LIC Jeevan Umang Plan 745: Benefits, Premium & Maturity Guide 2026
Discover everything about LIC Jeevan Umang Plan 745. Get complete details on eligibility, premium, maturity, and survival benefits. Secure your family’s future!
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Sundhari S Mahila Career Adviser – LIC Tindivanam
7/6/20269 min read
LIC Jeevan Umang Plan 745: Complete Guide to Benefits, Eligibility, Premium, Returns & Maturity (2026)
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Introduction
In today’s fast-paced world, securing your family’s financial future while aiming for a steady income in retirement is a top priority for many Indian households. The LIC Jeevan Umang Plan 745 is a life insurance policy designed to offer lifelong protection and regular income.
Unlike standard endowment plans that terminate once the term is over, this policy can provide coverage until you reach 100 years of age. Whether you are a young professional looking to build a retirement corpus, a parent wishing to leave a legacy for your children, or a self-employed individual seeking a pension alternative, this policy can offer peace of mind. Let’s dive deep into understanding why this plan is a useful part of smart financial planning.
What is LIC Jeevan Umang Plan 745?
The LIC Jeevan Umang Plan 745 is a non-linked, participating, individual, whole-life assurance savings plan. Because it is “non-linked,” your money is not tied to the stock market, helping keep your savings insulated from market volatility.
Purpose of the Policy
The primary purpose is to provide an annual survival benefit from the end of the premium-paying term until maturity at age 100, and a lump-sum payment at maturity or upon the policyholder’s death.
Type of Plan
It is a Whole Life Participating Endowment Plan. This means it may pay out a share of the corporation’s profits through bonuses, while covering the life assured for their entire life, up to 100 years.
Main Features
100-Year Cover: Life insurance coverage that lasts a century.
Guaranteed Income: Provides 8% of the Basic Sum Assured every year after the premium-paying term ends.
Dual Benefit: Combines the security of income with substantial life coverage.
Who is it designed for
This plan is tailored for individuals seeking long-term savings, a guaranteed income stream after retirement, and a strong financial safety net for their loved ones.
Key Features
Understanding the LIC Jeevan Umang features is crucial for making an informed decision. Here is a breakdown of the features most relevant to policyholders:
Whole Life Cover: Unlike other plans that end at age 60 or 70, this plan secures your life up to 100 years of age.
Savings Element: The premium you pay can accumulate bonuses over time, helping build a larger corpus.
Maturity Benefit: If you survive to age 100, the policy pays out the Sum Assured along with accumulated bonuses.
Death Benefit: Financial protection for your nominees is available from day one.
Bonus Eligibility: As a participating plan, it may be eligible for Simple Reversionary Bonuses and Final Additional Bonuses declared by LIC.
Loan Facility: You can avail of a loan against the policy once it acquires a surrender value (usually after paying two full years’ premiums) to help manage sudden financial emergencies.
Tax Benefits: Tax deductions may be available for premiums paid and benefits received under prevailing income tax laws.
Riders Available: Enhance your base coverage with optional riders, including accidental death and critical illness.
Surrender Value: The policy can be surrendered for cash after two full years of premium payments.
Revival Options: If your policy lapses due to unpaid premiums, it can be revived within 5 consecutive years from the date of the first unpaid premium.
7. Benefits of the Policy
The LIC Jeevan Umang benefits are structured to support policyholders at every major life stage.
Guaranteed Lifelong Income: The highlight of the plan is the 8% annual payout of the Sum Assured. Once your premium-paying years are over, this can act as a pension-like income stream.
Wealth Creation: By accumulating bonuses over your lifetime, this policy can serve as a wealth-building tool.
Legacy Planning: If you pass away during the policy term, your family receives a lump-sum payment to help support your legacy for the next generation.
Liquidity: The policy provides access through its loan facility, so you can get the funds you need when you need them.
Peace of Mind: Knowing your family is protected even when you are no longer around, while also enjoying the benefits of your policy during your lifetime.
Eligibility Criteria
Before investing, check the eligibility for LIC Jeevan Umang. The plan accommodates a wide range of age groups.
(Note: The maximum entry age varies depending on the premium paying term chosen. For example, for a 30-year PPT, the max entry age is 40 years.)
Premium Details
Understanding your LIC Jeevan Umang premium commitments is essential for maintaining the policy over the long term.
Premium Payment Options & Frequency
You can pay premiums through multiple modes to suit your convenience:
Yearly (Comes with a 2% rebate on the tabular premium)
Half-Yearly (Comes with a 1% rebate)
Quarterly
Monthly (Through NACH or salary deductions only)
Factors Affecting Premium
Age: Younger applicants pay significantly lower premiums.
Sum Assured: A higher sum assured increases the premium, though high-sum-assured rebates apply.
LIC Jeevan Umang premium payment term: Choosing a 15-year term means higher yearly premiums compared to a 30-year term, but you finish paying off the policy faster.
Medical History: Standard health fetches standard rates; adverse health conditions may attract an extra premium.
LIC Jeevan Umang Premium Calculator
Use this basic interactive estimator on your website to give your clients a quick idea of their survival benefits based on their sum assured.
Policy Benefits Explained
Let’s break down what this plan gives policyholders.
LIC Jeevan Umang Death Benefit
If the life assured passes away before the risk commencement date (for children below 8 years), all premiums paid are returned without interest.
If death occurs after the risk commences, the nominee receives the Sum Assured on Death, plus any vested Simple Reversionary Bonuses and the Final Additional Bonus (if any). The “Sum Assured on Death” is defined as the highest of:
7 times the annualised premium.
Basic Sum Assured.
105% of all premiums paid up to the date of death.
LIC Jeevan Umang Survival Benefit
This is the plan's key feature. Once you finish your LIC Jeevan Umang premium payment term, you will receive 8% of the Basic Sum Assured every year. This payout continues for as long as you live, up to age 99.
LIC Jeevan Umang Maturity Benefit
If the life assured survives to the grand age of 100, the policy pays out the LIC Jeevan Umang maturity benefit. This includes the Basic Sum Assured, all Simple Reversionary Bonuses, and the Final Additional Bonus accumulated over a lifetime.
LIC Jeevan Umang Bonus
Because it is a participating plan, LIC may share its profits with you through bonuses. The LIC Jeevan Umang bonus is usually declared annually and gets attached to your policy, helping grow your corpus over the long term.
Riders Available
You can customise your policy by adding optional LIC Jeevan Umang riders for an extra layer of protection by paying an additional nominal premium:
LIC’s Accidental Death and Disability Benefit Rider provides an additional lump sum if death occurs due to an accident or waives future premiums in case of permanent disability.
LIC’s Accident Benefit Rider offers an additional sum assured strictly in the case of accidental death.
LIC’s New Term Assurance Rider boosts the overall death cover by providing an additional life cover amount.
LIC’s New Critical Illness Benefit Rider: Pays a lump sum upon the diagnosis of any of the 15 covered critical illnesses, helping you manage hospital bills.
LIC’s Premium Waiver Benefit Rider: Suitable if you are buying the policy for a child. If the parent (proposer) dies, all future premiums are waived, helping keep the child’s financial future secure.
Tax Benefits
Reducing your tax bill can help you maximise your savings. The LIC Jeevan Umang Plan 745 offers tax advantages for policyholders:
Tax on Premium: Premiums paid towards the policy are eligible for a tax deduction under Section 80C of the Income-tax Act, 1961 (up to ₹1.5 Lakhs per financial year, subject to the old tax regime rules).
Tax on Returns: The death benefit, survival benefit (8% annual payouts), and the maturity benefit are generally tax-free under Section 10(10D) of the Income Tax Act, provided the premium does not exceed 10% of the sum assured.
(Note: Tax laws are subject to amendments by the Government of India. Always consult a financial planner for the latest 2026 tax provisions.)
How to Buy the Policy
Investing in your family’s future can be straightforward.
Step-by-Step Guidance
Consult an expert: One way to buy LIC policies is through an authorised LIC agent who can help structure the plan around your financial goals.
Determine the Coverage: Decide on the Sum Assured and the Premium Paying Term based on your current budget and future income needs.
Fill out the Proposal Form: Provide accurate medical and lifestyle details.
Submit the required documents:
Passport-size photograph
Age Proof (Aadhaar, Birth Certificate, PAN Card)
Address Proof (Aadhaar, Voter ID, Passport)
Income Proof (Salary Slips, ITR) for a high sum assured.
Medical Examination: Based on your age and the requested sum assured, LIC may require a standard medical check-up to finalise the policy.
For seamless processing and expert guidance from the comfort of your home, you can contact Sundhari S at Nila Safe Life Solutions.
Real-Life Example
To understand the immense power of LIC Jeevan Umang for retirement planning, let’s look at a practical example:
Customer Profile: Mr Ramesh, a 30-year-old salaried professional.
Basic Sum Assured Chosen: ₹10,00,000 (10 Lakhs)
Premium Paying Term (PPT): 20 Years
Policy Term: 70 Years (up to age 100)
The Journey:
Ramesh pays his annual premium from age 30 to age 50.
At age 50, his premium payments stop completely.
From age 51 to 99, Ramesh receives a guaranteed LIC Jeevan Umang survival benefit of ₹80,000 annually (8% of ₹ 10 lakhs). This gives him a reliable, tax-free secondary income post-retirement.
If Ramesh lives to be 100 years old, he receives his Basic Sum Assured (₹10 Lakhs) + a massive accumulated bonus.
If Ramesh unfortunately passes away at age 75, his nominee receives the full Death Benefit (Sum Assured + Accumulated Bonuses till age 75), leaving a strong financial legacy.
Advantages and Limitations
Every financial product has its pros and cons. We believe in complete transparency.
Who Should Buy This Policy?
This policy is incredibly versatile, making it ideal for various demographics:
Young Professionals: Starting early means lower premiums and a massive corpus built over decades for early retirement.
Parents: You can buy this for a child (from 90 days old). By the time they start college or get married, the 8% annual payout will fund their ongoing expenses.
Middle-Class Families: Provide a forced savings mechanism while securing the breadwinner’s life.
Self-Employed Individuals: Without a corporate PF or pension, this plan acts as a self-created, guaranteed pension fund.
For first-time insurance buyers: It is safe, stable, and backed by the Government of India through LIC.
Important Points to Consider Before Buying
To ensure you make a smart investment:
Assess your paying capacity: Do not opt for a premium that stretches your budget too thin. Remember, this is a long-term commitment.
Choose the right PPT: If you are nearing retirement (e.g., age 45), opt for a shorter 15-year premium-paying term so your payouts begin right when you retire at 60.
Do not surrender early: Surrendering any endowment policy in the first few years leads to major deductions. Commit to the full term.
Update Nominee Details: Always keep your nominee details up to date to avoid legal hassles for your family later.
Frequently Asked Questions (FAQs)
Q1: Can I use LIC Jeevan Umang for retirement planning?
Absolutely. By carefully selecting your Premium Paying Term, you can time the 8% survival benefit to start exactly when you retire, giving you a steady, guaranteed pension for the rest of your life.
Q2: What happens if I miss a premium payment?
LIC offers a grace period (30 days for yearly/half-yearly/quarterly, and 15 days for monthly). If unpaid after the grace period, the policy lapses. However, you can revive it within 5 years by paying the outstanding premiums with interest.
Q3: Can I take a loan against LIC Jeevan Umang Plan 745?
Yes, a loan facility is available after you have paid two full years of premiums, making it a great tool for sudden financial emergencies.
Q4: Is the 8% survival benefit guaranteed?
Yes, 8% of the Basic Sum Assured is fully guaranteed by LIC and is paid annually post the premium-paying term, provided the policy is fully paid up.
Q5: Are the returns taxable?
No, under Section 10(10D) of the Income Tax Act (subject to prevailing rules in 2026), the survival benefits and maturity amount are generally tax-free.
Q6: Can I buy this policy online?
While LIC policies can be explored online, working with an experienced authorised agent like Sundhari S ensures you receive personalised financial planning and assistance with future claim settlements.
Conclusion
The LIC Jeevan Umang Plan 745 is more than just an insurance policy; it is a promise of financial dignity. With 100 years of risk cover, a guaranteed 8% annual income, and substantial maturity benefits through accumulated bonuses, it addresses the dual concerns of dying too early or living too long. Whether you're planning for legacy or securing your golden years, this policy is a trusted wealth-creation tool for Indian families.
Secure Your Family’s Financial Future
Choosing the right life insurance policy is one of the most important financial decisions you will ever make. You do not have to navigate the complexities of financial planning alone.
Get personalised advice, clear your doubts, and structure the perfect LIC Jeevan Umang Plan tailored specifically to your family’s needs and budget.
Reach out for a free, expert consultation today!
Sundhari S
Mahila Career Advisor – LIC Tindivanam
Website: Nila Safe Life Solutions
Phone / WhatsApp: 9865822106
(Guidance available for LIC insurance, comprehensive financial planning, and government schemes).
Disclaimer: The information provided in this article is for educational and informational purposes only. Please consult a certified financial expert or advisor before purchasing insurance policies or making investment decisions.
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