Benefits And Features Of LIC’s Jeevan Tarang Policy
LIC Jeevan Tarang Policy is a lucrative Whole Life Plan that comes with an amazing Bonus facility. This LIC policy offers annual survival benefits at a decent rate of 5.5% of the Sum Assured once the Accumulation Period is determined. Also known as, LIC Plan 178, this policy allows the policyholder to pay all the premiums for a fixed Accumulation Period that can be either 10 years, 15 years, or 20 years.
Let’s discuss the LIC Jeevan Tarang Plan 178 Details and benefits in this article.
LIC Jeevan Tarang Policy Details
Let’s have a look at some details of the LIC Plan 178:
1. Grace Period: Jeevan Tarang plan comes with a grace period of 30 days for quarterly, half-yearly, and yearly premium payments. While the grace period for monthly premium payment is 15 days.
2. Loan Facility: You can easily buy the LIC Jeevan Tarang plan on loan. At present, the rate of interest offered by the insurance company is 9% pa for 6 months.
3. Return Period: In case, the policyholder is not happy to abide by the terms and conditions of the plan, there is an easy option to opt out of the policy. However, this needs to be done within the first 15 days of policy purchase.
4. Rebate: The half-yearly rebate is 1% of the tabular premium, whereas, the yearly rebate is 2% of the tabular premium. Rebates are different on higher Sum Assured for a yearly premium. It is Rs. 1.25% if the Sum Assured is Rs. 2 lakh or more and Rs. 2.25% if the Sum Assured for Rs. 5 lakh or more.
5. Revival: The lapsed policy can be revived anytime during the lifetime of the policyholder. However, it should be done before the expiry date of the accumulation period that is up to 5 years starting from the due date of the very first unpaid premium.
6. Easy Alterations: At any moment, the policyholder can alter the frequency of paying the premiums for LIC Plan 178.
What are the Eligibility Criteria for Jeevan Tarang Policy?
LIC has not ruled out difficult eligibility criteria to purchase LIC Jeevan Tarang. Have a look at the eligibility criteria to purchase this LIC policy:
- There is no minimum entry age to purchase this LIC policy
- The maximum entry age is 60 years
- The maximum maturity age is 100 years
- The minimum age allowed at the end of the Accumulation Period is 18 years
- 70 years is the age of finishing the Premium Payment
- Policy Term – 3 years = Premium Paying Term
- The minimum sum assured is Rs. 1,00,000
- No upper limit is set as the limit for maximum sum assured
What are the Key Features of LIC Plan 178?
You just read about the Jeevan Tarang Policy Details and the eligibility criteria to purchase this plan. Now, have a look at some of the appealing features of this policy:
- As a policyholder, you can choose the term of premium pay as 10 years, 15 years, or 20 years.
- LIC Jeevan Tarang Policy allows you to pay the premium monthly, quarterly, half-yearly, and yearly.
- Rs. 1,00,000 is the minimum sum assured for a Jeevan Tarang Plan
- This plan has no limit on the maximum sum assured amount
- After the Accumulation Period, 5½ % of the whole sum assured will be paid as the Survival Benefit to the policyholder.
- It offers a death benefit in the event of the death of the policyholder. Death Benefit = Sum Assured + Accrued Bonus + Loyalty Additions (If applicable)
- LIC Jeevan Tarang offers three riders, including, Accidental Death Benefit Rider, Critical Illness Rider, and Term Assurance Rider
- In case of early death or on maturity, the plan offers a Simple Reversionary Bonus
We suggest you read all the LIC Plan 178 Details carefully before purchasing it. The plan has all the above-mentioned key features, still, confirm the same with the insurer before you invest in it.
LIC Jeevan Tarang Plan 178 Benefits
Here is a list of multiple Jeevan Tarang Plan 178 benefits:
1. Income Tax Benefit: All the premiums paid under this plan allow you to get a tax exemption as per Section 80C of the Income Tax Act, 1961, whereas all the maturity benefits are exempted under Section 10/ 10D.
2. Maturity Benefit: The policy matures if the life insured turns 100 years old. If the life insured turns 100, then, in that case, he/she receives the whole Sum Assured along with the Loyalty Bonus as the termination of the policy.
3. Death Benefit: In case of the unfortunate death of the life insured during the accumulation period, the policy is terminated with a payout of Sum Assured and a vested Bonus. While, if the life insured dies after the accumulation period, the nominee gets the payout as Sum Assured along with Loyalty Addition, and the policy is terminated.
4. Survival Benefit: Survival benefit is one of the major Jeevan Tarang benefits. A reversionary bonus will be paid as a lump sum amount if the life assured outlives the selected accumulation period.
5. Rider Benefit: There are mainly three lucrative riders available under the Jeevan Tarang Policy and they are Accidental Death Benefit Rider, Critical Illness Rider, and Waiver of Premium Benefit.
Documents Required to Purchase LIC Jeevan Tarang Policy
Here goes the list of required documents to purchase LIC Plan 178:
- Application Form
- Proof of Age
- Proof of Address
- Recent Passport Size Photograph
- Recent Medical Reports
Hope the information shared in this article about LIC Jeevan Tarang Plan 178 details was useful. Feel free to use the LIC Jeevan Tarang Maturity Calculator or LIC Jeevan Tarang Surrender Value Calculator to get more clarity on the maturity and surrender benefits available under this plan from LIC. Remember that the insurance company won’t pay any claims under the policy if the policyholder commits suicide during the policy tenure.