Benefits and Features of LIC’s Jeevan Tarang Policy (Table no. 178)

Jeevan Tarang Policy is a Whole Life Plan with a 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.

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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. Moreover, the SA (Sum Assured) along with the loyalty additions are payable till the survival age of 100 years or on the earlier demise. 

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.

Jeevan Tarang Policy – Key Features 

Here are the key features of Jeevan Tarang:

  • The minimum sum assured is Rs.1,00,000

  • There is no limit on the maximum sum assured

  • The Premium Paying Term is for 10, 15, or 20 years

  • The premium can be paid yearly, quarterly, half-yearly, and monthly

  • Death Benefit is payable as Sum Assured + accrued Bonus + Loyalty Additions if any

  • 5½ % of the Sum Assured is paid out as the Survival Benefit every year after the Accumulation Period

  • Simple Reversionary Bonus is payable on maturity or earlier death

  • This LIC plan comes with three basic riders: Accidental Death Benefit rider, Term assurance Rider, and Critical Illness rider

  • These policies also participate in the insurer’s profits

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Jeevan Tarang Policy - Eligibility Criteria

The eligibility criteria for the plan are given below:

Minimum entry age  0 
Maximum entry age 60 years
Maximum maturity age 100 years
Age (Minimum) 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

Jeevan Tarang Policy - Benefits 

If you avail of LIC’s Jeevan Tarang, you’ll be able to avail of the following benefits:

  1. Maturity Benefit

    The Whole Life Plan matures when the Life Insured is 100 years old. Thus, if the Life Insured survives till the age of 100 years, then the entire Sum Assured + Loyalty Bonus is paid out and the policy terminates.

  2. Death Benefit 

    In case of death of the Life Insured

    • 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 

  3. Survival Benefit

    If the life assured outlives the selective accumulation period, then a vested reversionary bonus will be payable 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. The first survival benefit is payable if the assured survives one year before the termination of the accumulated period. 

  4. Income Tax Benefit

    Under this life insurance policy, all premiums paid are exempted from tax deduction as per Section 80 C and maturity benefits are also exempted from tax under Section 10 (10D).

  5. Rider Benefits 

    During the Accumulation Phase, the policyholder can avail the following 4 Riders:

    • Accidental Death Benefit Rider- This rider can be opted by paying the additional premium which is available for an amount that is not exceeding the SA under the base policy subjected to the final limit of Rs. 50,00,00. In case of accidental death of the life assured, the accidental benefit sum assured will be payable along with the death benefit as a lump sum. And in case of accidental disability because of the accident that occurs within 180 days from the accident date, the accidental benefit SA will be payable for 10 years in monthly installments till the death or maturity of the policy. The future due premium payments are waived off under this plan.

    The eligibility criteria for Accident benefit riders are: 

    • Entry Age – 18 – 60 years 

    • Age up to the life coverage is available – 70 years 

    • Age (minimum) at the end of the accumulation time – 18 years 

    • Premium payment modes – Yearly/Half-yearly/quarterly/Monthly/Single Premium/SSS

    There are other riders also available under this plan which are, 

    • Term Rider

    • Critical Illness rider

    • Premium Waiver Benefit for Critical Illness rider

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Policy Details 

  1. Grace Period 

    The policy offers a grace period of 30 days for yearly, half-yearly, and quarterly payment of premiums and 15 days for the monthly premium payment. 

  2. Loan 

    The policy is available with the loan facility. The determination of the rate of interest is made from time to time by the insurance company. Currently, the rate of interest is 9 percent annually for half-yearly. 

  3. Cooling off period 

    If in case, a policyholder is not satisfied with the terms and conditions of the policy, there is an option to return the policy to the insurer within 15 days. 

  4. Revival

    In this, the revival of the lapsed policy is possible during the policyholder’s lifetime but before the expiry date of the accumulation time within 5 years from the due date of the 1st unpaid premium amounts. 

  5. Rebate 

    The yearly mode of rebate – 2% of tabular premium 

    The half-yearly mode of rebate – 1% of the tabular premium 

    Rebates on High SA for a yearly premium 

    Rs. 1.25% for the SA for Rs. 2 lakh and above 

    Rs. 2.25% for the SA for Rs. 5 lakh and above 

Jeevan Tarang Policy - Documents Required

Here are the vital documents that you would require to apply for Jeevan Tarang:

  • Application or proposal form

  • Passport size photograph

  • Address proof

  • Age proof

  • Medical reports

Exclusions 

The plan shall be invalid If the policyholder commits suicide at any time or after the date on which the policy risk has been initiated but before the expiry of 1 year from the date of starting of risk under the policy. In such situations, the insurance company will not make any claim toward the policy.

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