Why LIC Jeevan Umang Plan-745? A Smart Choice for Your Future
Life insurance is a cornerstone of financial planning, providing security and peace of mind for policyholders and their loved ones. Among the myriad insurance options available, LIC Jeevan Umang Plan-745 stands out as a unique and comprehensive offering. But what makes this plan special, and is it the right fit for your needs?
In this guide, we break down everything you need to know about LIC Jeevan Umang, including its benefits, eligibility, and how to apply, ensuring you make an informed decision.
What is LIC Jeevan Umang Plan-745?
LIC Jeevan Umang is a whole-life assurance plan that offers both life protection and guaranteed annual survival benefits. This policy ensures financial stability for your family in case of an untimely demise while also providing regular income payouts after the premium payment term.
Key Features and Benefits of LIC Jeevan Umang
✅ Lifelong Coverage
The policy provides life insurance coverage up to 100 years, ensuring long-term financial security for your dependents.
✅ Regular Annual Payouts
After the premium payment term is over, policyholders receive annual survival benefits at 8% of the sum assured, acting as a source of passive income.
✅ Guaranteed Maturity Benefit
If the policyholder survives till maturity (age 100), they receive the sum assured plus bonuses, making it a solid long-term savings option.
✅ Financial Protection for Your Loved Ones
In the unfortunate event of the policyholder’s death, the nominee receives the sum assured along with accrued bonuses, providing financial security for their future.
✅ Flexible Premium Payment Terms
Choose from premium payment terms of 15, 20, 25, or 30 years to suit your financial situation and goals.
✅ Loan Facility for Emergencies
Need funds? You can avail of a loan against your policy’s surrender value, ensuring liquidity in times of need.
✅ Tax Benefits
Enjoy tax deductions on premiums paid under Section 80C and tax-free maturity benefits under Section 10(10D) of the Income Tax Act.
Example Scenarios: How LIC Jeevan Umang Works
To help you understand the benefits better, here’s a realistic example of how LIC Jeevan Umang payouts work based on different sum assured amounts:
| Entry Age | Basic Sum Assured | Premium Payment Term | Annual Survival Benefit (8% of Sum Assured) | Estimated Maturity Benefit at Age 100 (Sum Assured + Bonuses) |
|---|---|---|---|---|
| 30 | ₹10,00,000 | 20 Years | ₹80,000 | ₹27,00,000 to ₹30,00,000 |
| 40 | ₹15,00,000 | 25 Years | ₹1,20,000 | ₹40,00,000 to ₹45,00,000 |
| 50 | ₹20,00,000 | 30 Years | ₹1,60,000 | ₹55,00,000 to ₹60,00,000 |
Note: The estimated maturity benefit includes the sum assured + accrued bonuses, which depend on LIC’s declared bonuses over the years. This gives policyholders a strong combination of protection, guaranteed annual income, and long-term wealth creation.
Who Should Consider LIC Jeevan Umang?
This policy is ideal for individuals looking for:
✔ Retirement Income – Get assured annual payouts post-premium payment term.
✔ Family Protection – Secure your family’s future with a reliable life cover.
✔ Risk-Free Long-Term Savings – Guaranteed returns with life insurance benefits.
✔ Tax-Efficient Investments – Save on taxes while securing your future.
How to Buy LIC Jeevan Umang Plan-745 in 5 Simple Steps
1️⃣ Assess Your Needs – Determine the sum assured and premium term based on your financial goals.
2️⃣ Contact an LIC Agent or Visit LIC’s Website – Buy the policy online or offline.
3️⃣ Submit the Required Documents – Identity proof, address proof, age proof, and medical details (if required).
4️⃣ Undergo a Medical Examination (if applicable) – Required for higher sum assured amounts.
5️⃣ Pay the Premium & Activate Your Policy – Choose from monthly, quarterly, half-yearly, or yearly payment options.
Frequently Asked Questions (FAQs)
Q: Does LIC Jeevan Umang 745 offer monthly income?
A: Yes, the policy provides annual survival benefits equal to 8% of the Basic Sum Assured after the premium payment term. Additionally, death or maturity benefits can be received in monthly installments over 5, 10, or 15 years, based on the policyholder’s choice.
Q: Can I surrender the LIC Jeevan Umang policy?
A: Yes, the policy can be surrendered provided all due premiums for the first two years have been paid. Upon surrender, the Guaranteed Surrender Value (GSV) will be paid to the policyholder.
Q: Is the maturity benefit tax-free?
A: Yes, the maturity benefit received under LIC Jeevan Umang is generally eligible for tax benefits under Section 10(10D) of the Income Tax Act, subject to the provisions and conditions mentioned in the Act.
Q: Can I take a loan against LIC Jeevan Umang?
A: Yes, policyholders can avail of a loan against the policy’s surrender value, subject to conditions and limits specified by LIC.
Q: What happens if I stop paying premiums?
A: If premiums are discontinued after the policy has acquired a surrender value, the policy may be converted into a reduced paid-up policy with proportionately reduced benefits. It’s advisable to consult with LIC for specific details.
Final Thoughts – Is LIC Jeevan Umang Right for You?
LIC Jeevan Umang Plan-745 is a powerful combination of life insurance, savings, and passive income. With its **lifelong coverage, regular payouts
