LIC Jeevan Tarang Plan – Life Insurance Corporation, one of the most reputable insurers in India, offers the Jeevan Tarang Policy, a Whole Life Plan with a Bonus Facility. Policyholders are required to pay premiums for a predetermined Accumulation Period, typically 10, 15, or 20 years, under this innovative plan. Financial security is a benefit of life insurance, and if it covers your entire life, you can rest assured that your loved ones will be protected in your absence. One such saving-oriented whole life insurance plan is LIC Jeevan Tarang, which offers a variety of benefits related to savings and coverage.
Recently, the government of India announced a new economic policy – LIC Jeevan Tarang. The plan is designed to create 20 million jobs by 2024 and make India a global economic power. It’s a big goal, but it could be achieved with the help of technology. Here are four ways that technology can help us reach LIC Jeevan Tarang.
LIC Jeevan Tarang Plan 2024
Jeevan Tarang Plan is a cash back plan which offers inclusion long lasting till 100 years old. The arrangement has a restricted premium installment term. In addition, you get money-back benefits and lifetime coverage that ends when you die or reach the age of 100, whichever comes first. The premium for this plan is paid for the policyholder’s choice of 10, 15, or 20-year accumulation period. The vested bonus is paid out as a lump sum at the end of the Accumulation Period, also known as the Premium Paying Term, and the policy continues.
LIC Jeevan Tarang Plan 2024 is an ambitious scheme that is aimed at making life easier for individuals and small businesses in India. The plan covers a wide range of topics, from affordable housing to financial inclusion. But what are the key provisions of the plan? And what benefits will individuals and businesses gain from it? In this article, we will discuss the details of LIC Jeevan Tarang Plan 2024 and its key provisions.
Details LIC Jeevan Tarang Plan 2024
| Name Of Article | LIC Jeevan Tarang Plan 2024 |
| LIC Jeevan Tarang Plan 2024 | Click Here |
| Category | Insurance |
| Official Website | Click Also |
features of LIC Jeevan Tarang Plan
LIC Jeevan Tarang Plan is an insurance plan that offers comprehensive protection to the people of India. It provides financial assistance for medical expenses, accidental death, and unemployment. The plan provides coverage for a wide range of activities, from travel and education to home and agricultural insurance. If you’re looking for comprehensive insurance that covers a wide range of risks, LIC Jeevan Tarang Plan is a great option for you.
The LIC Jeevan Tarang Plan is unique because of the following features:
- coverage is available until the age of 100, but premiums must be paid for a limited time.
- The accumulation phase is the name given to this period.
- You can also choose an accumulation phase and pay a single premium under the policy.
- After the accumulation phase is finished, money back benefits are paid every year until death or maturity.
- The plan is a participating plan that earns reversionary bonuses and loyalty additions.
- There is an optional rider for more coverage.
- Premium discounts are given to lower the cost of premiums.
- If you need money during the plan’s term, you can get a policy loan.
Benefits of LIC Jeevan Tarang Plan
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The LIC Jeevan Tarang Plan provides the following benefits:
Survival Benefit
You receive the vested bonuses in one lump sum after the accumulation phase has ended and the premium payment has been made. Money-back benefits begin to accrue one year after the accumulation phase is completed. Every policy year, you get money back benefits equal to 5.5% of the amount you were assured. These benefits are paid until the plan expires or until the beneficiary dies, whichever comes first.
Maturity Benefit
The plan would pay you a maturity benefit if you live to the policy anniversary following your 100th birthday. The sum assured and loyalty additions to the corpus would constitute this benefit.
Death Benefit
A death benefit is paid in the event of death before the age of 100. The time the insured passes away determines the amount of this death benefit. The sum assured and vested reversionary bonuses are paid out as the death benefit if the insured passes away during the accumulation phase.
Rider coverage
You can select the Accident Benefit Rider with the plan by paying an additional premium. You can get more coverage with this rider in the event of an accidental death or disability.
Bonus
If LIC makes a profit during the policy’s accumulation phase, the policy will receive simple reversionary bonuses. The amount of the bonus varies from year to year and is determined by LIC’s profits.
Loyalty additions
Depending on LIC’s profits, loyalty additions may also be added to the policy’s corpus after the accumulation phase is finished. When the person reaches maturity or dies, whichever comes first, these additions are made.
Premium discounts
Discounts on premiums are available for higher sum assured levels and annual or semiannual premium payments. A limited premium plan gives you a discount of 2% off the tabular premium if you pay your premiums every year; if you pay your premiums every two years, the discount drops to 1%. The discount rates for sum assured rebates are as follows:
Sum assured level | Discount in limited premium policies | Discount in single premium policies |
INR 2 lakhs to less than INR 5 lakhs | 1.25% of the sum assured | 7.50% of the sum assured |
INR 5 lakhs and above | 2.25% of the sum assured | 12.50% of the sum assured |
Eligibility parameters of LIC Jeevan Tarang Plan
LIC Jeevan Tarang Plan is an insurance product that helps individuals save for a rainy day. The product comes with several eligibility parameters, which you need to meet in order to be able to purchase it. In this article, we will outline the three main eligibility criteria and explain what each one entails. We will also provide a detailed explanation of each criterion so that you know exactly what you need to do to be eligible for the LIC Jeevan Tarang Plan.
Entry age | 0 years to 60 years |
Maximum maturity age | 100 years |
Accumulation phase | 10, 15 or 20 years |
Minimum age at the end of the accumulation phase | 18 years |
The maximum age for premium payment | 70 years |
Term of the plan | 100-entry age |
Premium paying term | Limited premium – 10,15 or 20 years Single premium – once |
Sum assured | Minimum – INR 1 lakh Maximum – no limit |
Premium | Depends on age, the sum assured, accumulation phase and term |
Other details of LIC Jeevan Tarang Plan
LIC Jeevan Tarang is an insurance product that helps protect people from losses in the event of natural disasters. The product is available in the form of a life insurance policy and a accidental death insurance policy. The benefits of LIC Jeevan Tarang include coverage for loss of income, business interruption, and funeral expenses.
The following are additional aspects of the plan that you should be aware of:
Paid-up value
If you have paid your premiums for three full years under limited premium plans, you will not lose your plan benefits if the premiums are stopped. The plan operates on the paid-up value in these situations. In the event of maturity or death, this assured sum, in addition to bonuses added up until the policy was paid out, would be paid out. Paid-up policies do not accrue survival benefits.
Surrender value
You can get out of the policy before the term ends if you want to. This is known as giving up. A guaranteed surrender value is received when the policy is surrendered. The following is an example of the surrender value, which varies with the surrender period:
Period of surrender | Applicable surrender value for single premium plans | Applicable surrender value for limited premium plans |
During the accumulation phase | 90% of the single premium paid + surrender value of the vested bonuses | If the policy has a paid-up value, surrender is an option. The surrender value would be thirty percent, less the first-year premium, of the paid premiums. In any case, on the off chance that the protected is under 12 years old and hazard inclusion has not begun, the worth would be 90% of the expenses paid The value would be reduced if the insured is under the age of 12 and risk coverage has begun. (90 percent of all premiums paid, minus the first-year premium, during the time that risk cover was unavailable, plus 30 percent of all premiums paid during the coverage period) plus the surrender value of vested bonuses |
After the completion of the accumulation phase | 85% of the sum assured | 85% of the sum assured |
Revival
You can reinstate a policy that has expired by paying the outstanding premium and interest. The plan can be revived within two years of the date of the unpaid premium, but you will also need to provide evidence of your insurance eligibility.
Policy Loan
You can use the surrender value of your policy as collateral for a loan. You can only take out a certain amount of money, and the loan will also cost you interest as set by LIC from time to time.
Grace period
If you do not pay your premiums by the due date, you will be granted additional time to do so. A grace period is the term for this. For other forms of premium payment, the period is 30 days, while monthly premium payments take 15 days.
Cooling-off period
During the cooling-off period, you are able to cancel the plan after it has been purchased. The policy gives you 15 days to cancel the plan and get your money back for the premiums.
Sample premiums for LIC Jeevan Tarang Plan
The sample premium rates if you pay limited premiums at various accumulation term and age combinations are depicted in the chart below. The premium is assumed to be paid annually, and the amount insured is assumed to be INR 5 lakhs. The accumulation period is called AP.
Age of the insured | 10 years | 15 years | 20 years |
Up to 40 years | 42,209 | 23,736 | 13,985 |
41 years to 45 years | 42,209 | 23,736 | 14,916 |
46 years to 50 years | 42,209 | 24,912 | 14,484 |
Tax benefit under LIC Jeevan Tarang Plan:
The LIC Jeevan Tarang Plan provides you with two distinct tax advantages: Section 80C allows you to deduct up to INR 1.5 lakhs from your premiums, and Section 10 (10D) exempts policy benefits from taxation. There would be no upper limit on how much of the benefit could be deducted from taxes.
Exclusions under LIC Jeevan Tarang Plan
The promised death benefit would not be paid out if the insured took their own life and passed away within a year of purchasing the policy. As a death benefit, a portion of the paid premium would be returned in such instances.
How to buy LIC Jeevan Tarang Plan?
At this time, you would not be able to purchase a new policy. However, you can purchase one of LIC’s other money-back policies at a LIC office or through an agent.
Additionally, you can visit and choose from a variety of money-back plans on the market. He offers some of the best money-back policies and partners with leading insurance companies. As a result, you can browse the available coverage options on the Official Website. can also compare the various policies to find one that is affordable and provides the best coverage benefits.
Also Read-Kotak Classic Endowment Plan
Making a claim under the LIC Jeevan Tarang Plan
Do you have a life insurance policy that you need to renew? If so, you’ll want to make a claim under the LIC Jeevan Tarang Plan. This plan provides relief to individuals who have lost their job as a direct result of the recent economic slowdown. Under the plan, you can make a claim for a financial settlement that will help you with your living expenses until you find a new job. So if you’re feeling down about your current situation, don’t hesitate to make a claim – it might just help turn your fortunes around.
You’ll need to follow a few steps in your Jeevan Tarang policy to file a claim. To notify LIC of the insured’s passing, the claimant must submit Form 3783, which is available from LIC, in the event of a death claim.
- Death certificate
- Police FIR, post mortem report, coroner’s report, etc. if death occurred in an accident
- Identity proof of the claimant
- Bank account details of the claimant
- Policy bond
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