LIC Jeevan Tarang Plan

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.

Eligibility - Who is the LIC Jeevan Tarang Plan for?

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

Sum Assured and Premium Range - What you get and what it costs?

Sum Assured

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

Premiums*

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.

Plan Coverage - What the LIC Jeevan Tarang Plan covers?

Death Benefit	If the policyholder’s death occurs during the Accumulation Period, the sum assured and bonuses will be paid. If the death occurs after the Accumulation Period, the sum assured with loyalty additions will be paid.
Maturity Benefit	If the policyholder survives till 100 years of age, the sum assured and loyalty additions will be paid.
Survival Benefit	If the policyholder survives till the end of the Accumulation Period, the reversionary bonus will be paid. For each year post the Accumulation Period that the life assured survives, he/she will be paid an amount equal to 5% of the sum assured amount.

Riders/Add-On Plans – Additional coverage under the LIC Jeevan Tarang Plan

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.

Exclusions - What the LIC Jeevan Tarang Plan doesn’t cover?

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.

Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

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
Surrender Value	Single premium policies can be surrendered after 1 policy year. Regular premium policies can be surrendered after 3 full policy years. After surrendering the policy, the applicable surrender value will be paid to the life assured.
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.
Rebate	Policyholders who opt for the yearly/half-yearly mode of premium payment will be eligible to receive a rebate. Similarly, if one opts for a sum assured over Rs.2 lakh, a rebate will be provided.

Tax Benefits – How you can save with the LIC Jeevan Tarang Plan?

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.

Other Benefits – How you can save with the LIC Jeevan Tarang Plan?

• Online Policy Purchase: Certain insurance policies can be purchased through the insurer’s website. For other plans, you can choose to start the application process online. Post applying for the policy, an insurance agent from LIC will contact you.
• Online Premium Payment: Premiums can be paid through LIC’s official website via net banking, credit card, or debit card.
• Customer Portal: Registered customers can access information regarding their policy, the claims status, premium payment schedule, loan history, etc. through the ‘Customer Portal’ on the insurer’s website.
• Fund NAV: The Net Asset Value (NAV) of various funds can be tracked through LIC’s website, in a hassle-free manner.

Why you should buy the LIC Jeevan Tarang Plan from Life Insurance Corporation of India (LIC)?

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.