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.
Jeevan Tarang Policy - Eligibility Criteria's
The eligibility criteria for the plan are given below:
Minimum entry age
Maximum entry age
Maximum maturity age
Age at the end of the Accumulation Period
Age for completion of Premium Payment Term
Term for paying the premium
Policy Term minus 3 years
Minimum sum assured amount
Maximum sum assured
No Upper Limit
Jeevan Tarang Policy - Highlights
Here are the key features of Jeevan Tarang:
- 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 Sum Assured + accrued Bonus + Loyalty Additions, if any
- 5½ % of the Sum Assured is paid out as the Survival Benefit every year post Accumulation Period
- Simple Reversionary Bonus is payable on maturity or earlier death
- This plan comes with three basic riders: Accidental Death Benefit rider, Term Rider, and Critical Illness rider
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
Jeevan Tarang Policy - Benefits
If you avail LIC’s Jeevan Tarang, you’ll be able to avail the following benefits:
- Maturity Benefit: Being a Whole Life Plan, it 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.
- 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
- Survival Benefit— If the Life Insured outlives the Accumulation Period , 5 ½ % of the Sum Assured is paid out as the Survival Benefit every year post that, till the Life Insured is 100 years old.
- 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).
You may also like to read : Best LIC Policies in 2017
Riders – During the Accumulation Phase, the policyholder can avail the following 4 Riders:
- Accidental Death Benefit Rider
- Term Rider
- Critical Illness rider
- Premium Waiver Benefit for Critical Illness rider
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.
Got questions about LIC’s Jeevan Tarang (Table no. 178)? Leave us a comment and we’ll be more than happy to answer all your queries.
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