LIC Jeevan Umang 945 Premium & Maturity Calculator

The LIC Jeevan Umang premium and maturity calculator allows potential customers to calculate the premiums of their LIC Jeevan Umang Plan. The LIC Jeevan Umang calculator offered by the Life Insurance of India (LIC) gives an estimate of the premium payable and can help the customers to make better decisions.

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LIC Jeevan Umang Premium Calculator- An Overview

The LIC Jeevan Umang 945 premium and maturity calculator is an online tool provided 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 in relevant details in the LIC Jeevan Umang Premium & maturity calculator, such as age, sum assured, premium payment term, and premium payment frequency, the calculator provides an approximate premium amount that an individual needs to pay to avail of this policy, allowing potential policyholders to plan their finances accordingly.

Benefits of The LIC Jeevan Umang Premium Calculator

The LIC Jeevan Umang 945 Premium and Maturity Calculator offers several benefits such as:

  • Get an estimate of your premium amount: By entering your age, policy term, sum assured, and premium payment term, you can get an idea of how much annual premium you need to pay for your LIC Jeevan Umang 945 policy.

  • Customization: Users can adjust various parameters such as age, sum assured, premium payment term, and premium payment frequency to tailor the policy to their specific needs.

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

  • Time-Saving: Eliminates the need for manual calculations, saving time and effort.

  • Online Accessibility: Available on the LIC website, making it convenient for potential policyholders to access anytime and anywhere.

  • Understand the benefits of the policy: The calculator will also show you the estimated maturity benefit, death benefit, and other features of the policy. This can help you understand what you are getting for your money.

How is Jeevan Umang policy premium calculated?

The premium for the LIC Jeevan Umang policy 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 for which you want the policy to be active. Longer policy terms generally lead to higher premiums.

  • Premium Payment Term: The period for which 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 compared to premiums paid on a more frequent basis, such as monthly or quarterly.

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

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

Maturity Benefit Illustration of LIC Jeevan Umang Plan

The LIC premium & maturity calculator offers a detailed illustration of the survival benefit, maturity benefit, and death benefit 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.

How to Use LIC Jeevan Umang Calculator?

Using the LIC Jeevan Umang calculator is a simple process that can help you estimate the premium amount and maturity benefits for your desired policy. Below mentioned is the process to access and use the calculator:

  • Visit the official website of the Life Insurance Corporation of India

  • Fill in your name and contact number and click on view plans.

  • Next, you need to fill in your current age and the city you live in.

  • Customize your investment amount and time period as per your requirements.

  • Once done, you can check the plan details by clicking on “get details”.

  • Through the illustration given, you will get an idea of the premium amount, maturity amount and death benefit amount.

Summing it up

LIC Jeevan Umang 945 premium and maturity calculator is an online tool that helps estimate the premium you need to pay to get coverage under LIC Jeevan Umang. The LIC Jeevan Umang premium and maturity calculator is a free-of-cost tool that can be used a number of times and helps you get an estimate of the premium you need to pay. Not just this, by using LIC Jeevan Umang calculator, you can easily align your financial goals with your budget.


FAQs

  • Q: What is LIC Jeevan Umang 945 Premium and Maturity Calculator?

    Ans: The LIC Jeevan Umang 945 Premium and Maturity Calculator is an online tool designed to help policyholders estimate the premium they need to pay and the maturity benefit they may receive under the Jeevan Umang plan.
  • Q: How can I access the LIC Jeevan Umang 945 Calculator?

    Ans: Visit the official LIC website and navigate to the Jeevan Umang 945 section. Look for the premium and maturity calculator, which is typically available online.
  • Q: What information do I need to use the calculator?

    Ans: To use the calculator, you may need to provide details such as your age, the sum assured, policy term, and possibly other relevant factors.
  • Q: Can the calculator provide a personalized premium estimate?

    Ans: Yes, the calculator is designed to offer a personalized premium estimate based on the information you put in, giving you an idea of the premium amount for your Jeevan Umang policy.
  • Q: Is the maturity amount displayed by the calculator guaranteed?

    Ans: The calculator provides an estimated maturity amount based on certain assumptions and declared bonuses. However, the actual maturity amount may vary based on future bonus declarations and other factors.
  • Q: Can I change the inputs to see how they affect premiums and maturity?

    Ans: Yes, you can adjust inputs like the sum assured and policy term to see how they impact the premium and maturity amount.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark

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