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  • LIC Jeevan Tarang Plan

    LIC Life Insurance

    LIC Jeevan Tarang Plan is a with-profits, whole of life plan. The plan provides annual survival benefits at the rate of 5½ % of the Sum Assured after the policy owner chooses an Accumulation Period. Also the vested bonuses are payable as a whole on the survival to the end of the Accumulation Period or as live cover that is if the policy owner, expires during the policy term. Also the Sum Assured, as well as the Loyalty Additions, if any, is paid on survival to age 100 years or in the case of earlier death.

    Eligibility Criteria LIC Jeevan Tarang Plan

    The following are basic requirements for applying for this whole life insurance plan:

    Minimum entry age 0.
    Maximum entry age 60 years.
    Minimum age at maturity -
    Maximum age at maturity 100 years.

    Key Features of LIC Jeevan Tarang Plan

    Here are simply illustrations of the key features of this plan:

    Plan type Whole life insurance plan.
    Plan basis Individual
    Premium paying terms The individual has to keep paying premiums up to the age of 70 years.
    Policy term Whole life insurance
    Accumulation Period There are 3 terms for the same which include 10, 15 and 20 years.
    Death Benefits Sum assured as well as the loyalty additions are paid out.
    Maturity benefits The Sum Assured, as well as the Loyalty Additions, if any, is paid on survival to age 100 years or in the case of earlier death.
    Premium payment frequency SSS, Single, Half-yearly, Yearly, Quarterly or Monthly
    Guaranteed Additions Annual Survival Benefit: The plan provides annual survival benefits at the rate of 5½ % of the Sum Assured after the policy owner chooses an Accumulation Period.
    No Medicals The plan can be taken without any medicals by answering a few questions.
    Free-look period 15 days for manually purchased policy
    Grace period 15 days for monthly mode polices 30 days for yearly, half-yearly and quarterly mode policies.
    Policy revival The policy can revived within 5 years from the date of 1st premium missed. Subject to the discretion and satisfaction of the company.
    Alterations The policy allows alteration of premium paying frequency.
    Nomination Nomination is accepted under this policy.
    Sum Assured Minimum: Rs. 1 lac Maximum: There is no limit.
    Loan Against Policy You can take a loan against this policy if necessary, but the interest rates are dependant of the corporation's discretion. Currently, the rate of interest is 9 % per annum and is payable half-yearly.

    Benefits and Advantages of LIC Jeevan Tarang Plan

    The major advantages of the LIC Child Plan include:

    1. Sum assured as well as the loyalty additions are paid out as death benefit. Also, loyalty bonuses are paid out, if any.
    2. The Sum Assured, as well as the Loyalty Additions, if any, is paid on survival to age 100 years or in the case of earlier death.
    3. Annual Survival Benefit: The plan provides annual survival benefits at the rate of 5½ % of the Sum Assured after the policy owner chooses an Accumulation Period.
    4. Loan Against Policy: You can take a loan against this policy if necessary, but the interest rates are dependant of the corporation's discretion. Currently, the rate of interest is 9 % per annum and is payable half-yearly.
    5. Tax Benefits: Premiums that have been paid for this life insurance policy are tax exempted under Section 80C and the maturity benefits are tax exempted under Section 10 (10D) of the Income Tax Act.
    6. The policy can be returned by the policy owner within 15 day of policy commencement incase he or she is dissatisfied with the terms and conditions.
    7. Rebates: There are special rebates available on premiums based on high sum assured as well as well as payment mode rebates.

    How LIC Jeevan Tarang Plan Works

    The plan provides annual survival benefits at the rate of 5½ % of the Sum Assured after the policy owner chooses an Accumulation Period. Also the vested bonuses are payable as a whole on the survival to the end of the Accumulation Period or as live cover that is if the policy owner, expires during the policy term. Also the Sum Assured, as well as the Loyalty Additions, if any, is paid on survival to age 100 years or in the case of earlier death.

    Premiums Payable for the Jeevan Tarang Plan from LIC

    Premiums are to be paid regularly at yearly, half-yearly, quarterly or monthly intervals which can be done through salary deductions over the Accumulation Period. Also a single premium may be paid on commencement of a policy.

    Riders Available for Jeevan Tarang Plan from LIC

    The riders that can be taken along witht this plan include Term Assurance Rider Option,

    Critical Illness Rider Option and the Accidental Death Insurance.

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