LIC Jeevan Umang Plan 945: Full Review — Is It Worth Buying in 2026?

LIC Jeevan Umang is one of the most popular whole life insurance plans I have recommended over the years. After 31 years and hundreds of policies sold, here is my honest, numbers-first review.

What does Jeevan Umang offer? After the premium-paying term ends, LIC pays 8% of your basic Sum Assured every year for the rest of your life. This continues until you turn 100. At maturity or on death, your nominees receive the full Sum Assured plus accrued bonuses.

A real example: A 30-year-old buys a Rs 20 lakh Sum Assured policy with a 25-year premium term. Approximate annual premium: Rs 85,000. At age 55, premiums stop. From age 55 onwards, LIC pays Rs 1.6 lakh every year, for life. If he lives to 80, that is 25 years of Rs 1.6 lakh = Rs 40 lakh in annual payouts alone.

Who should buy Jeevan Umang? It works best for salaried professionals aged 25-35 who want guaranteed post-retirement income without market risk. It suits those who want to lock in tax-free income under Section 10(10D).

Who should not buy it? If your primary goal is maximum protection, a term plan gives 10x the cover for 20% of the cost. If you want inflation-beating returns, equity mutual funds will outperform.

Current IRR: Based on my calculations for a 30-year-old, the internal rate of return works out to approximately 5-5.5% per annum. That is respectable for a guaranteed, tax-free, lifelong income stream.

My verdict: Jeevan Umang is excellent as a pension substitute. I recommend it as 20-30% of a client's total portfolio. Pair it with a separate term plan for pure protection and an SIP for wealth creation.

Call me at 9415313434 to get a personalised illustration with exact premiums for your age.

Use our free [Premium Calculator](/calculators/premium) to calculate your own numbers.