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
|
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|
Accumulation period
|
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Age
|
10 years
|
15 years
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20 years
|
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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.
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Year
|
Total Premiums Paid Till End Of Year
|
Benefit Payable On Death/Maturity At The End Of Year |
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|
Guaranteed |
Variable |
Total |
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|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
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|
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 |
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|
Guaranteed |
Variable |
Total |
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|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
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|
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
|