Jeevan Tarang Policy (Table no. 178) is a whole Life Plan with Bonus facility offered by Life Insurance Corporation , one of India’s most trusted insurers. Under this innovative plan, policyholders are required to pay the premiums for a pre-determined Accumulation Period, which is usually for a span of 10, 15 or 20 years.
After the end of the Accumulation Period, the vested Bonus is paid out in a Lump sum and the policy continues. Every year, as soon as the Accumulation Period ends, 5 and ½ % of the Sum Assured is paid as Survival Benefit till the Life Insured turns 100 year. If the policyholder survives till 100 years, then the entire Sum Assured + Loyalty Bonus is paid out and the policy terminates.
However, if the Life Insured dies within the accumulation period, then the Sum Assured + vested Bonus is paid out and the policy is terminated. If the Life Insured dies after the accumulation period but before 100 years of age, then the Sum Assured + Loyalty Addition is paid and the policy is terminated.
The eligibility criteria for the plan are given below:
Minimum entry age |
---- |
Maximum entry age |
60 years |
Maximum maturity age |
100 years |
Age at the end of the Accumulation Period |
18 years |
Age for completion of Premium Payment Term |
70 years |
Term for paying the premium |
Policy Term minus 3 years |
Minimum sum assured amount |
Rs. 1,00,000 |
Maximum sum assured |
No Upper Limit |
Here are the key features of Jeevan Tarang:
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Here are the vital documents that you would require to apply for Jeevan Tarang:
If you avail LIC’s Jeevan Tarang, you’ll be able to avail the following benefits:
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During the Accumulation Phase, the policyholder can avail the following 4 Riders:
What it makes it different from other insurance plans is that this plan comes packed with a guaranteed surrender value. It is 30% of all premiums paid – 1st year’s premium after 3 policy years for Regular Premiums and (90% of Single Premium) after the first policy year.
AT the end of the Accumulation Period, the Guaranteed Surrender Value becomes 85% of the basic Sum Assured. Special Surrender Value is also available under this plan.
Over to You!
So, now you know everything about LIC’s amazing Jeevan Tarang. Go for it if you’re looking for an iron-clad financial protection and huge savings.
Disclaimer: LIC Jeevan Tarang has been withdrawn.