LIC has launched Jeevan Umang Plan no. 845 on 16th May 2017. It is a non-linked, with-profit, whole life assurance plan. LIC has launched a new plan called as LIC Jeevan Umang (845) on 16th May 2017. This newly introduced plan is a non-linked plan with low risk return options and guaranteed maturity benefits. The policy holder gets benefited from this plan by the annual survival pension without any tax liability starting from the end of the plan terms till maturity and with the provision of payment of lump sum by the time of maturity or death. In short, policyholder gets 8% return every year on basic sum assured after completing Premium Paying Term till he survives and after policyholder’s death, nominee will get the sum assured.

Premium Payment Mode:

  • Yearly, Half Yearly, Quarterly and Monthly

Premium Payment Term (PPT):

  • 15 Years, 20 years, 25 and 30 years

Minimum Entry Age:

  • 90 Days (Completed)

Maximum Entry Age:

  • 55 years for PPT = 15
  • 50 years for PPT = 20
  • 45 years for PPT = 25
  • 40 years for PPT = 30

Maximum Maturity Age:

  • 100 years

Basic Sum Assured:

  • 2,00,000 and above in multiples of 25,000

LIC Jeevan Umang Policy Benefits:

On Survival:

Provided all premium paying terms have been completed without any failure, the following benefits shall be paid:

  • 8% of basic sum assured until an year before maturity. The first survival benefit would be paid immediately after end of the premium paying term and will continue to be paid each year till the policyholder survives or till maturity date whichever is earlier.

On Death:

  • If death happens before the commencement of risk, an amount equals to the total paid premiums shall be payable excluding the interest.
  • If death happens after the commencement of risk, the basic assured sum along with reversionary bonuses and Final Additional Bonuses (FAB) shall be payable.

“Sum Assured on Death” is defined as the highest of

  • 10 times of your annual premium; or
  • Sum Assured on Maturity; or
  • The amount assured to be paid on death, i.e. Basic Sum Assured.This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Commencement of Risk: If age of the policyholder is less than 8 years, then the risk will start either after two years or by the completion of 8 years of age, whichever is earlier. If this is not the case, then the life cover will start immediately.LIC Jeevan Umang


  • Term of Policy = 20 years
  • Age of Life Assured = 35
  • The Policy Term = 65 years (100-35)
  • Sum Assured: 5,00,000/-

From the above data, it can be concluded that the policyholder has to cover premium payments until he or she attains 55 years (35+20 PPT) of age. After that, payment of 8% of basic sum assured shall be payable to the life assured until one year prior to maturity (until 99 years). Death benefits are given to the mentioned nominee in case of the death of the policyholder.

Points to keep in mind while going for LIC’s Jeevan Umang:

  • The life assured will not get benefited from this plan during the premium terms and if death happens, the assured sum along with bonuses will paid to the mentioned nominee.
  • If your intention is to get sufficient life cover with minimum premium payments, then it is better to look for term insurance plans.
  • If you are more concerned about the returns, then you should stick with buying a term insurance with a simple product like PPF. The returns are usually round 5 or 6% and it is not an ideal for those who expect a decent return.