LIC Jeevan Umang Calculator For Premium & Maturity

Let us understand the LIC Jeevan Umang policy calculator in detail.

LIC Jeevan Umang Calculator - An Overview

The LIC Jeevan Umang premium and maturity calculator for plan 745 (previously known as LIC Jeevan Umang 945 premium and maturity calculator) is an online tool offered by the Life Insurance Corporation of India to help individuals estimate the premium amount for their Jeevan Umang policy.

LIC Jeevan Umang is a participating whole life insurance plan that offers both life coverage and guaranteed annual payouts even after the premium payment term. 

By filling relevant details in LIC Jeevan Umang policy calculator such as age, sum assured, premium payment term, and premium payment frequency, the calculator gives an estimate of the premium amount that an individual needs to pay to avail of this policy, allowing potential policyholders to plan their finances accordingly.

How to Use LIC Jeevan Umang Calculator?

The LIC Jeevan Umang Plan 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 LIC

• 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 offers several benefits such as:

• LIC Jeevan Umang policy calculator provides an accurate estimate of the premium amount, helping individuals plan their budget effectively.

• To customize the policy to their needs, one can adjust various parameters such as age, sum assured, premium payment term, and premium payment frequency.

• By using the LIC Jeevan Umang calculator, individuals can make informed decisions and understand how premium payments align with their financial goals.

• With the Jeevan Umang calculator, you don’t have to manually perform complicated calculations, which can save you time and effort.

• The LIC website offers online access to the LIC Jeevan Umang policy calculator, making it convenient for potential policyholders to access it anytime and anywhere.

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: The age at which you want to start the policy. Younger individuals generally pay lower premiums compared to older individuals.

• Sum Assured: The amount of life insurance coverage you wish to have. The premium is directly proportional to the sum assured. A higher sum assured will result in a higher premium.

• Policy Term: The duration you want the policy to be active. Longer policy terms generally lead to higher premiums.

• Premium Payment Term: The period you want to pay the premiums. Jeevan Umang offers different premium payment term options, such as 15, 20, 25, and 30 years. The premium payment term affects the premium amount.

• Premium Payment Frequency: The frequency at which you want to pay the premiums (monthly, quarterly, half-yearly, or yearly). Generally, annual premiums are lower than those paid more frequently, such as monthly or quarterly.

• Gender: The policyholder's gender can also affect the premium calculation, as certain factors related to life expectancy may be considered.

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 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 of LIC Jeevan Umang Plan

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

Let’s say you bought the Jeevan Umang LIC policy for your 2-year-old child and want to assure Rs.1 Crore.

• 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.

Key Inputs Required in the LIC Jeevan Umang Calculator

To use the LIC Jeevan Umang Calculator (previously LIC Jeevan Umang 945 premium and maturity calculator), you must enter the following basic details to estimate your premium, survival benefits, and maturity amount under the LIC Jeevan Umang plan:

• Age of the policyholder

• Sum Assured

• Policy Term (usually up to age 100)

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

• Payment Frequency (monthly, quarterly, etc.)

• Optional Riders