Tag Archives: LIC Jeevan Tarang premium

LIC Jeevan Tarang: Features, Benefits & Illustration

LIC Jeevan Tarang: This is a with-profits whole of life plan which provides for annual survival benefit at a rate of 5½ % of the Sum Assured after the chosen Accumulation Period. The vested bonuses in 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 100 years or on earlier death.

Accumulation Period : 
The plan offers three Accumulation periods – 10, 15 and 20 years. A proposer may choose any of them.

Payment of Premium: 
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.

Sample Premium Rates:
The tables below provide tabular premiums for various age-term combinations for Rs. 1000/- Sum Assured.

Regular premiums
Accumulation period
Age
10 years
15 years
20 years
Up to 40 years
109.10
71.40
51.50
41 to 45 years
109.10
71.40
53.40
46 to 50 years
109.10
73.80
56.60
51 to 55 years
111.80
77.90
56 to 60 years
116.60

 

Single premiums
Accumulation period
Age
10 years
15 years
20 years
Up to 46 years
756.00
644.00
548.00
47 years
756.00
644.00
549.00
48 years
756.00
644.00
552.00
49 years
756.00
644.00
555.20
50 years
756.00
644.00
558.90
51 to 55 years
756.00
644.00
56 to 60 years
756.00

 

Benefits of Jeevan Tarang:

Survival Benefits:

  • 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: 5½% of the Sum Assured will be payable. The first survival benefit will be payable on survival to one year after the end of the accumulation period.

Maturity Benefit: 
On survival to the policy anniversary coinciding with or immediately following the completion of age 100 years, the Sum Assured along with Loyalty Addition, if any, will be payable.

Death Benefit:

  • In case of death of the Life Assured during the Accumulation Period, the Sum Assured along with vested reversionary bonuses is payable.
  • In case of death of the Life Assured any time after the Accumulation Period, the Sum Assured along with Loyalty Addition, if any is payable.

Illustration of Jeevan tarang:

Age at entry: 35 years
Accumulation period: 10 years
Premium paying term: Single Premium
Single Premium: Rs. 75,600/-
Sum Assured: Rs.1,00,000/-
Simple Reversionary Bonus:
Scenario 1: Rs.20/- per Rs.1,000/- Basic Sum Assured per annum;
Scenario 2: Rs.88/- per Rs.1,000/- Basic Sum Assured per annum.
Loyalty Addition:
Scenario 1: Rs.6/- per Rs.1,000/- Basic Sum Assured per annum;
Scenario 2: Rs.30/- per Rs.1,000/- Basic Sum Assured per annum.

Year
Total Premiums Paid Till End Of Year

Benefit Payable On Death/Maturity At The End Of Year

Guaranteed

Variable

Total

Scenario 1

Scenario 2

Scenario 1

Scenario 2

10

75,600

20,000

88,000

20,000

88,000

11 to 64

75,600

5,500

5,500

5,500

65

75,600

1,05,500

39,000

1,95,000

1,44,500

3,00,500

 

Death Benefit:

End Of Year
Total Premiums Paid Till End Of Year

Benefit on death during the year

Guaranteed

Variable

Total

Scenario 1

Scenario 2

Scenario 1

Scenario 2

1

75,600

1,00,000

2,000

8,800

1,02,000

1,08,800

2

75,600

1,00,000

4,000

17,600

1,04,000

1,17,600

3

75,600

1,00,000

6,000

26,400

1,06,000

1,26,400

4

75,600

1,00,000

8,000

35,200

1,08,000

1,35,200

5

75,600

1,00,000

10,000

44,000

1,10,000

1,44,000

6

75,600

1,00,000

12,000

52,800

1,12,000

1,52,800

7

75,600

1,00,000

14,000

61,600

1,14,000

1,61,600

8

75,600

1,00,000

16,000

70,400

1,16,000

1,70,400

9

75,600

1,00,000

18,000

79,200

1,18,000

1,79,200

10

75,600

1,00,000

20,000

88,000

1,20,000

1,88,000

20

75,600

1,00,000

12,000

60,000

1,12,000

1,60,000

30

75,600

1,00,000

18,000

90,000

1,18,000

1,90,000

40

75,600

1,00,000

24,000

1,20,000

1,24,000

2,20,000

50

75,600

1,00,000
30,000
1,50,000
1,30,000
2,50,000

60

75,600

1,00,000
36,000
1,80,000
1,36,000
2,80,000

65

75,600

1,00,000
39,000
1,95,000
1,39,000
2,95,000