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Updated on Jan 31, 2024
LIC’s Jeevan Tarang Plan 178 allows the policyholders to pay the premiums for an accumulation period, which is predetermined. The duration of this period generally ranges from 20, 15, or 10 years. The customer gets a lump sum vested bonus at the end of the accumulation period, while the plan still continues. Further, five and half percent of the sum assured is offered as survival benefit after the end of the accumulation time. The loyalty bonus is also paid till the end of the survival years, which is 100 years or till the demise of the insured.
However, in case of death of the policyholder within or after the accumulation period, the sum assured along with a vested bonus is offered and the plan ends.
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Below are some key features of the Jeevan Tarang (Plan-178):
Eligibility criteria | Details |
Min. age of entry | 0 |
Max. age of entry | 60 years |
Max. age of maturity | 100 years |
Min. age when accumulation period ends | 18 years |
Age during completion of premium payment term | 70 years |
Duration of premium payment | Term of policy minus 3 years |
Min. sum assured duration | INR 1 lakh |
Max. sum assured duration | No upper limit |
Below are the documents required to apply for LIC Jeevan Tarang Plan 178:
The one exclusion of the Jeevan Tarang 178 Policy is that the plan becomes invalid in case the insured commits suicide during 1 year from the date of policy initiation. In that case, the insurer will not pay any returns to the nominee of the policy.
To better comprehend the advantages of the plan, let’s use the example of a person who purchases a Jeevan Tarang policy using the information listed below.
Age | 30 Years | Sum Assured | 10,00,000 |
Term | 20 Years | Premium Payment | 20 Years |
The following table outlines the plan’s advantages at the current bonus rates. Please take note that I have only shown the illustration up to the age of 60, but that the pattern will remain the same up to the age of 100.
The Jeevan Tarang Plan is available with a policy term of 10, 15, or 20 years. The insured can make payment of the premium annually or regularly. Once the duration of the premium payment is over, the insured can get the accrued bonus in a lump sum amount.
As soon as the accumulation period completes, the annual life-long benefit of survival begins, which is equivalent to 5.5% of your policy sum insured. Further, the policy also offers death coverage to the insured for up to 100 years or all through the policyholder’s life span. In the event of the death of the policyholder, the nominee receives the sum assured plus loyalty additions.
Life Insurance Corporation of India (LIC) shares profit with their policyholders by benefiting them with a simple reversionary bonus declared every year after the implementation of the valuation. Below are the bonus rates declared for Jeevan Tarang Policy:
PPT – Premium Paying Term |
10 years |
15 years |
20 years |
Bonus Rates | INR 47/1000 sum assured | INR 48/1000 sum assured | INR 49/1000 sum assured |
As you know, the bonus rates are paid for INR 1000 of your policy Sum Assured. Every year, the insurer adds the declared bonus to your Jeevan Tarang policy after declaring it.
For instance, if your policy sum assured is INR 10,00,000, while the bonus declared by LIC is INR 49. You will get a bonus amount of 49,000.
10,00,000 * 49/1000 = 49,000
The loyalty additions are paid by the insurer when the policyholder exits the plan due to plan maturity or due to the death of the policyholder. It is a one-time expense and the rates are valid for the exit year only.
This Jeevan Tarang plan follows EEE or Exempt-Exempt-Exempt taxation model:
The latest developments in the digital platforms offered by LIC now make it easy for consumers to enjoy various online services. The insurer has ensured a user-friendly portal for the consumers to make their experience smooth in accessing the website. The policyholders can now easily track the status of their policy, buy a plan online, and make payments through digital mode.
Here are the basic steps to follow for purchasing a policy online:
To Sum Up
Jeevan Tarang is a cost-effective policy with several benefits. Moreover, a policyholder can use a LIC Jeevan Tarang maturity calculator to calculate LIC Jeevan Tarang (Plan 178) maturity amount offered under the policy.
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The Jeevan Tarang Whole Life Plan matures when the Life Insured turns 100 years old.
One key feature of the plan is that there is no limit on the maximum sum assured.
Jeevan Tarang policy can be surrendered after completing three years of the policy.
Death Benefit is payable as Sum Assured + accrued Bonus + Loyalty Additions if any.
1 lakh is the minimum sum to be invested under this plan initially. Later, you can deposit amounts in multiples of INR 5000.
The LIC Jeevan Tarang Plan offers a grace period of 30 days for paying premiums, which can be done on an annual, semi-annual, and quarterly basis. For paying monthly premiums, the grace period is fifteen days.
Yes, the policyholder under LIC Jeevan Tarang can avail of a loan under the plan. However, you may note that the interest rate under the plan may be revised by the insurer from time to time.
Yes, as per the cooling-off period, the policyholder can return the policy to LIC if the individual is not satisfied with the terms of the plan within the first fifteen days of buying the policy. However, the person has to give appropriate reasons for withdrawing from the policy.
No, the loyalty additions under this plan are not pledged but are subject to the profit incurred.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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