LIC Jeevan Tarang Policy

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LIC Jeevan Tarang Plan

 

LIC Jeevan Tarang Plan is a Whole Life Plan with Bonus facility.

 

In this plan, the premium is paid for the Accumulation Period that is chosen by the policyholder of 10, 15 or 20 years. When the Accumulation Period ends, i.e. the Premium Paying Term is over, the vested Bonus is paid in a Lumpsum and the policy continues.

Every year, after the Accumulation Period ends, 5 and ½ % of the Sum Assured is paid as Survival Benefit till the Life Insured is 100 years old. If the Life Insured survives till 100 years, then the entire Sum Assured + Loyalty Bonus is paid and the policy is terminated.

However, if the Life Insured dies within the accumulation period, then Sum Assured + vested Bonus is paid and the policy is terminated. If the Life Insured dies after the accumulation period but before 100 years of age, then Sum Assured + Loyalty Addition is paid and the policy is terminated.

 

Key Features of LIC Jeevan Tarang Policy

 

§  This plan is a Whole Life Plan with regular annual returns post maturity

§  Premium is paid till the Accumulation Period only and not after that.

§  Death Benefit is Sum Assured + accrued Bonus + Loyalty Additions, if any

§  5 and ½ % of the Sum Assured is paid as Survival Benefit every year post Accumulation Period

§  Simple Reversionary Bonus is payable on maturity or earlier death.

§  Additional Accidental Death Benefit rider, Term Rider, Critical Illness rider and Premium Waiver Benefit for Critical Illness rider can be opted for during the Accumulation Period only.

 

 

Benefits you get from LIC Jeevan Tarang Policy

 

Death Benefit – In case of death of the Life Insured

·         During the Accumulation Period- Sum Assured + vested Bonus is paid and the policy is terminated

·         After the Accumulation Period- Sum Assured + Loyalty Addition is paid and the policy is terminated

 

Survival Benefit— When the Life Insured survives after the Accumulation Period, 5 and ½ % of the Sum Assured is paid as Survival Benefit every year post that till the Life Insured is 100 years old.

 

Maturity Benefit – Being a Whole Life Plan, it matures when the Life Insured is 100 years old. Thus, if the Life Insured survives till 100 years, then the entire Sum Assured + Loyalty Bonus is paid and the policy is terminated.

 

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

 

 

Eligibility conditions and other restrictions in LIC Jeevan Tarang Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

1,00,000

No Limit

Policy Term (in years)

Whole Life

Age for completion of Premium Payment Term (in years)

-

70

Age at the end of the Accumulation Period (in years)

18

-

Entry Age of Policyholder

0

60

Age at Maturity (in years)

-

100

Payment modes

Single, Yearly, Half-yearly, Quarterly, Monthly and SSS

 

 

Sample illustration of premium of LIC Jeevan Tarang Plan

 

The below illustration is for a healthy Male of 35 years (non-tobacco user) opting for

Sum Assured = Rs 1,00,000.

Accumulation Term = 15 years and 20 years

LIC Jeevan Tarang Sample Premium Values

 

Additional Features and Benefits of LIC Jeevan Tarang Plan

 

Riders – There 4 additional Riders available during the Accumulation Phase:

·         Accidental Death Benefit Rider

·         Term Rider,

·         Critical Illness rider and

·         Premium Waiver Benefit for Critical Illness rider

 

 

What happens if?

 

You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured.

 

You want to surrender the policy – There is a Guaranteed Surrender Value

·         During Accumulation Period,

Guaranteed Surrender Value = (30% of all premiums paid – 1st year’s premium) after 3 policy years for Regular Premiums and (90% of Single Premium) after 1 policy year.

·         After Accumulation Period, Guaranteed Surrender Value = 85% of basic Sum Assured.

Special Surrender Value is also available under this plan.

 

You want a loan against your policy – Loan facility is available under this policy

 

 

Alternate Whole life plans from Other insurance companies

 

1.     Future Generali Saral Anand Plan

2.     ICICI Prudential Whole Life Plan

3.     Kotak Eternal Life Classic Shield

 

 

Other whole life plans from Life Insurance Corporation of India

 

1.     The Whole Life Policy

2.     The Whole Life Policy- Limited Payment

3.     The Whole Life Policy- Single Payment

4.     Jeevan Anand

  

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the LIC Jeevan Tarang Policy brochure and insurance company's website. It should not be construed as a Critical or Favourable LIC Jeevan Tarang Policy Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

hi i am Sri Ram

Can a grandfather who has crossed 70 years of age be a proposer for his grand children under Jeevan Tarang Policy as the parents are temporarily residig abroad? (after obtaining consent letter from the parent) and is the grandfather is eligible for 80C

By Saladi Gupta on Sep 16, 2014 Reply

Grand parents are allowed as proposers. They will not get any tax benefits, more over Jeevan Tarang plan is withdrawn from 1st January.

Replied By Manoj Aswani (MIC Staff) on Sep 22, 2014 Reply

I discontinued paying my annual premium after four policy years and now my jeevan tarang policy is in a reduced paid up state. I subscribed this policy 7 years back. I now want to surrender. How much will I get? sum assured is 500000 rupees. Term is 20years. Date of commencement was 2008-4-28. Vested bonus is 96000 rupees.

By Sanjay Kumar Rathi on Sep 02, 2014 Reply

When your policy is reduced to paid up, the benefit amount on maturity and surrender changes / reduces. We do not have your exact policy details and hence we will not be able to share exact calculation. You can go to the nearest LIC branch and ask them to share the surrender value as on date for your policy. They should give you the amount instantly.

Replied By Manoj Aswani (MIC Staff) on Sep 03, 2014 Reply

Hi,
I have taken Jiwan trang Policy on 27 Oct 2007. upto 2011 i have given the premium but after that i have not .will the policy still exists . if i want to continue what i have to do. if i have to serender it what i have to do. my Yearly premeuim is 15000/- Term is 20 yrs .Please suggest

By Rahul Wakode on Aug 26, 2014 Reply

Find out the Issuing branch of your LIC Policy (it is mentioned on your policy document)
Visit the branch and tell them you wish to revive the policy

If the revival period is still going on then you will need to pay the outstanding premium + interest
 

Replied By Manoj Aswani (MIC Staff) on Aug 28, 2014 Reply

Hi ...I posses a jeevan tarang policy since 2008 for 15 years term with 10,00,000 sum assured...I just want to know is there any possibility to switch the plan Jeevan tarang to Jeevan tarang then I will glad to do that....Please help me ...

By Arit Nandy on Aug 04, 2014 Reply

If you have a LIC Jeevan Tarang then you cannot switch to any other plan.
 

Replied By Manoj Aswani (MIC Staff) on Aug 04, 2014 Reply

Hai, I just want to know if i took Jeevan Tharang for 2,00,000. What amount I will get after the accumulation period of 10 years. Is it correct their is an yearly payment until the age of 100.
Please advice

Regards
Alex

By Alex Zachariah on Sep 26, 2013 Reply

Hi Alex, when the policy term ends, you will get the accumulated reversionary bonus amount. The bonus amounts can vary every year and it is not a guaranteed amount. In the last 3 years, the varied between Rs. 40 to Rs. 46 for every 1000 sum assured, for the 10 year term. So if we consider you get a bonus rate of Rs. 40, then you will get Rs. 8,000 every year, which makes it Rs. 80,000 in 10 years.

For the rest of your lifetime or you receive 5.5% of the Sum Assured every year till the age of 100. In case the policyholder dies after the term of the plan, the sum assured along with the final additions if any is payable. 

Replied By Deepak Yohannan (MIC Staff) on Sep 27, 2013 Reply

Hi i want to know the surrender amout for the35,000 sum assured in this. so can you please tell me that after 5 years of period what amount i will get

Replied By Govind Singh on Oct 01, 2013 Reply

Hi Govind, the surrender value depends the premiums that you pay. The Guaranteed Surrender Value = 30% of all premiums paid minus the first years premium. So check the amounts you have paid so far and you will get the value.

Replied By Deepak Yohannan (MIC Staff) on Oct 01, 2013

Hi i want to know the surrender amout for the1,00,000 sum assured in this. so can you please tell me that after 15 years of period what amount i will get?

By Jignesh Datta on Sep 24, 2013 Reply

Hi Jignesh, the surrender value will depend on when you are surrendering the policy. If you surrender before 3 premiums are paid, you get nothing. If you surrender after paying 3 premiums, you get 30% of all premiums paid minus the first year's premium - this is the Guraranteed Surrender Value.

Surrendering a traditional plan results in a very big loss. So get into plans with premiums which you can very easily afford to pay throughout the policy term.

After the term of the policy is completed you get back the bonuses which have accrued to your account. The bonus will depend on what LIC declares every year and you cannot predict it. Post that you will get 5.5% of the Sum Assured every year.

Replied By Deepak Yohannan (MIC Staff) on Sep 25, 2013 Reply

Can a grandfather who has crossed 70 years of age be a proposer for his grand children under Jeevan Tarang Policy as the parents are temporarily residing abroad? (after obtaining consent letter from the parent)

By Manju N on Sep 22, 2013 Reply

Yes Manjunath, this can be done. Grandpa can propose and Grandchild can be the life assured.

Replied By Deepak Yohannan (MIC Staff) on Sep 25, 2013 Reply

if we have policy in name of child and if he die before completeing 7 year of age , did his nominee will get SA or only premium paid will return back pls confirm

By Vinod Jain on Sep 21, 2013 Reply

Hi Vinod, it will depend on the plan which you have purchased. Most plans will have the sum assured + accrued bonuses paid out in case the insured dies. Do let me know the name of the plan which is being referred to.

Jeevan Tarang is not a child plan

Replied By Deepak Yohannan (MIC Staff) on Sep 23, 2013 Reply

mujhe loan amnt confirm krna hai.

By Sonu Tomar on Aug 22, 2013 Reply

Hi Sonu, the loan amount is usually 80% to 90% of the Surrender Value of the plan. So check the surrender value of the plan based on the premiums which you have already paid.

Replied By Admin (MIC Staff) on Aug 24, 2013 Reply

loan intrust amnt kese pta kare.

By Sonu Tomar on Aug 22, 2013 Reply

Hi Sonu, the interest rate would be around 10%. To know the exact rate you will have to visit an LIC office as the rates are subjec to change.

Replied By Admin (MIC Staff) on Aug 24, 2013 Reply

Hi, I am Aniket. I want to buy LIC Policy, Sum assured Rs 10,00,000, Term 20 years. Please guide me about which policy will give better returns, either Jeevan Tarang or Jeevan Anand?

By Pandurang Shelake on Aug 20, 2013 Reply

Hi Aniket, it is difficult to predict this as the returns would depend on the bonus which gets added to the plan. So difficult to make a choice based on the possible futre returns.

Overall Jeevan Anand is a flagship plan of LIC so chances are this would get higher returns! There is no guarantee on this.

Replied By Admin (MIC Staff) on Aug 20, 2013 Reply

Pl. inform me about the PwB. because we are puzzled about it.

By Debashis Ghosh on Aug 17, 2013 Reply

Hi Debashish, can you please elaborate on PwB? What is it and what is the context?

We would be glad to help you.

Replied By Admin (MIC Staff) on Aug 17, 2013 Reply

thanks

By Prabhat Pradhan on Jun 08, 2013 Reply

I want to do my policy up to 10 years

By Prabhat Pradhan on Jun 08, 2013 Reply

Dear Prabhat, we would be glad to help you out. Please write to contact@myinsuranceclub.com with your City and Phone number to get further information. 

Replied By Admin (MIC Staff) on Jun 14, 2013 Reply

Hi iam a agent of lic india if any policy required contact me

By Naveenkumar on Feb 28, 2013 Reply

As per IRDA Guidelines and Code of Conduct for Insurance Agents no one is entitled to offer Rebates or Gifts to Customers for buying insurance products. How come a person can publicly offer 25 % discount on 1st year Premium in your website which is approved by IRDA. Kindly provide any action or steps taken against him. I am also sending this to IRDA Grievances for further action.

By Raghunathan S on Feb 09, 2013 Reply

there are three types of jeevan tarang policy namely for 5,10 and 15 years. Pl clarify the income tax benefit is available for all the difference period or restricted to some specified year

By Premkumar on Feb 06, 2013 Reply

I Like the way the Policy is Explained. Pls explain Jeevan Arogya.

By Mahesh on Sep 30, 2012 Reply

If I surrender my Jeevan Tarang Policy before 3 years. The total amount of premiums which I have already paid is refundable. Please advice.

By Sanjay Dey on Jul 16, 2012 Reply

i have three year doughter i want jiwan tarag palan

By Pawan on Jul 06, 2012 Reply

HAI,I AM LAWRENCE NORONHA. LIC INSURANCE ADVISOR,
IF ANYBODY WANT TO TAKE NEW POLICY LIKE JEEVAN TARANG OR ANYOTHER
POLICIES RELATED TO LIC.PLEASE CONTACT ME.
I AM READY TO HELP YOU AND GUIDE YOU FOR YOUR WELL SETTLED FUTURE LIFE
AND YOUR CHILDREN

CELL:9076074479
MAIL: lawrence.noronha81@gmail.com
LOCATION : MUMBAI,NAVI MUMBAI AND THANE

By Lawrence Noronha on May 10, 2012 Reply

me yeh policy kaha se lesakte hai aur informetion ke liye baat kare

By Mehboob Mirza on Apr 24, 2012 Reply

I have taken jivan tarang policy for sum assured 1000000.
With annual premium of 153000. For 6 years only plz
Tel me can I pay ,10 year's premium in 6 years . And tel me the whole plan
For. This what I get.

By Jatinder Pal Singh on Apr 20, 2012 Reply

Insurance and investment can't be club. All agent is giving u incomplete information. Only show positives edgs but they should tell negative points also. Term policy is the best one.

By Vipul on Mar 27, 2012 Reply

I HAVE TAKEN 4 YRS BACK N NOW I WANT TO CHANGE TO SOME OTHER POLICY FOR MIN 10 YRS

By Roshan on Dec 13, 2011 Reply

In Jeevan Tarang policy, I want to opt for Single Premium on a 15-yr term. If I surrender the policy in the 16th year, the guaranteed surrender value shows 85% of SA.Does this mean I will get Rs. 85000/- if SA is Rs.100000/-?

By Mohan on Dec 01, 2011 Reply

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