LIC Jeevan Tarang Policy is a whole life plan with bonus facility. The policyholders of Jeevan Tarang are required to pay the premiums for a. Accident Benefit/Extended Disability Benefit. Accidents are unfortunate and unexpected. LIC supports the family by paying DOUBLE the sum assured with. LIC’s Jeevan Tarang Plan (Plan No. ) is a whole of life plan, which provides for annual survival benefit at a rate of 5½ % of the Sum Assured for life time after .
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The vested bonuses jjeevan 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 years or on earlier death. The plan offers t h r e e Accumulation periods 10, 15 and 20 years. A proposer may choose any of them. 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. A premium paying term of 6 years for all accumulation periods i. The tables below provide tabular premiums for various age-term combinations for Rs. Regular premiums Age Accumulation period 10 years jevean years 20 years Up to 40 years to 45 years to 50 years to 55 years to 60 years Single premiums Age Accumulation period 10 yrs 15 yrs 20 yrs Up to 46 years years years years years to 55 years to 60 years.
Policies under this plan shall participate in profits of the Corporation.
During the accumulation period policies shall be entitled to receive simple reversionary bonuses which will be payable on survival to the end of the accumulation period or on earlier death. After the accumulation period, policies will be entitled to receive a Loyalty Addition payable on maturity or earlier death. The amount of simple reversionary bonus and Loyalty Addition will depend on the experience of the Corporation. 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: The first survival benefit will be payable on survival to one year after the end of the accumulation period. On survival to the policy anniversary coinciding with or immediately following the completion of age years, the Sum Assured along with Loyalty Addition, if any, will be payable. In case of death of the Life Assured during the Accumulation Period, the Sum Assured along with vested reversionary bonuses is payable.
Accident Benefit Option will be available under the plan by the payment of additional premium. Accident Benefit Rider shall be available for an amount not exceeding the Sum Assured under the basic plan subject to overall limit of Rs. In case of accidental death, the Accident benefit sum assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental disability arising due to accident within days from the date of accidentan amount equal to the Accident Benefit sum assured will be paid in monthly instalments spread over 10 years or upto death or maturity, if earlier, and all future premiums under the policy will be waived.
The disability due to accident should be total and such that the life assured is unable to carry out any work to earn the living.
Following disabilities due to accidents are covered: No benefit will be paid if accidental death or disability arises due to accident in case of: Other riders available under this plan are: Term Assurance Rider Option Critical Illness Rider Option All three optional rider benefits mentioned above shall be available during accumulation period only.
If after at least three full years’ premiums have been paid and any subsequent premium be not duly paid, this policy shall not be wholly void, but shall subsist as a paid-up policy for an amount equal to the paid-up value. The paid-up value as shall bear the same ratio to the full Sum Assured as the number of premiums actually paid shall bear to the total number of premiums. The policy so reduced shall thereafter be free from all liabilities for payment of the within mentioned premium, but shall not be entitled to the future bonuses.
The existing vested reversionary bonuses, if any, shall remain attached to a paid-up policy. No survival benefit shall be payable under paid up policies. These provisions do not apply to the Accident Benefit, Term Assurance and Critical Illness rider options, as these riders do not acquire any paid-up value.
The cash value of any vested reversionary bonuses, if any, will also be payable This is irrespective of the age of the Life Assured. However, if the age at entry of the Life Assured is less than or equal to 12 years, the guaranteed surrender value will be equal to Before commencement of risk: Premiums for Accident Benefit rider cover, Term Assurance rider cover and Critical Illness rider cover will be excluded. The cash value of any vested reversionary bonuses, if any, will also be payable.
LIC Jeevan Tarang: Features, Benefits & Illustration | loans n Insurances
Loan facility is available under this plan. Loc, the rate of interest would be determined from time to time by the Corporation. 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.
If you are not satisfied with the terms and conditions of the policy, you may return the policy to us within 15 days. 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. Single Premium and, in case of regular premiums, 6 years or equal to the accumulation period, i. Modes of premium payment: The Sum Assured can be in multiples of Rs. During the chosen Accumulation Period. For Annual premium Rs. For Single premium Rs. This policy shall be void if the Life Assured commits suicide whether sane or insane at the time at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk under the policy and the Corporation will not entertain any claim by virtue of this Policy except to the extent of a third party’s bonafide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the office to which premiums under this policy were paid last, at least one calendar month prior to death.
Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked guaranteed in the illustration table on this page. If your policy offers jdevan returns then the illustrations on this page will show two different rates of assumed future investment returns.
These assumed rates of return are not guaranteed and they are not the upper or lower limits of brrochure you might get back as the value of your policy is dependent on a number of factors including future investment performance. Single Premium Single Premium: Benefit on death during the year premiums paid Guaranteed till end of year Scenario 1 Scenario 2 Scenario 1 Scenario1,00, 2, 6, 1,02, 1,06,1,00, 4, 12, 1,04, 1,12,1,00, 6, 19, 1,06, 1,19,1,00, 8, 25, 1,08, 1,25,1,00, 10, 32, 1,10, 1,32,1,00, 12, 38, 1,12, 1,38,1,00, 14, 44, 1,14, 1,44,1,00, 16, 51, 1,16, 1,51,1,00, 18, 57, 1,18, 1,57, ,06, 1,00, 20, 64, 1,20, 1,64, ,06, 1,00, 12, 48, 1,12, 1,48, ,06, 1,00, 18, 72, 1,18, 1,72, ,06, 1,00, 24, 96, 1,24, 1,96, ,06, 1,00, 30, 1,20, 1,30, 2,20, ,06, 1,00, 36, 1,44, 1,36, 2,44, ,06, 1,00, 39, 1,56, 1,39, 2,56, The Projected Investment Rate of Return is not guaranteed.
The main objective of jfevan illustration is that the client is able to appreciate the features of the product grochure the flow of benefits in different circumstances with some level of quantification. Future bonus will depend on future oic and as such is not guaranteed. However, once bonus is declared in any year and added to the policy, the bonus so added is guaranteed. The Maturity Benefit is the amount shown at the end of the policy term.
LIC s Jeevan Tarang Table No. 178
Conditions apply for which please refer to the Policy document or contact our nearest Branch Office. Money Back with Profit Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, this scheme provides for periodic payments. These policies are most suited for senior citizens and those.
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LIC Jeevan Tarang Plan – Review, Key Features & Benefits
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LIC’s Jeevan Tarang
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