Jeevan Tarang LIC Policy is a whole life policy that gives annual survival benefit at the rate of 5.5% of S.A. for a lifetime after the selected accumulation period. This policy was launched on 17th March 2006.
Accumulation Period of Jeevan Tarang LIC Policy: Jeevan Tarang Policy offers three accumulation periods: 10, 15, and 20 years. The proposer may select any of these three periods as per his/her choice.
Parameters of Jeevan Tarang LIC Policy
|Entry Age||Minimum 0 years (LBD) and maximum of 60 years (NBD)|
|Premium payment ceasing age||70 years (NBD)|
|Age for life cover available||100 years (completed)|
|Minimum age at the and of the accumulation period||18 years (completed)|
|Sum Assured amount||Minimum 1 Lacs and maximum No Limit|
|Premium in multiples||Rs. 5,000|
|Accumulation Period||10, 15 and 20 years|
|Accidental Benefit||Re. 1 extra per (max. 50 Lacs inclusive 1000 S.A. all plans)|
|Surrender of Policy||Yes|
|Age Proof||Standard/NSAP 1/2/3|
|Female lives category||I/II/III|
|Actual S.A.||Basic S.A.|
|Dating back||Allowed at 9% P.A.|
Jeevan Tarang LIC Policy Benefits
Survival Benefit of Jeevan Tarang Policy
- On survival to the end of the opted accumulation period, the vested simple reversionary bonuses will be paid to the insured in the lump sum amount.
- The insured will get 5.5% of S.A. every year on survival after the accumulation period.
- The first survival benefit will be paid to the insured after one year when the accumulation period is over.
Maturity Benefit of Jeevan Tarang LIC Policy
- If in case the insured dies during the accumulation period then his/her nominee will be paid S.A. amount along with vested reversionary bonus.
- On the other hand, if the insured dies before the commencement of risk (when the insured is aged equal to or less than 12 years) then the paid premiums will be payable to his/her nominee without any interest. In this kind of cases, there will not be any death benefit neither for basic S.A. amount nor for simple reversionary bonus amount because the risk for life cover commences after 2 years from the death of policy taking anniversary (coinciding with or following the sate on which insured completes 7 years of age, whichever is later). The normal death benefit (as defined above) will be payable to the nominee after the commencement of risk.
Accidental Rider Benefit (available during the accumulation period only) of Jeevan Tarang LIC Policy
- The insured will be paid accidental benefit rider under the policy by the payment of conditional premium. This rider benefit will be payable to the insured for an amount not much than S.A. subject to an overall limit of Rs. Lacs taking all existing policies of the insured under individual.
- Along with this the Jeevan Tarang Policy also includes the accidental benefit rider sum assured amount the new proposal into consideration (those with in-built accidental benefit taken with the LIC and other insurance organizations).
- Accidental rider benefits will be paid to the insured under regular premium policies only.
Term assurance rider option under Jeevan Tarang LIC Policy
- Term assurance is an optional rider benefit of the policy during the accumulation period. The insured has to pay during the premium paying term (if he/she chooses this rider benefit option) and an amount equals to the term assurance S.A. on death during the accumulation period.
- The maximum coverage for term assurance rider benefit will be Rs. 25 Lacs under all the plans of the insured with LIC taken altogether. The rules and regulations applicable to term assurance rider benefit will be as specified in circular Ref: Act1/1909/4 dated 24th October 2003.
Critical illness rider benefit of Jeevan Tarang LIC Policy
- If in case of diagnosis of the defined category of critical illness subjects during accumulation period to certain conditions then an amount equals critical illness rider S.A. will be payable to the insured.
- The maximum coverage under this policy will be Rs. 5 Lacs under all policies of the insured taken altogether with LIC.
- The conditions applicable to this policy will be as specified in circular Ref: Act1/1906/4 dated 8th October 2003 and Act1/2034/4 dated 13th September 2005.
Premium waiver benefit under critical illness rider
Premium waiver benefit is an optional benefit under the regular premium policy that may be opted in case of the following cases:
- The critical illness under the policy has been chosen.
- The S.A. under the basic plan equals the critical illness rider S.A.
- The chosen accumulation period is such that the premium payment ceases on or before the policy anniversary at which the insured completes 60 years of age an insured is diagnosed with any of the critical illness covered under the policy then the total life future premium will be payable if the premium is in regular mode.
- All the optional benefit rider mentioned above will be available during the accumulation period only.
This plan can be allowed to the person who is employed in a hazardous occupation subject to charging appropriate occupation extra for the basic S.A., T.A., and C.I. rider sum assured factor to be applied to each Rs. 1 per annum occupation extra premium under single premium policies will be the same as applying to single premium policies table 48 (i.e, 8.30, 11.15 and 13.35) for the accumulation period of 10,15 and 20 years respectively.
Paid-up and surrender values (GVD and SSV) under Jeevan Tarang LIC Policy
If in case the insured paid at least 3 years premium regularly without fail in regular premium policy but not paid the subsequent premiums duly then the policy will not be void but the S.A. by this will be reduced to such an amount known as paid-up S.A. amount (as shall bear to the total No. of premiums originally stipulated in the policy). This reduced policy will not be entitled to all the liabilities for payments of within specified premiums thereafter but will not be entitled to the future bonuses. The existing vested reversionary bonus (if any) will remain attached to the paid-up reduced policy.
The reduced paid-up S.A. plus vested reversionary bonus will be paid to the indured if in case the death happens during the accumulation period. There will not be any survival benefit for a reduced paid-up policy. The reduced paid-up S.A. amount plus vested bonus will be paid to the insured at the end of the accumulation period if he/she lives.