Bought this plan in March 2010. I was working in a well-known MNC, and my manager advised me to start investing my money in the LIC Jeevan Tarang plan. Now, I have two daughters and I am sure that with this one investment, I will be able to give them a secure future. Even if something happens to me, I am pretty sure that my daughters will be able to fulfill all their dreams.by Mr. Kunal KhannaRead more
Mr. Kunal bought the LIC Jeevan Tarang plan in 2010. As per him, he bought the plan only because his manager advised him, however, now that he is more mature to understand the importance of this plan, he is grateful that he made this decision. Let us explore more about LIC Jeevan Tarang which made Mr. Khanna buy this plan.
LIC Jeevan Tarang is a whole life insurance plan that provides financial security till 100 years of age and gives assurance of your family’s security in your absence. The plan provides annual survival benefits of 5½% of the Sum Assured. LIC Jeevan Tarang is a withdrawn plan which means the plan is no longer available for sale. However, those individuals who have bought it earlier will enjoy its benefits.
LIC Jeevan Tarang offers the below-mentioned benefits to its policyholders:
LIC Jeevan Tarang plan offers maturity benefits to the policyholder when they are 100 years old. Thus, if the Life Assured survives till the age of 100 years, then the entire Sum Assured + Loyalty Bonus is paid out and the policy terminates.
If the policyholder dies during the policy term, the nominee of the policy will receive the death benefit, which will be calculated as:
During the Accumulation Period- Sum Assured + vested Bonus is paid and the policy is terminated
After the Accumulation Period- Sum Assured + Loyalty Addition is paid and the policy gets terminated
In case the policyholder outlives a certain accumulation period, then a vested reversionary bonus will be paid in a lump sum. Upon the survival of the life assured at the end of each year of the accumulated time, 5 ½ % of the Sum Assured is paid out as the Survival Benefit every year.
Income Tax Benefit
Under this plan, all the premiums paid are exempted from tax deduction as per Section 80 C and maturity benefits are also exempted from tax under Section 10 (10D).
The plan offers rebates on high sum assured. For Single premium Rs.7.50%o Sum Assured for Sum Assured Rs 2 lakh and over; Rs.12.50%o Sum Assured for Sum Assured Rs 5 lakh and over. For Annual premium Rs.1.25%o Sum Assured for Sum Assured Rs 2 lakh and over; Rs. 2.25%o Sum Assured for Sum Assured Rs 5 lakh and over.
Other than this, the plan also offers a mode rebate wherein 2% of the tabular Premium is on the annual mode, and 1% of the tabular premium is on the half-yearly mode.
Additional Riders for Enhanced Protection
The policyholder can avail the following 4 Riders:
Accidental Death Benefit Rider
Critical Illness rider
Premium Waiver Benefit for Critical Illness rider
|Entry Age||0-60 years|
|Maturity Age||100 years|
|Premium Paying Term||Single Premium and, in case of regular premiums, 6 years or equal to the accumulation period, i.e. 10, 15 and 20 years.|
|Accumulation Period Available||10/15 & 20 years|
|Sum Assured||Rs.1 lakh and over in multiples of Rs.5,000/-.|
Along with Mr. Kunal, the other customers who have bought the LIC plan are fully satisfied with the plan’s benefits. However, the plan is not available in the market, but those who have bought this plan earlier can enjoy the benefits offered by the plan.
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