LIC Jeevan Umang Plan 745

LIC Jeevan Umang Plan 745 Overview

LIC's Jeevan Umang Plan 745 is a participating, non-linked, **whole life assurance plan**. This plan provides for annual survival benefits from the end of the premium paying term to age 99 and a lump sum payment at the time of maturity or on death of the policyholder during the policy term. It is a fantastic option for securing a lifelong regular income source.

Eligibility & Rules

• Entry Age: 90 Days to 55 Years
• Premium Paying Term: 15, 20, 25, 30 Years
• Policy Term: 100 minus Entry Age
• Minimum Sum Assured: ₹2,00,000

Key Plan Benefits

• Survival Benefit: 8% of Basic Sum Assured paid every year starting from the end of the premium paying term till age 99.
• Maturity Benefit: Basic Sum Assured + Vested Bonus + FAB payable on surviving to age 100.
• Death Benefit: Sum Assured on Death + Vested Bonuses + FAB payable to nominee.

Standard Policy Features

• Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
• Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
• Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
• Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.

Example Calculation

Note: The values shown above are indicative examples. Actual premiums and maturity amounts may vary based on exact age, riders, and declared bonus rates.