LIC Jeevan Tarang Plan

Key Features of LIC Jeevan Tarang Plan

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

Benefits and Advantages of LIC Jeevan Tarang Plan

The major advantages of the LIC Child Plan include:  

• Sum assured as well as the loyalty additions are paid out as death benefit. Also, loyalty bonuses are paid out, if any.
• 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.
• 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.
• 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.
• 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.
• 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.
• 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.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017