LIC Jeevan Umang 2026: Can Saving ₹45 Daily Give You ₹40,000 Every Year Until Age 100?

LIC Jeevan Umang offers an annual survival benefit calculated at 8% of the Basic Sum Assured after the premium-paying term, subject to policy conditions. A ₹5 lakh Basic Sum Assured therefore corresponds to ₹40,000 per year, not per month.

LIC currently lists Jeevan Umang as Plan 745 (UIN 512N312V03). The older Plan 945 has been withdrawn, so premiums and eligibility should be checked against the current version.

LIC Jeevan Umang 2026: Save ₹45 Daily and Get ₹40,000 Yearly? Check Full Policy Calculation

LIC Jeevan Umang Policy 2026: Life Insurance Corporation of India (LIC) offers several insurance and savings plans for people looking to combine life protection with long-term financial benefits. One such plan is LIC Jeevan Umang, which provides life insurance coverage along with annual survival benefits after the premium-paying period.

Recent reports suggest that saving approximately ₹45 per day could help a policyholder receive ₹40,000 every year under a particular Jeevan Umang illustration.

However, customers should understand that the ₹40,000 amount represents an annual survival benefit, not a monthly pension.

The actual premium depends on the policyholder's age, chosen Basic Sum Assured, premium-paying term and other applicable conditions.

Here is how the policy works and what customers should check before purchasing it.

What Is LIC Jeevan Umang?

LIC Jeevan Umang is a non-linked, participating, whole-life insurance savings plan.

It combines life insurance protection with regular survival benefits after the selected premium-paying period.

Unlike market-linked insurance products, its guaranteed survival benefit is calculated according to the policy's stated terms.

However, bonuses and certain additional benefits depend on LIC's declarations and are not guaranteed in advance.

The currently listed version is LIC Jeevan Umang Plan 745, with UIN 512N312V03.

Customers should check the current brochure because older illustrations may refer to withdrawn versions of the plan.

LIC Jeevan Umang 2026: Important Features

The exact premium, eligibility and benefits must be checked against the current policy document.

How Can You Receive ₹40,000 Every Year?

The annual survival benefit under Jeevan Umang is calculated as 8% of the Basic Sum Assured.

Suppose a customer purchases a policy with a Basic Sum Assured of ₹5 lakh.

The annual survival benefit would be:

₹5,00,000 × 8% = ₹40,000

This means the policyholder can receive ₹40,000 annually after completing the premium-paying period, provided the policy remains eligible for the benefit.

The payout is not a monthly pension of ₹40,000.

Expressed as a simple monthly equivalent, ₹40,000 per year works out to approximately ₹3,333 per month.

However, the actual survival benefit is payable annually according to the policy schedule.

LIC Jeevan Umang: Annual Income Calculation

These figures illustrate the survival benefit formula. They do not represent total investment returns or guaranteed monthly pension amounts.

Can You Get ₹40,000 Annually by Saving ₹45 Daily?

Some published illustrations describe a 26-year-old person purchasing a Jeevan Umang policy with a ₹5 lakh Basic Sum Assured and a 30-year premium-paying term.

Under one such illustration, the monthly premium is approximately ₹1,367.

That works out to around ₹45 per day.

Illustrative Premium Calculation

Important: This is a reported premium illustration, not a verified quotation for the current Plan 745.

The premium can differ depending on the plan version, payment frequency, taxes, underwriting and other factors.

For example, ₹1,367 paid monthly for 30 years totals ₹4,92,120 before considering any changes or additional charges.

Customers should not assume that the ₹45-per-day figure applies to everyone.

When Will the ₹40,000 Annual Payment Start?

Consider a person who purchases the policy at age 26 and chooses a 30-year premium-paying term.

The premium-paying period would end when the person reaches approximately 56 years of age.

After the premium-paying period is completed, the policyholder becomes eligible for the scheduled annual survival benefits, subject to the policy conditions.

In this illustration, the annual survival benefit would be ₹40,000.

The benefit is designed to continue on the applicable policy anniversaries while the policyholder survives, with maturity benefits payable at age 100.

This is why the plan is often described as providing income into advanced age.

Will LIC Pay ₹40,000 Every Year Until Age 100?

Under the plan's benefit structure, annual survival benefits are payable after the premium-paying term and continue on eligible anniversaries up to the policy anniversary immediately before maturity.

The policy matures on survival to age 100.

At maturity, the applicable maturity benefit is payable according to the policy terms.

Therefore, customers should distinguish between annual survival payments and the final maturity benefit.

The exact number of annual payments depends on the entry age, premium-paying term and policy anniversary dates.

What Happens If the Policyholder Dies?

Jeevan Umang also includes life insurance protection.

If the insured person dies while the policy is in force, the eligible nominee or beneficiary receives the death benefit determined under the policy.

The amount depends on the policy provisions, including the applicable sum assured on death and any vested bonuses or other eligible additions.

Customers should review the policy's death-benefit calculation before purchasing it.

The nominee should also be correctly registered to help avoid difficulties during claim settlement.

Does LIC Jeevan Umang Offer Bonuses?

Jeevan Umang is a participating insurance plan.

This means eligible policies may receive bonuses declared by LIC under the applicable conditions.

However, future bonuses are not guaranteed.

Customers should not add assumed bonus amounts to the guaranteed survival benefit and treat the combined figure as a confirmed return.

The actual maturity or death benefit may differ from projections because of bonus declarations and policy conditions.

Is LIC Jeevan Umang a Pension Scheme?

Jeevan Umang is primarily a life insurance savings plan, not a conventional monthly pension product.

Its regular survival benefit can provide an additional source of income after the premium-paying term.

However, the annual payout should not be confused with a monthly retirement pension.

For example, receiving ₹40,000 once a year may help with certain annual expenses, but it does not mean receiving ₹40,000 every month.

Customers seeking monthly retirement income should compare the policy with suitable pension or annuity products.

What Are the Tax Benefits?

Tax treatment depends on the prevailing income-tax law, the policy's premium and sum assured, and the policyholder's circumstances.

Eligible life insurance premiums may qualify for deductions under the applicable provisions of Section 80C when the taxpayer uses the old tax regime and satisfies the relevant conditions.

The taxation of survival, maturity and death benefits depends on the provisions applicable to the policy.

Customers should not assume that every payout is automatically tax-free.

They should check the current rules or consult a qualified tax professional.

What Should You Check Before Buying the Policy?

Before purchasing Jeevan Umang, customers should request an official benefit illustration from LIC.

The illustration should clearly show the premium amount, payment period, guaranteed survival benefits, projected bonuses and maturity benefits.

Customers should also understand what happens if they stop paying premiums early.

Surrendering a policy before completing the intended term can result in receiving less than the total premiums paid.

Other important factors include the premium commitment, liquidity requirements, insurance protection and the effect of inflation on future annual payments.

A fixed annual payout of ₹40,000 may have lower purchasing power several decades from now.

How to Check LIC Jeevan Umang Policy Details

Customers can visit the official LIC website at https://licindia.in/.

Look for Jeevan Umang under the available whole-life insurance plans.

Check the current plan number, eligibility conditions, premium-paying options and benefit details.

For an accurate quotation, customers can contact an authorised LIC branch or agent and request a personalised illustration.

They should verify that the illustration relates to the currently available policy version.

Final Update

LIC Jeevan Umang is designed to provide life insurance protection along with annual survival benefits after the premium-paying term.

For a policy with a ₹5 lakh Basic Sum Assured, the annual survival benefit is ₹40,000 under the 8% formula.

Some illustrations suggest that a young buyer may be able to obtain this benefit with savings equivalent to around ₹45 per day, but the actual premium must be confirmed with LIC.

The most important point is that ₹40,000 is an annual payout, not a monthly pension.

Customers should review the official Plan 745 brochure, compare the guaranteed and non-guaranteed benefits, and understand the long-term premium commitment before making a decision.

Disclaimer: This article is for general financial awareness. Premium examples are illustrative and may relate to earlier policy versions. Actual premiums, eligibility, bonuses, tax treatment and payouts are governed by LIC's current policy documents and applicable regulations.

Official LIC references: Current Jeevan Umang Plan 745 details and Older Jeevan Umang brochure explaining the 8% annual survival benefit.