th policy year. This payment continues each year until the policy matures at age 100 or until his death. The cumulative survival benefits column tracks the total survival benefits Rajesh has received over the years.
Additionally, the cumulative premiums paid column represents the total premiums Rajesh has paid up to each policy year, allowing a clear view of the total amount invested in the policy until the end of the premium-paying term.
FAQs on LIC Jeevan Umang 745
Q1. What is the entry age for LIC Jeevan Umang?
The minimum entry age is 30 days, and the maximum entry age is 55 years.
Q2. What is the policy term for LIC Jeevan Umang 745?
The policy term extends until the policyholder reaches 100 years of age.
Q3. What is the survival benefit in LIC Jeevan Umang 745?
After the premium-paying term, the policyholder receives an annual survival benefit of 8% of the Basic Sum Assured until the policy anniversary before they turn 100.
Q4. Can I avail of any rebates on my premium?
Yes, LIC Jeevan Umang offers a Mode Rebate based on the frequency of premium payments and a High Sum Assured Rebate.
Q5. Is there a loan facility available?
Yes, loans can be availed after paying one full year’s premium.
Q6. What is the maturity benefit of LIC Jeevan Umang 745 policy?
Upon reaching 100 years, the policyholder receives the Basic Sum Assured along with accrued bonuses as a maturity benefit.
Q7. What happens if I surrender the policy?
The policy can be surrendered after one full policy year. A Guaranteed Surrender Value is available after two years, and the Special Surrender Value is calculated based on policy terms.
Q8. How is the death benefit calculated?
The death benefit is the higher of either 7 times the annual premium or the Basic Sum Assured, with a minimum of 105% of all premiums paid until the date of death.
Q9. Are rider options available with LIC Jeevan Umang 745 ?
Yes, optional riders include Accidental Death and Disability Benefit, Accident Benefit, New Term Assurance, and Premium Waiver Benefit.
Q10. Can the policy be revived if it lapses?
Yes, the policy can be revived within five years of the first unpaid premium by paying all outstanding premiums along with interest.
Q11. Is there a free-look period?
Yes, the policyholder has 30 days to review the policy terms and return it for a refund if not satisfied.
Q12. Can I pay premiums monthly?
Yes, premiums can be paid yearly, half-yearly, quarterly, or monthly (through ECS).
Q13. Are there any tax benefits?
Yes, premiums are eligible for tax deductions under Section 80C, and payouts are tax-free under Section 10(10D) of the Income Tax Act.
Q14. How soon can I surrender the policy?
The policy can be surrendered after one full policy year.
Q15. What happens if I miss a premium payment?
There is a grace period of 30 days for yearly, half-yearly, and quarterly premiums, and 15 days for monthly premiums. If premiums are not paid within this period, the policy lapses but can be revived within five years.