LIC Jeevan Tarang

LIC Jeevan Tarang- An Overview

LIC 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.

Key Features of LIC Jeevan Tarang

• 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.

Eligibility Criteria of Jeevan Tarang Plan 178

Benefits of LIC Jeevan Tarang

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:

  • Accident Benefit Rider

  • Critical Illness Rider

  • Term Assurance Rider

Key Exclusions of LIC Jeevan Tarang

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.

LIC Resources

FAQs