LIC Jeevan Umang 945 Premium & Maturity Calculator

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.

The LIC Jeevan Umang Premium & maturity calculator allows potential policyholders to plan their finances accordingly by filling in relevant details 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.

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:Enter your age, policy term, sum assured, and premium payment term to get an idea of the 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: The LIC Jeevan Umang calculator allows individuals to 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: The LIC website offers online access, making it convenient for potential policyholders to access it anytime and anywhere.

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

How is Jeevan Umang policy premium calculated?

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 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 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 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, 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.

How to Use LIC Jeevan Umang Calculator?

Using the LIC Jeevan Umang calculator is a simple process that can help you estimate your desired policy's premium amount and maturity benefits. 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, maturity, and death benefit amounts.

LIC Resources

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 estimate the premium you need to pay. Not only this, but by using the LIC Jeevan Umang calculator, you can easily align your financial goals with your budget.

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