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 customers to make better decisions.
The LIC Jeevan Umang 745 premium and maturity calculator (previously known as LIC Jeevan Umang 945 premium and maturity calculator) is an online tool offered 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 relevant details in LIC Jeevan Umang Premium & maturity calculator such as age, sum assured, premium payment term, and premium payment frequency, the calculator gives an estimate of the 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 745 Premium and Maturity Calculator offers several benefits such as:
LIC Jeevan Umang 745 Premium and Maturity Calculator provides an accurate estimate of the premium amount, helping individuals plan their budget effectively.
To customize the policy to their needs, one can adjust various parameters such as age, sum assured, premium payment term, and premium payment frequency.
By using LIC Jeevan Umang calculator, individuals can make informed decisions and understand how premium payments align with their financial goals.
With this calculator, you don’t have to manually perform complicated calculations, which can save you time and effort.
The LIC website offers online access, making it convenient for potential policyholders to access it anytime and anywhere.
How is the 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 you want the policy to be active. Longer policy terms generally lead to higher premiums.
Premium Payment Term: The period 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 than those 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 calculate an accurate premium amount for the Jeevan Umang policy based on your specific requirements.
LIC Hub
The LIC of India offers an array of insurance and investment products to cater to the needs of a diverse range of customers. Let us take a look at the various types of plans offered by Life Insurance Corporation of India:
Tax Saving
Investment Plans
Senior Citizens
Kids Plan
Women
LIC for TAX Saving:
Enjoy the dual benefit of tax deductions under Section 80C and comprehensive insurance coverage with LIC’s tax-saving policies.
Explore LIC's top-performing plans, which provide the perfect blend of investment growth and insurance protection to achieve your financial aspirations.
LIC offers plans tailored for women, focusing on their unique needs. These plans include savings, life cover, and financial independence to secure a brighter future.
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?
The LIC Jeevan Umang 745 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”.
The illustration gives you an idea of the premium, maturity, and death benefit amounts.
**You can also check the premiums of your Term Insurance Plan by using the Policybazaar’s Term Insurance Calculator
LIC Jeevan Umang 745 premium and maturity calculator (previously known as 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 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 you can also easily align your financial goals with your budget by using the LIC Jeevan Umang calculator.
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. However, this calculator can no longer be used as Plan 945 has been withdrawn by LIC. Instead, one can use the Jeevan Umang 745 calculator, which is available for the latest version of the plan.
Q: How can I access the LIC Jeevan Umang 745 Calculator?
Ans: Visit the official LIC website and navigate to the Jeevan Umang 745 section. Look for the premium and maturity calculator, which is available online.
Q: What information do I need to use the LIC Jeevan Umang premium calculator?
Ans: To use the calculator, you may need to provide details such as your age, the sum assured, policy term, and 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 LIC Jeevan Umang premium 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 in The LIC Jeevan Umang premium calculator?
Ans: Yes, you can adjust inputs like the sum assured and policy term to see how they impact the premium and maturity amount.
Q: What is the difference between LIC Jeeban Umang 945 calculator and LIC Jeevan Umang 745 calculator?
Ans: LIC Jeevan Umang 945 has been withdrawn by the company and is no longer available for sale. As a result, its calculator cannot be used now. However, Jeevan Umang 745 is the new plan introduced after the withdrawal of 945, and its calculator should be used for benefit calculations.
*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
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in