LIC Jeevan Umang: Complete Guide 2026

LIC Jeevan Umang (Plan No. 945) is one of my favourite plans to recommend for families who want both long-term protection and a regular income. It is a non-linked, non-participating, individual whole life plan, meaning the benefits are guaranteed and do not depend on market performance.

Here is how Jeevan Umang works. You choose a sum assured and a premium paying term, typically 15, 20, or 25 years. You pay premiums during this term. Once the premium paying term ends, two things happen: first, you receive 8% of the sum assured every year as a survival benefit, for the rest of your life. Second, your family is covered for the full sum assured as long as you live, up to age 100.

Let me make this concrete. Suppose a 30-year-old takes Jeevan Umang with ₹10 lakh sum assured and a 25-year premium paying term. He pays premiums until age 55. From age 55 onwards, he receives ₹80,000 per year (8% of ₹10 lakh), every year, for life. At maturity (age 100), the full ₹10 lakh plus bonuses is paid. If he passes away at any point, his family gets the full sum assured plus accrued bonuses.

Who is Jeevan Umang ideal for? Professionals in their 30s who want to create a guaranteed income stream for retirement. Parents who want to leave a financial legacy. Anyone who wants life-long coverage without worrying about policy renewal after a fixed term.

The premium for Jeevan Umang is higher than term insurance because the plan offers much more, guaranteed returns, annual income, and lifelong cover. For a 35-year-old taking ₹10 lakh SA with 20-year PPT, the annual premium is approximately ₹55,000 to ₹60,000. The total survival benefit received over 30 years of retirement (ages 55 to 85) would be ₹24 lakh, far more than the total premium paid.

One point I always mention: Jeevan Umang bonuses (Simple Reversionary Bonus and Final Addition Bonus) further increase the maturity and death benefit. These bonuses are declared by LIC each year and add considerably to the plan value over a 20-25 year term.

To get a personalised illustration for your age and income, call me at 9415313434. I will show you exactly what you pay, what you receive annually, and what your family is protected for.