LIC Jeevan Tarang Plan

JeevanTarang is a Whole Life Plan from LIC of India that yields regular returns,post its maturity. Policyholder under this plan can choose an Accumulation Period of 10, 15 or 20 years, which is the tenure after which your policy matures. This policy expires when the insured turns 100 and the Sum Assured along with the Loyalty Bonus is paid to the policyholder. It is a with-profits plan that offers 5.5 % of the Sum Assured as Survival Benefit every year after the decided Accumulation Period is over.

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The Survival Benefit is paid to the proposer till the 100th year of his age. This policy will keep you covered for your entire life, but the maximum age limit to be covered under this policy is 100.

Benefits of LIC JeevanTarang Policy

  • Survival Benefits- If the insured person survives till the end of the decided Accumulation Period, an amount equal to 5.5% of the Sum Assured will be paid as Survival Benefit at the end of every year following the year in which Accumulation Period ends. Additionally, a Simple Reversionary Bonus is also payable by the end of the Accumulation Period.
  • Maturity Benefit - On survival of the policyholder till the age of 100 years, the total Sum Assured in addition with Loyalty Bonus (if any) will be payable.
  • Death Benefit - The total Sum Assured plus the Vested Reversionary Bonus is payable to the nominee in case of death of the insured life during the Accumulation Period. The nominee becomes eligible for getting the Sum Assured plus the Loyalty Additions(if any) on the death of insured any time after the Accumulation Period.

Highlights of LIC JeevanTarang Policy

  • It is a with-profits plan that keeps you covered for your entire life and gives regular returns after maturity
  • The period for which the premium is to be paid is known as Accumulation Period; and the same can be chosen amongst 10, 15 or 20 years by the policyholder
  • Post Accumulation Period, 5.5% of the Sum Assured is paid annually as Survival Benefit
  • Optional riders like Term Rider, Critical Illness Rider Premium Waiver Benefit Rider  and Accident Death Benefit Rider can be availed with this policy by paying an extra amount
  • Death Benefit of this policy is equal to Sum Assured + Accrued Bonus + Loyalty Additions (if any)

Surrendering the LIC JeevanTarang Policy

If you are unable to pay the premiums and want to surrender the policy after three years, you would have to select one of the following options:

  • Make the Policy Paid up - In this scenario, you will get eligible for the Sum Assured as per the ratio between premiums paid and those that are yet to be paid.  This value is received either on maturity of the policy or on death of the insured. For instance, you decide to surrender your policy after 6 years for which the Accumulation Period is 15 years and the Sum Assured is 10 lacs. In this case, you would get 4 lacs as the Sum Assured (i.e. 40% of the actual Sum Assured), because premiums are paid for 6 years (i.e. 40% of the total Accumulation Period). Formula for calculating the Paid-Up Value is:Paid-Up Value = (Number of premiums paid / Total number of premiums payable) * Original Sum Assured
  • Take the Surrender Value – Surrender Value is the amount you receive at time of surrendering the policy. You may get the surrender value in case you have paid the premium for three years.It is equal to 30% of the sum of premiums paid excluding the first year’s premiums, any extra premiums, or premiums paid for optional benefits. The formula to calculate Surrender Value is: Surrender Value = (30% of all premiums paid – 1st year’s premium) 

Along with an array of beneficial features, LIC JeevanTarang Policy also offers a loan facility. The rate of interest for this loan is determined by LIC of India and is revised at regular intervals. Presently, the rate of interest for the loan against is 9 % p.a. and is payable half-yearly.

Disclaimer: LIC Jeevan Tarang has been withdrawn.


*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

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LIC India Insurance Reviews & Ratings
4.6 / 5 (Based on 73 Reviews)
(Showing Newest 10 reviews)
Meer
Chalakudy, January 01, 1970
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Ram
Balasore, January 01, 1970
Child security fulfilled
I have bought a Lic India child plan online and it has been a year now. I like the way the this works. It is a nice plan I got for my child’s security.
Jyotsana
Asifabad, January 01, 1970
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Anubha
Mainpuri, January 01, 1970
Low premium
The premium rate of the child insurance plan of LIC India which I bought 3 years ago is best and it was under my budget. I was searching for some good plans related to child insurance. I got the way of buying this plan and loved it.
Nimesh
Lakhimpur Kheri, January 01, 1970
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Amisha
Babina, January 01, 1970
Maturity benefits to get
It is easy to get the maturity benefits when LIC India child plan gets matured and my child would get a better return. It would be easy for him to get the best education and can go for a higher education abroad.
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Lakhimpur, January 01, 1970
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I feel safe and secured for my family when I will be not around. The Lic India ULIP plan will give the better returns and maturity benefits. And will be quite helpful for my family to sustain their future.
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Raghunathpur, January 01, 1970
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
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Mota Chiloda, January 01, 1970
Great plan
I am happy with this plan and have recommended many people for the same. I bought the Lic India ulip plan 2 years back and It is a best kind of investment.
Azam
, January 01, 1970
Good Benefits
It is important for everyone to understand that benefit is must when you are buying a child insurance plan. I bought a beneficial child plan of LIC India.
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