LIC Jeevan Tarang is a withdrawn plan and is no longer available for sale. LIC Jeevan Tarang policy is a participating whole-life policy offered by the LIC of India. The plan combines the benefits of life insurance and a savings plan and provides a lump sum payment on death.
Read moreLIC Jeevan Tarang is a unique life insurance plan from LIC that offers life insurance and savings benefits. With a limited premium payment term and guaranteed survival benefits after the chosen accumulation period, it provides financial security and helps you build a corpus for the future. The plan pays the sum assured along with Loyalty Additions, if any, payable on survival to age 100 years or earlier death.
Participating Plan: Policyholders can participate in LIC's profits, leading to bonus additions that enhance the policy's value over time.
Whole Life Cover: The policy offers lifelong coverage, ensuring financial protection for your loved ones even in your later years.
Guaranteed Survival Benefits: Policyholders receive guaranteed survival benefits at regular intervals after the chosen accumulation period (10 to 25 years), providing a steady income stream in their later years.
Loyalty Additions: Upon maturity or earlier death, the policyholder receives additional loyalty bonuses, increasing the payout.
Tax Benefits: Premiums paid qualify for deductions under Section 80C of the Income Tax Act, 1961. Additionally, the death benefit is exempt from income tax under Section 10(10D) of the same act.
Parameters | |
Min. age of entry | 0 |
Max. age of entry | 60 years |
Max. age of maturity | 100 years |
Min. age when the accumulation period ends | 18 years |
Age during completion of premium payment term | 70 years |
Min. sum assured | INR 1 lakh |
Max. sum assured | No upper limit |
The benefits offered by the LIC Jeevan Tarang policy are discussed in brief below-
Death Benefits-
If the Life Assured passes away during the Accumulation Period, the Sum Assured, along with accrued reversionary bonuses, will be disbursed. If the Life Assured passes away at any time after the Accumulation Period, the Sum Assured, along with any Loyalty Addition, will be paid out.
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-
If the Life Assured survives until the end of the chosen accumulation period, vested, reversionary bonuses will be disbursed in a lump sum. Furthermore, for each subsequent year following the accumulation period, 5½% of the Sum Assured will be paid out. The initial survival benefit will be granted upon surviving one year after the culmination of the accumulation period.
Additional Riders-
The policy provides three riders for enhanced protection without specifying their details. These additional options are designed to offer increased coverage and benefits to the policyholder. The available riders under the plan are:
If the person insured takes their own life within one year from the start of this policy, the coverage becomes void. Whether the person was mentally sound or not at the time doesn't matter. In such cases, the insurance company won't consider any claims, unless a third party with a genuine interest in the policy, who has paid for it and informed the office where premiums were last paid, gives notice in writing at least one month before the insured person's death.
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*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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