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.
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Death Benefit – In case of death of the Life Insured
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)
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|
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 |
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
Riders – There 4 additional Riders available during the Accumulation Phase:
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.
Special Surrender Value is also available under this plan.
You want a loan against your policy – Loan facility is available under this policy
Read Review of LIC Jeevan Tarang in Marathi > | LIC Jeevan Tarang in Hindi >