December 27, 2011 by akhilendra
Jeevan Tarang
Jeevan Tarang is a with profits whole life plan from LIC. Jeevan Tarang provides annual survival benefit at a rate of 5½ % of the Sum Assured after the chosen Accumulation Period. The vested bonuses in a lump sum are payable on survival to the end of the Accumulation Period or on earlier death. Further, the Sum Assured, along with Loyalty Additions, if any, is payable on survival to age 100 years or on earlier death.
Jeevan Tarang Accumulation Period:
The plan offers three Accumulation periods – 10, 15 and 20 years. A proposer may choose any of them.
Jeevan Tarang Premium payment modes:
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals or through salary deductions over the Accumulation Period. Alternatively, a Single Premium can be paid on commencement of a policy.
Jeevan Tarang Survival Benefits:
- On survival to the end of the selected accumulation period: Vested reversionary bonuses in a lump sum will be payable.
- On survival to the end of each year after the accumulation period: 5½% of the Sum Assured will be payable. The first survival benefit will be payable on survival to one year after the end of the accumulation period.
Jeevan Tarang Maturity Benefit:
On survival to the policy anniversary coinciding with or immediately following the completion of age 100 years, the Sum Assured along with Loyalty Addition, if any, will be payable.
Jeevan Tarang Death Benefit:
- In case of death of the Life Assured during the Accumulation Period, the Sum Assured along with vested reversionary bonuses is payable.
- In case of death of the Life Assured any time after the Accumulation Period, the Sum Assured along with Loyalty Addition, if any is payable
OTHER BENEFITS with Jeevan Tarang:
• Loan: Loan facility is available under this plan. However, the rate of interest would be determined from time to time by the Corporation. Presently the rate of interest is 9 % pa payable half-yearly.
• Grace period: A grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums.
• Cooling-off period: If you are not satisfied with the terms and conditions of the policy, you may return the policy to us within 15 days.
• Revival: Subject to satisfactory evidence of continued insurability, a lapsed policy can be revived during the lifetime of the Life Assured but before the expiry of the Accumulation Period within a period of five years from the due date of first unpaid premium by paying arrears of premium together with interest. The rate of interest applicable will be as fixed by the Corporation from time to time.
Jeevan Tarang Requirements
Age at entry – 0 -60
Accumulation period -10, 15 and 20 years
Maximum age for premium ceasing – 70 years
Age upto insurance available – 100 yrs
Sum Assured: Rs.1 lakh and over in multiples of Rs.5,000
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