LIC Jeevan Umang Plan No. 945 was launched by LIC on 1st Feb, 2020.

It is a non-linked, participating, individual life assurance plan that offers a combination of income and protection to your family.

This plan provides survival benefit on every fifth year 8% of basic sum assured after the premium paying term stopped till the life assured survives or till the date of maturity whichever is earlier.

LIC Jeevan Umang Plan 945 (Policy Review in details)

In the next paragraphs, we explained the brief details review of policy LIC Jeevan Umang Policy – 945: 

    What are the features of LIC Jeevan Umang Policy 945?

    Survival Benefits

    The policyholder shall receive the survival benefits of 8% every fifth year after the completion of all the premium paying terms till the life assured survives or till the policy anniversary prior to the date of maturity whichever is earlier.


    If the age of the life assured is 25 years, policy term 75 years, premium paying term 30 years and the basic sum assured is Rs. 500000.

    Then policyholder needs to pay the premium upto 30 years from the starting of policy, and thereafter premium will be stopped and policyholder will be received 8% of Rs. 500000 = Rs.40000 every fifth year (i.e. on 30, 35, 40, 45, 60, 65, 70 year) till the policyholder survives or till date of maturity. 

    Maturity Benefits

    The policyholder shall receive the sum equal to “Basic Sum Assured + Simple Reversionary Bonuses + Final Additional Bonus” at the time of maturity. 

    Death Benefit

    If the policy is in-force i.e. policyholder paid the premium of policy then:

    On death before the commencement of risk, only premium shall be paid without interest and other charges (tax, extra premium and rider premium).

    On death after the commencement of risk, death benefit as per sum assured + simple reversionary bonus + final bonus if any shall be paid with the following conditions:

    Sum assured on death shall be paid higher of the

    • 7 times of annualised premium or
    • Basic sum assured

    Death benefit shall not be less than 105% of the total premium paid up to date of death.


    You shall be paid 2 types of Bonus:

    • Simple Reversionary Bonus will be credited in your policy account every year. Bonus rate shall be decided on the profitability of LIC.
    • Final Additional Bonus also shall be paid on maturity.

    Loan against Policy

    You can apply for a loan by submitting the original policy document. LIC gives loan as per instruction given by the IRDA. It looks like a bank loan and you only need to pay interest on loan granted.

    Tax Benefit

    Tax deduction on premium paid on this policy shall be allowed every year under section 80c.

    Also Read: LIC Kanyadan Policy (833) details review

    What are the eligibility conditions of LIC Jeevan Umang Policy 945?

    Minimum Basic Sum Assured


    Maximum Basic Sum Assured

    No Limit

    The basic sum assured shall be in multiple of Rs.25000

    Minimum Age at entry

    90 days (completed)

    Maximum Age at entry

    55 years

    (nearer birthday)

    Premium Paying Term

    15, 20, 25 & 30 years

    Policy Term

    (100 - age at entry) years

    Minimum Age at end of premium paying term

    30 years

    (nearer birthday)

    Maximum Age at end of premium paying term

    70 years

    (nearer birthday)

    Age at Maturity

    100 years

    (nearest birthday)


    What is the premium for LIC Jeevan Umang Policy 945?

    Premium can be paid by yearly, half yearly, quarterly or monthly through NACH (National Automated Clearing House) mode or through SSS mode (salary deduction).

    Following are the Sample illustrations chart of annual premium as mentioned by LIC for the sum assured Rs. 2 Lac.


    (in years)

    Premium Paying Term



























    Grace period of 30 days allowed for yearly, half yearly, quarterly payment and 15 days of monthly payment of premium.

    Also Read: LIC Jeevan Labh Plan 936 (Policy Details Review)

    What are the rebates under LIC Jeevan Umang Plan 945?

    Mode Rebate

    • Yearly mode - 2% of Tabular Premium
    • Half yearly mode - 1% of Tabular Premium
    • Quarterly, Monthly & SSS Mode – NIL

    High Basic Sum assured rebate:

    Basic Sum assured(BSA)

    Rebates on Premium


    Rs.200000 – Rs. 475000


    Rs. 5 Lacs – Rs. 975000

    1.25 per thousand of BSA

    Rs. 10 Lacs – Rs. 2475000

    1.75 per thousand of BSA

    Rs. 25 Lacs and above

    2.00 per thousand of BSA


    Additional Information

    Free Look Period

    Free look period will be allowed for 15 days if you are not satisfied with the terms and conditions of the LIC jeevan Umang policy i.e. amount deposited as premium shall be refunded after deducting expenditure of medical examination, special reports and stamp duty charges etc.

    Surrender Value

    Surrender of policy can be allowed after two full years of premium paid. On surrender of policy you will be refunded the premium paid after deducting surrender value.

    Revival of Policy

    Your policy will be lapsed if you don’t pay a premium within the grace period. The lapsed policy can be revived within a period of five consecutive years from unpaid premium. On revival you need to pay the arrears of premium and interest.



    LIC Jeevan Umang Plan 945 provides a combination of income and protection benefits to the policyholder family. You will receive survival benefit and maturity benefits also. Hope the above LIC Jeevan umang review is helpful to you.

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