LIC’s Jeevan Tarang (Plan-178) – Key Features, Benefits, Eligibility and Exclusions

LIC's Jeevan Tarang (Plan No. 178) is a life insurance plan from the Life Insurance Corporation of India (LIC). It is a with-profits whole life policy that combines protection with regular income payouts. This plan offers lifelong coverage up to age 100, along with annual survival benefits after a chosen period. It suits people looking for a guaranteed return plan with steady income in later years, while also providing family security through life cover.

Note on Current Status (as of 2026): This plan was launched in 2006 but withdrawn from new sales on January 1, 2014. It is no longer available for fresh purchases. Existing policyholders continue to receive benefits as per the original terms. For new needs, consider current LIC options like endowment plans, term plans, or other investment plans. Always check the official LIC website or branch for the latest updates.

Quick Recap – Key Takeaways

This helps give a quick overview at a glance, especially useful for the 25-55 age group planning long-term security.

This table captures the core of the plan in simple terms. The 5.5% annual payout after the build-up phase makes it feel like a reliable income source in later years, while the whole-life cover ensures ongoing family security. Bonuses and loyalty additions (declared by LIC) add extra value but aren't fixed amounts.

Key Features - LIC’s Jeevan Tarang (Plan-178)

This plan stands out for its blend of protection and income. Here are the main points in simple terms:

• Sum Assured (the guaranteed insurance amount) starts from Rs. 1 lakh, with no upper limit (subject to LIC rules and underwriting).
• Accumulation Period options: 10, 15, or 20 years — this is the phase where you pay premiums and build bonuses.
• Premium Paying Term matches the accumulation period (or shorter options like 6 years/single premium in some cases).
• Lifelong Cover up to age 100 or death, whichever comes first.
• Participation in Profits — The policy earns simple reversionary bonuses during the accumulation phase and loyalty additions later (amounts declared by LIC based on performance, not guaranteed).
• Flexible Payments — Yearly, half-yearly, quarterly, monthly, or salary savings scheme (SSS).
• Optional Riders — Available during accumulation period, like accident benefit (extra cover for accidental death).

Eligibility Criteria - LIC’s Jeevan Tarang (Plan-178)

This plan was open to a wide age range. Here's a clear table:

For people in the 25-55 age group, this plan allowed entry at working ages with premiums payable till later years, fitting family and retirement planning.

 
How the Plan Works – Benefits Explained

LIC's Jeevan Tarang (Plan-178) is a whole life participating (with-profits) plan. It has two clear phases:

• Accumulation Phase: You pay premiums for the chosen period (10, 15, or 20 years), and the policy builds simple reversionary bonuses.
• Benefit Phase: After the accumulation phase ends, you start receiving regular annual payouts, while life cover continues till age 100 or death.

The plan provides guaranteed annual income through survival benefits, plus bonuses/additions based on LIC's performance (not guaranteed). Below is a simple table explaining the main benefits, when they are paid, and what you get.

Simple Example to Understand the Flow

• Age at entry: 40 years
• Sum Assured: Rs. 5 lakh
• Accumulation Period chosen: 15 years (premiums paid till age 55)

What happens:

• Pay premiums for 15 years.
• At end of year 15 (age 55): Get lump sum of vested simple reversionary bonuses.
• From year 16 onward (age 56+): Receive Rs. 27,500 every year as survival benefit (guaranteed).
• Life cover continues.
• If you pass away at age 70: Nominee gets Rs. 5 lakh + Loyalty Addition.
• If you live to age 100: Get Rs. 5 lakh + Loyalty Addition as final payout.

Bonuses (simple reversionary) and Loyalty Additions are declared by LIC based on its profits — they add extra value but are not fixed. Check your annual bonus statement or LIC portal for actual amounts.

This structure makes the plan suitable for long-term security: build value during working years, then enjoy regular income later while family remains protected.

Comparison Table – Accumulation Options

Choose based on your age and needs:

Riders (Optional Add-ons)

Available only during accumulation:

• Accident Benefit Rider — Extra payout on accidental death (up to Sum Assured, max Rs. 50 lakh overall).
• Other riders like term assurance or critical illness (as per old terms).