LIC Jeevan Tarang

LIC Jeevan Tarang policy is a participating policy offered by the LIC that goes in the direction of acting as a savings option. It is essentially a money-back policy that offers cover for the insured up to a hundred years of age. The policy's premium payment term is limited, i.e., even when the policy would offer its benefits until the policyholder is a hundred years old, the policyholder need not pay premiums until then.

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This period of time where the customer has to pay their premiums is called the phase of accumulation (Accumulation Phase).

Once the phase of accumulation or amassing is completed, the policyholder or the nominees of the policy would be receiving money-back benefits, which would be paid annually until the death of the policyholder or the maturity period. The policy also offersadditional rider benefits. Further details regarding the policy are discussed in brief in the following sections.

Eligibility Criteria of LIC Jeevan Tarang 

To qualify for a life insurance plan, one has to satisfy specific qualifications and requirements of the plan. Every plan has its own conditions and required terms that are necessary for admissibility. The eligibility criteria for the LIC Jeevan Tarang plan, along with the eligibility conditions for availing an accident benefit rider, is listed below-

Minimum age required of the policyholder at the time of entry-

18 years old (age near to birthday)

Maximum age of the policyholder at the time of entry- 60 years old (age near to birthday)

Maximum age of the policyholder required at the time of maturity-100 years old

Maximum age required for when the payment of the premium ends-70 years old (age near birthday)

Duration untilthe life plan is available- 100 years old

Minimum age required at the end of the amassing period-18 years old (completed)

Eligibility criteria for availing an accident benefit rider is noted below-

Minimum age at the time of entry-18 years old (age near birthday)

Maximum age at the time of entry- 60 years old (age near birthday)

Maximum age required for when the payment of the premium ends- 70 years old (age near birthday)

Duration until the life plan is available- 70 years old

Minimum age required at the end of the amassing period- 18 years old (completed)

Benefits of LIC Jeevan Tarang Plan

The benefits offered by the LIC Jeevan Tarang policy are discussed in brief below-

Tax Benefits*-

Under Section 80C of the Indian Income Tax Act, the premiums paid for a life insurance cover are written off. The benefits that the LIC Jeevan Tarang policyprovides are also exempted from tax under Section 10 (10D).

*Tax benefit is subject to changes in tax laws. Standard T&C Apply.

Maturity Benefits-

When the policyholder survives their hundredth birthday, the policy will offer a maturity benefit, which is an accumulation of the amount that has been assured and applicable loyalty additions.

Survival Benefits-

The vested bonuses, once the phase of accumulation is completed and the premiums have been paid, are payable to the concerned. A year after the amassing period, the money-back feature begins to accumulate. The money-back benefits are calculated to be 5.5% of the sum of money that has been assured in every year of the policy tenure. These accumulated benefits are payable until the policy is matured or until the policyholder passes away, whichever event occurs first.

Additional Riders-

The customer can avail of additional riders by making additional premium payments. One feature of the rider is the availability of additional coverage that can be exercised when there is a case of unexpected death or injury resulting in disability. If the policyholder passes away due to an accident, the nominees of the policy would be receiving an additional rider amount that has been assured. If the policyholder suffers an injury that results in disability, the nominees would be receiving the amount that has been assured on an installment basis for a period of over ten years. Additionally, the premiums will also be written off

Death Benefits-

If the policyholder passes away before they reach their hundredth year, the policy calls for a death benefit, payable to the nominees of the plan. The period of death decides the final benefits. If the policyholder passes away during the amassing period, the nominees would be receiving the amount that has been assured along with the simple vested reversionary bonuses. If the policyholder passes away after the amassing period, the nominees would be receiving the amount assured along with loyalty additions, if any.

The Premium Structure of the Plan

The premiums for the LIC Jeevan Tarang plancan be paid monthly, quarterly, half-yearly, annually, or by SSS or the Salary Saving Scheme (the premium would be directly deducted from the policyholder's salary account) and single premium payment mode. This is similar to the other plans offered by LIC. The premium quotes are usually dependent on specific criteria like age, phase of accumulation, selected policy term, amount to be assured, and income.

Documents Required

The following are certain documentation records necessary for availing of theLIC Jeevan Tarang policy-

  • Application form, as prescribed by the Corporation
  • Proof of identity
  • Address proof
  • Proof of age
  • Passport size photo of the policyholder
  • Medical reports

The following are few general documentation records necessary for raising a claim-

  • Claim form, as prescribed by the Corporation
  • Original policy documents
  • Details of the nominee’s bank account
  • Proof of title (if and when applicable)
  • FIR copy (if and when applicable)
  • Medical reports (if and when applicable)
  • Death certificate (if and when applicable)

The Process to Buy Online

Customers can now enjoy the services offered by the insurance providers at their comfort. This is possible with the rising developments introduced to their respective digital platforms. Constant effort is being put into making the websites more user-friendly and beginner-friendly. Customers can check their policy status, make their payments, and even purchase a life insurance cover online. The rudimentary steps involved in purchasing a policy online are listed below-

Step 1:From the website of the insurance provider, select a plan that is suitable.

Step 2:Then, select the option that allows for buying the plan.

Step 3:Details regarding personal information (date of birth, name, age, contact details, etc.) and lifestyle (smoking/ drinking habits).

Step 4:Make the payment through one of the secured gateways made available by the insurer.

Key Exclusions of LIC Jeevan Tarang

The LIC Jeevan Tarang policy has its exclusions. If the policyholder passes away by committing suicide, whether they are mentally sane or not, the policy would not be providing the nominees with any of the death benefits except for a partial payment out of the premiums that have been paid.

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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LIC Jeevan Tarang Reviews & Ratings

4.6 / 5 (Based on 26 Reviews)
(Showing Newest 10 reviews)
Meer
Chalakudy, April 16, 2021
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.
Jyotsana
Asifabad, April 14, 2021
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.
Nimesh
Lakhimpur Kheri, April 13, 2021
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.
Amit
Raghunathpur, April 09, 2021
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.
Seema
Agra, April 07, 2021
Good plan
I like my Lic India term plan from the online market and I found the solace in this plan. It is a good thing to support yourself by getting the best term plan so secure the life.
Ashraf
Babina, March 23, 2021
Additional riders and benefits
It is a good idea for everyone to buy a LIC term plan as I have got the additional riders too under the same. The plan is very nice and much helpful.
Naman
Anantnag, March 22, 2021
Tax benefits
With this LIC term insurance plan I received a tax rebate and tax benefits. I found it much better as compared to other plans and it’s a kind of coverage and investment for me. I am totally happy with this plan and found it worthy.
Chetan
Mawana, March 16, 2021
Secure your family
I have secured my family by buying a LIC term insurance plan. It is a long term plan with a lot of benefits under the same. At-least I will be satisfied that my family will safe and financially secured after I am not around. It’s a great plan under my budget.
Bibek
Baleshwar, March 02, 2021
Premium payment is easy
It’s really easy to pay for the premium amount of my lic India term plan. Also, I pay it online because it is transparent in nature. I bought this plan like about 4 years back and continuing it for its safety purposes.
Himanshi
Bablabona, February 22, 2021
Sufficient plan
I have recently bought a lic India term insurance plan and it has been a wonderful plan for me and my family. A sufficient plan for the safety and security of my family. It has given me few benefits too which makes the plan a wonderful.
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