Plan No. 945 Whole Life

LIC Jeevan Umang Calculator

Calculate exact premiums, guaranteed 8% annual lifetime survival income, participating reversionary bonuses, and age 100 maturity proceeds under LIC Plan 945.

Guaranteed 8% Annual Lifetime Survival Cashflow

Participating Reversionary Bonus + High FAB

100% Tax-Free Under Section 10(10D)

Life Protection Cover Lasting Up to Age 100

Actuarial Setup

Plan 945: Dynamic mathematical modeling of whole-life insurance premiums & cashflows.

1. Premium Payment Term (PPT)

Max Entry Age: PPT 15 (55 yrs), PPT 20 (50 yrs), PPT 25 (45 yrs), PPT 30 (40 yrs).

2. Entry Age (Years)30 Years Old

Min: 0 Years (90 days)Max: 50 Years

3. Basic Sum Assured (₹)₹10,00,000

Min: ₹2 LakhsMax: ₹1 Crore

4. Payment Mode (Frequency)

5. Your Income Tax Slab (Section 80C)

Premium Costyearly Plan

Installment Premium

₹54,124

1st Year (inc. 4.5% GST):₹54,124

Renewal (inc. 2.25% GST):₹52,958

* Mode discount of 2% yearly & basic Sum Assured rebates applied.

Annuity Payout100% Tax-Free

Annual Lifetime Income

₹80,000

Survival Benefit Rate:8% of SA / Year

Starts Post-PPT (Age):50 Years Old

* Paid annually starting immediately after PPT ending until Age 99.

Maturity 100Whole-Life

Maturity Proceeds (Age 100)

₹33,10,000

Basic Sum Assured:₹10,00,000

Est. Reversionary Bonus:₹19,60,000

* Sum Assured + Accumulated Reversionary Bonuses + Final Additional Bonus.

Visual Cashflow projection

Total Premium Paid

Total Returns

Total Premium Paid (over 20 Years)₹10,60,326

Cumulative Survival Payouts (50 Years)₹40,00,000

Maturity Proceeds (Age 100)₹33,10,000

Total Projected Benefits:₹73,10,000

Net Gain / Profit:+₹62,49,674

Lifetime Cashflow Milestones

Premium Payment Phase (Years 1 to 20)

You pay premiums of ₹52,958/yr (renewal). Accruing simple reversionary bonuses at a massive ₹48/1,000 SA yearly.

Survival Annuity Phase (Age 50 Onward)

Zero premium outflow. Receive ₹80,000 annually, guaranteed for life, which accumulates to ₹40,00,000 by Age 99.

Maturity Settlement (Age 100)

Receive basic Sum Assured of ₹10,00,000 plus accumulated bonuses of ₹23,10,000, totaling ₹33,10,000.

Yr	Age	Premium Paid	Cumulative Premium	Survival Payout (8%)	Accrued Bonus (SRB+FAB)	Nominee Death Cover	Maturity Returns	Tax Status
1	Age 30	₹54,124	₹54,124	-	₹48,000	₹12,98,000	-	80C Deduction
2	Age 31	₹52,958	₹1,07,082	-	₹96,000	₹13,46,000	-	80C Deduction
3	Age 32	₹52,958	₹1,60,040	-	₹1,44,000	₹13,94,000	-	80C Deduction
4	Age 33	₹52,958	₹2,12,998	-	₹1,92,000	₹14,42,000	-	80C Deduction
5	Age 34	₹52,958	₹2,65,956	-	₹2,40,000	₹14,90,000	-	80C Deduction
6	Age 35	₹52,958	₹3,18,914	-	₹2,88,000	₹15,38,000	-	80C Deduction
7	Age 36	₹52,958	₹3,71,872	-	₹3,36,000	₹15,86,000	-	80C Deduction
8	Age 37	₹52,958	₹4,24,830	-	₹3,84,000	₹16,34,000	-	80C Deduction
9	Age 38	₹52,958	₹4,77,788	-	₹4,32,000	₹16,82,000	-	80C Deduction
10	Age 39	₹52,958	₹5,30,746	-	₹4,80,000	₹17,30,000	-	80C Deduction
11	Age 40	₹52,958	₹5,83,704	-	₹5,28,000	₹17,78,000	-	80C Deduction
12	Age 41	₹52,958	₹6,36,662	-	₹5,76,000	₹18,26,000	-	80C Deduction
13	Age 42	₹52,958	₹6,89,620	-	₹6,24,000	₹18,74,000	-	80C Deduction
14	Age 43	₹52,958	₹7,42,578	-	₹6,72,000	₹19,22,000	-	80C Deduction
15	Age 44	₹52,958	₹7,95,536	-	₹7,20,000	₹19,90,000	-	80C Deduction
16	Age 45	₹52,958	₹8,48,494	-	₹7,68,000	₹20,38,000	-	80C Deduction
17	Age 46	₹52,958	₹9,01,452	-	₹8,16,000	₹20,86,000	-	80C Deduction
18	Age 47	₹52,958	₹9,54,410	-	₹8,64,000	₹21,34,000	-	80C Deduction
19	Age 48	₹52,958	₹10,07,368	-	₹9,12,000	₹21,82,000	-	80C Deduction
20	Age 49	₹52,958	₹10,60,326	-	₹9,60,000	₹22,30,000	-	80C Deduction
21	Age 50	-	₹10,60,326	₹80,000	₹9,80,000	₹20,20,000	-	Tax-Free Payout
22	Age 51	-	₹10,60,326	₹80,000	₹10,00,000	₹20,40,000	-	Tax-Free Payout
23	Age 52	-	₹10,60,326	₹80,000	₹10,20,000	₹20,60,000	-	Tax-Free Payout
24	Age 53	-	₹10,60,326	₹80,000	₹10,40,000	₹20,80,000	-	Tax-Free Payout
25	Age 54	-	₹10,60,326	₹80,000	₹10,60,000	₹21,00,000	-	Tax-Free Payout
26	Age 55	-	₹10,60,326	₹80,000	₹10,80,000	₹21,50,000	-	Tax-Free Payout
27	Age 56	-	₹10,60,326	₹80,000	₹11,00,000	₹21,70,000	-	Tax-Free Payout
28	Age 57	-	₹10,60,326	₹80,000	₹11,20,000	₹21,90,000	-	Tax-Free Payout
29	Age 58	-	₹10,60,326	₹80,000	₹11,40,000	₹22,10,000	-	Tax-Free Payout
30	Age 59	-	₹10,60,326	₹80,000	₹11,60,000	₹22,30,000	-	Tax-Free Payout
31	Age 60	-	₹10,60,326	₹80,000	₹11,80,000	₹23,30,000	-	Tax-Free Payout
32	Age 61	-	₹10,60,326	₹80,000	₹12,00,000	₹23,50,000	-	Tax-Free Payout
33	Age 62	-	₹10,60,326	₹80,000	₹12,20,000	₹23,70,000	-	Tax-Free Payout
34	Age 63	-	₹10,60,326	₹80,000	₹12,40,000	₹23,90,000	-	Tax-Free Payout
35	Age 64	-	₹10,60,326	₹80,000	₹12,60,000	₹24,10,000	-	Tax-Free Payout
36	Age 65	-	₹10,60,326	₹80,000	₹12,80,000	₹24,30,000	-	Tax-Free Payout
37	Age 66	-	₹10,60,326	₹80,000	₹13,00,000	₹24,50,000	-	Tax-Free Payout
38	Age 67	-	₹10,60,326	₹80,000	₹13,20,000	₹24,70,000	-	Tax-Free Payout
39	Age 68	-	₹10,60,326	₹80,000	₹13,40,000	₹24,90,000	-	Tax-Free Payout
40	Age 69	-	₹10,60,326	₹80,000	₹13,60,000	₹25,10,000	-	Tax-Free Payout
41	Age 70	-	₹10,60,326	₹80,000	₹13,80,000	₹26,30,000	-	Tax-Free Payout
42	Age 71	-	₹10,60,326	₹80,000	₹14,00,000	₹26,50,000	-	Tax-Free Payout
43	Age 72	-	₹10,60,326	₹80,000	₹14,20,000	₹26,70,000	-	Tax-Free Payout
44	Age 73	-	₹10,60,326	₹80,000	₹14,40,000	₹26,90,000	-	Tax-Free Payout
45	Age 74	-	₹10,60,326	₹80,000	₹14,60,000	₹27,10,000	-	Tax-Free Payout
46	Age 75	-	₹10,60,326	₹80,000	₹14,80,000	₹27,30,000	-	Tax-Free Payout
47	Age 76	-	₹10,60,326	₹80,000	₹15,00,000	₹27,50,000	-	Tax-Free Payout
48	Age 77	-	₹10,60,326	₹80,000	₹15,20,000	₹27,70,000	-	Tax-Free Payout
49	Age 78	-	₹10,60,326	₹80,000	₹15,40,000	₹27,90,000	-	Tax-Free Payout
50	Age 79	-	₹10,60,326	₹80,000	₹15,60,000	₹28,10,000	-	Tax-Free Payout
51	Age 80	-	₹10,60,326	₹80,000	₹15,80,000	₹29,30,000	-	Tax-Free Payout
52	Age 81	-	₹10,60,326	₹80,000	₹16,00,000	₹29,50,000	-	Tax-Free Payout
53	Age 82	-	₹10,60,326	₹80,000	₹16,20,000	₹29,70,000	-	Tax-Free Payout
54	Age 83	-	₹10,60,326	₹80,000	₹16,40,000	₹29,90,000	-	Tax-Free Payout
55	Age 84	-	₹10,60,326	₹80,000	₹16,60,000	₹30,10,000	-	Tax-Free Payout
56	Age 85	-	₹10,60,326	₹80,000	₹16,80,000	₹30,30,000	-	Tax-Free Payout
57	Age 86	-	₹10,60,326	₹80,000	₹17,00,000	₹30,50,000	-	Tax-Free Payout
58	Age 87	-	₹10,60,326	₹80,000	₹17,20,000	₹30,70,000	-	Tax-Free Payout
59	Age 88	-	₹10,60,326	₹80,000	₹17,40,000	₹30,90,000	-	Tax-Free Payout
60	Age 89	-	₹10,60,326	₹80,000	₹17,60,000	₹31,10,000	-	Tax-Free Payout
61	Age 90	-	₹10,60,326	₹80,000	₹17,80,000	₹31,30,000	-	Tax-Free Payout
62	Age 91	-	₹10,60,326	₹80,000	₹18,00,000	₹31,50,000	-	Tax-Free Payout
63	Age 92	-	₹10,60,326	₹80,000	₹18,20,000	₹31,70,000	-	Tax-Free Payout
64	Age 93	-	₹10,60,326	₹80,000	₹18,40,000	₹31,90,000	-	Tax-Free Payout
65	Age 94	-	₹10,60,326	₹80,000	₹18,60,000	₹32,10,000	-	Tax-Free Payout
66	Age 95	-	₹10,60,326	₹80,000	₹18,80,000	₹32,30,000	-	Tax-Free Payout
67	Age 96	-	₹10,60,326	₹80,000	₹19,00,000	₹32,50,000	-	Tax-Free Payout
68	Age 97	-	₹10,60,326	₹80,000	₹19,20,000	₹32,70,000	-	Tax-Free Payout
69	Age 98	-	₹10,60,326	₹80,000	₹19,40,000	₹32,90,000	-	Tax-Free Payout
70	Age 99	-	₹10,60,326	₹80,000	₹19,60,000	₹33,10,000	₹33,10,000	Sec 10(10D) Exempt

LIC Jeevan Umang (Plan 945): Whole Life Actuarial Architecture & Retirement Guide

The LIC Jeevan Umang (Table No. 945) is the crown jewel of whole-life participating life insurance contracts offered by the Life Insurance Corporation of India. Combining disciplined wealth accumulation, lifelong financial protection up to age 100, and a contractually guaranteed annual income of 8% of the Basic Sum Assured, Plan 945 serves as a premier vehicle for constructing tax-free retirement pensions and inter-generational family legacies.

Unlike immediate annuity plans where post-retirement pension payouts are fully taxable as income from other sources, the 8% annual survival benefit delivered by Jeevan Umang is completely tax-exempt under Section 10(10D).

Four Flexible Premium Paying Terms (PPT)

Policyholders can tailor their premium commitments to align with their active career earning horizons:

15-Year PPTEntry: 90 days – 55 yrs

Fastest route to start the 8% annual survival payouts from year 16.

20-Year PPTEntry: 90 days – 50 yrs

Balanced accumulation period with higher accumulated bonuses.

25-Year PPTEntry: 90 days – 45 yrs

Affordable annual premiums and substantial reversionary bonuses.

30-Year PPTEntry: 90 days – 40 yrs

Lowest yearly premium burden, ideal for young professionals starting early.

Guaranteed 8% Survival Payouts & Participating Bonus Rates

The cashflow mechanics of Jeevan Umang feature two distinct economic engines:

1. Guaranteed 8% Annual Survival Payout

Starting on the policy anniversary immediately following the end of your PPT, LIC deposits exactly 8% of the Basic Sum Assured into your bank account. For a ₹15,00,000 Sum Assured policy, you receive ₹1,20,000 every single year until age 99, providing total cumulative survival cashflows running into tens of lakhs.

2. Simple Reversionary Bonus (SRB) & FAB

During the PPT, Simple Reversionary Bonuses are declared per ₹1,000 Sum Assured (historically ₹40 to ₹48/₹1,000 SA based on PPT) and vest permanently. At age 100 or on demise, a substantial Final Additional Bonus (FAB) is added to the maturity or death claim.

Statutory GST & Income Tax Exemption (FY 2026-27)

GST Application Rules

Year 1 Premium: 4.5% GST (2.25% CGST + 2.25% SGST).
Year 2 Onwards: 2.25% GST (1.125% CGST + 1.125% SGST).

Section 80C & Section 10(10D)

Annual contributions up to ₹1,50,000 qualify for deduction under Section 80C. Crucially, under Section 10(10D), the entire stream of annual 8% survival payouts, death benefits, and Age 100 maturity proceeds are 100% tax-free in the hands of the policyholder and nominees.

Frequently Asked Questions (FAQ)

How does the 8% survival payout work in LIC Jeevan Umang (Plan 945)?

Immediately after the chosen Premium Paying Term (15, 20, 25, or 30 years) concludes, LIC begins paying a guaranteed annual survival benefit equal to 8% of the Basic Sum Assured. These payouts continue every year until the policyholder turns 99 years of age.

What happens when the policyholder reaches Age 100 in Plan 945?

At Age 100, the policy matures. LIC disburses the full Basic Sum Assured plus all accumulated Simple Reversionary Bonuses (SRB) accrued during the PPT, plus a Final Additional Bonus (FAB).

Are the 8% annual survival payouts tax-free?

Yes, 100% tax-free. Under Section 10(10D) of the Income Tax Act, all annual survival benefits, death payouts, and maturity proceeds are completely tax-exempt, provided the basic sum assured is at least 10 times the annual premium.

What is the death benefit during and after the Premium Paying Term?

If death occurs during the PPT, the nominee receives the Sum Assured on Death (defined as 125% of Basic Sum Assured or 7 times annualized premium) plus vested bonuses. If death occurs after the PPT, the nominee receives the Basic Sum Assured plus accrued bonuses and FAB.

What are the entry age limits and PPT options for Jeevan Umang?

The PPT options are 15, 20, 25, and 30 years. Minimum entry age is 90 days completed. Maximum entry age is 55 years (for 15-year PPT), 50 years (for 20-year PPT), 45 years (for 25-year PPT), and 40 years (for 30-year PPT).

Case Study: 35-Year-Old Professional, ₹15 Lakh SA (15-Year PPT)

To visualize the compounding cashflows of Plan 945, consider a 35-year-old purchasing a ₹15,00,000 Sum Assured policy with the fastest 15-year PPT:

Accumulation Phase (Age 35 to 50): Pays annual premiums for 15 years. Every year, Simple Reversionary Bonuses accrue at ~₹44/₹1,000 SA (~₹66,000/year, totaling ₹9,90,000 in vested SRB).
Lifelong Income Phase (Age 50 to 99): Beginning at age 50, LIC pays a guaranteed 8% annual survival benefit of ₹1,20,000 every year directly to the bank account, completely tax-free under Section 10(10D).
Age 100 Settlement: At age 100, the policy pays ₹15,00,000 Basic SA + ₹9,90,000 vested SRB + terminal FAB (approx. ₹6,75,000) = ₹31,65,000 to the life assured or family.