LIC Jeevan Umang Plan Calculator

Read on to know more about the LIC Jeevan Umang Plan Calculator.

LIC Jeevan Umang Calculator - An Overview

LIC Jeevan Umang premium and maturity calculator for plan 745 (previously LIC Jeevan Umang plan 845 calculator) is an online tool offered by the Life Insurance Corporation of India (LIC) that helps people calculate how much they need to pay for a Jeevan Umang policy.
LIC Jeevan Umang is a participating whole life insurance plan that provides life coverage along with guaranteed annual payouts even after the premium payment term. By entering the required details such as age, sum assured, premium payment term, and premium payment frequency in the LIC Jeevan Umang policy calculator, the tool gives an estimate of the premium that the policyholder will have to pay in order to get this life insurance plan, thus allowing potential policyholders to plan their finances accordingly. This calculator was previously called LIC Jeevan Umang Plan 845 Calculator.

Key Inputs Required in the LIC Jeevan Umang Calculator

If you are looking for a quick help while using the LIC Jeevan Umang Calculator (previously LIC Jeevan Umang 845 premium and maturity calculator), these are the information you should have at your fingertips:

• Age of the policyholder

• Sum Assured/ Premium amount (Depends on what you are calculating)

• Policy Term (up to age 100)

• Premium Payment Term (15, 20, 25, or 30 years)

• Payment Frequency

• Optional Riders

How to Use LIC Jeevan Umang Policy Calculator?

The LIC Jeevan Umang Policy Calculator follows a simple process that can help you estimate your desired policy's premium amount and maturity benefits. Here are the steps to access and use the calculator:

• Step 1: Visit LICon Policybazaar

• Step 2: Fill in your name and contact number in the form and click on View Plans

• Step 3: Next, you need to fill in your current age and the city you live in, and your annual income.

• Step 4: Customize your investment amount and time period as per your requirements. Once done, you can check the plan details by clicking on “Get Details”.

The illustration gives you an idea of the premium, maturity, and death benefit amounts.

**You can also check the premiums of your Term Insurance Plan by using the Policybazaar’s Term Insurance Calculator

Benefits of The LIC Jeevan Umang Calculator

The LIC Jeevan Umang policy calculator allows users to benefit in numerous ways such as:

• Assured Estimation: LIC Jeevan Umang policy calculator provides accurate is the one to give the exact amount of the premium required which suits the individual well and the latter can work out his/her budget effectively.

• Customised Results: By changing parameters like the age, sum assured, premium payment term and premium payment frequency, the user is able to achieve any kind of customization he wants.

• Comparison: When using the LIC Jeevan Umang calculator, individuals have the opportunity to weigh the pros and cons of the matter and know if their plan to pay the premium is in line with the achievement of their financial goals.

• Simplified Calculation: Using the Jeevan Umang calculator is a very good idea as it simplifies the complicated calculations manually which usually take up a lot of your time.

• Easy Access: Just like a standard LIC calculator, it can be found on the official website of LIC and provides results based on the inputs provided specific to LIC Jeevan Umang plan.

How is Premium Calculated With the Jeevan Umang Policy Calculator?

The LIC Jeevan Umang policy premium is calculated based on various factors. The main factors that affect the premium calculation include:

• Age of the policyholder: age at which you want to start the policy. Young people typically pay less for the same insurance compared to older people.

• Sum Assured: amount of coverage for which you want to insure your life. The premium is in direct proportion to the sum assured. A higher sum assured will result in a higher premium.

• Policy Term: It is the duration of the policy. Longer policy terms usually result in higher premiums.

• Premium Payment Term: Umang has different premium payment term options, such as 15, 20, 25, and 30 years. The premium payment term determines the premium amount.

• Premium Payment Frequency: frequency at which you want to pay the premiums (monthly, quarterly, half, yearly, or yearly). Usually, annual premiums are lower than those paid at shorter intervals, such as monthly or quarterly.

• Gender: policyholder's gender may also be a factor in premium calculation as some factors relating to life expectancy may be taken into consideration.

Once you provide these details, the Jeevan Umang LIC calculator can calculate an accurate premium amount for the Jeevan Umang policy based on your specific requirements.

Sample Illustration of LIC Jeevan Umang Policy Calculator

Let us understand the premium calculation of the LIC Jeevan Umang policy with an example. A 30-year-old individual wants to buy the plan with a sum assured of Rs 10 Lakhs. The estimated premium amounts will be as follows under various policy terms:

Maturity Benefit Illustration Using LIC Jeevan Umang Policy Calculator

The LIC calculator offers a detailed illustration of the survival, maturity, and death benefits against the premium charged for the basic sum assured.

• Policy term : (100 minus entry age) : 98 years

• Premium paying term : 30 years

Using the LIC Jeevan Umang maturity calculator, your child will be entitled to the following benefits-

• Guaranteed Survival Benefit - 8% of the basic sum assured every year from the end of the premium paying term till the policyholder survives or till maturity. For a sum assured of Rs.1 Crore, your child receives Rs.8 lakhs every year from the age of 32.

• Maturity Benefit - The basic sum assured at the end of the policy term, which in this case is Rs.1 Crore.

• Bonus - Because LIC Jeevan Umang is a participating policy, LIC will add bonuses to the final maturity amount.

The final maturity amount will be equal to Rs.1 Crore plus bonuses.

Guaranteed Survival Benefit: A fixed amount paid to the policyholder after the premium payment term, as long as they are alive and the policy is active; Maturity Benefit: The lump sum amount paid to the policyholder at the end of the policy term, if they survive the duration; Bonus: Additional earnings declared by LIC (for participating policies) that are added to the sum assured and paid out on maturity or death.

Who Should Use the LIC Jeevan Umang Policy Calculator?

The LIC Jeevan Umang policy calculator suits perfectly to a person who wants to combine insurance with a lifelong income. More specifically, it helps the following categories of people:

• A salaried professional

• Parents

• Retirement planners

• Young earners

• Tax-saving investors

Summing it up

The LIC Jeevan Umang Policy Calculator calculates estimates of various values like surrender amount, bonus, loan eligibility, paid, up value, and maturity projections based on the total premium paid. To get your results, you have to input accurate details such as sum assured, premium amount, premium paying term, policy term, last premium date, and some personal details. The Jeevan Umang policy calculator can also be used to efficiently balance your financial goals with your budget.

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