Request received - loud & clear!
Returning you to where you were...
The Jeevan Tarang Plan from Life Insurance Corporation (LIC) of India is a whole life insurance policy that also provides additional bonuses along with the policy benefits. Policyholders are also eligible to receive survival benefits as part of this policy, thereby helping them meet any financial needs that might arise in the future. The Jeevan Tarang Plan also provides policyholders the option to avail riders. Tax benefits, as per prevailing laws of the Income Tax Act, can be availed by the life assured/nominee.
Individuals who wish to purchase this policy from LIC need to ensure that the meet the eligibility criteria that’s listed by the insurer.
|Parameters||Criteria for eligibility|
|Minimum age at entry||0 Years/Day 1|
|Maximum age at entry||60 Years|
|Maximum age at maturity||100 Years|
The sum assured is what will be paid to the life assured or his/her nominee, excluding any bonuses or guaranteed additions that he/she may be entitled to.
|Minimum Sum Assured||Rs.1 lakh|
|Maximum Sum Assured||As per policy brochure|
The premium is what is paid by the policyholder to the insurer on a regular basis, to avail the risk cover provided by the policy. For the Jeevan Tarang Plan from LIC, premiums will only have to be paid during the Accumulation Period.
|Premium Payment Ceasing Age (Maximum)||70 years|
|Accumulation Period||10, 15, and 20 years|
|Minimum Age at the end of the Accumulation Period||18 years|
|Premium Payment Mode||Annual, Bi-Annual, Quarterly, Monthly, Single Premium, or Salary Saving Scheme|
|Premium Payment Term||As per the Accumulation Period or Single Premium|
*Premiums will vary based on age, location, plan term, and other factors.
|Maturity Benefit||If the policyholder survives till 100 years of age, the sum assured and loyalty additions will be paid.|
Policyholders have the option of purchasing riders during the Accumulation Period of the policy. Riders that can be purchased along with this policy include the Accident Benefit Rider Option, Term Assurance Rider Option, and the Critical Illness Rider Option. Riders will help you avail a higher degree of protection.
If the policyholder commits suicide within a year of purchasing the policy, the insurer will not be held liable to provide a payout to the nominee. However, beneficial interest that has been acquired by the policy might be paid to the nominee, after due consideration.
|Loan against Policy||Policyholders have the option of taking a loan against this policy.|
|Free-Look Period||Policies can be returned to the insurer within 15 days, if one is not satisfied with the policy.|
|Revival||Policies that have been lapsed can be revived by paying the arrears and the interest within 5 years of the first unpaid premium, provided it is within the Accumulation Period|
|Paid-Up Value||If a minimum of 3 years’ premiums have been paid and the following premium remains unpaid, the policy will be converted into a paid-up policy.|
Policyholders can claim tax deductions every financial year for premiums paid in order to maintain the policy, under Section 80C of the Income Tax Act, 1961. Similarly, tax rebate can also be claimed for benefits received as per Section 10(10D) of the same Act.
The Jeevan Tarang Plan from LIC is a whole life policy that provides periodic survival benefits, in addition to the risk cover. These benefits in combination can help you meet your immediate and future goals. LIC is a highly preferred life insurance company with a proven track record. The insurer has reported a high grievances solved ratio and a claims settlement ratio over the past several years.
For FY16-17, the claims settlement ratio and grievances solved ratio were 98.31% and 100%, respectively. The insurer also offers a range of insurance plans, which can help their customers meet their protection needs.
Note: This policy has been withdrawn by LIC.
The content on this website is meant only for general information purpose and does not and shall not be construed as any solicitation, procurement, display, aggregation, marketing or advertisement of insurance products. BankBazaarInsurance is not an insurance intermediary and hence does not endorse or solicit any such products. The information on this website is derived from publicly available sources and BankBazaarInsurance cannot verify or confirm the genuineness, truth, veracity or authenticity of this information.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.