Bought this plan in March 2010. I was working in a well-known MNC, and my manager advised me to start investing my money in the LIC Jeevan Tarang plan. Now, I have two daughters and I am sure that with this one investment, I will be able to give them a secure future. Even if something happens to me, I am pretty sure that my daughters will be able to fulfill all their dreams.by Mr. Kunal Khanna
Mr. Kunal bought the LIC Jeevan Tarang plan in 2010. As per him, he bought the plan only because his manager advised him, however, now that he is more mature to understand the importance of this plan, he is grateful that he made this decision. Let us explore more about LIC Jeevan Tarang which made Mr. Khanna buy this plan.
LIC Jeevan Tarang is a whole life insurance plan that provides financial security till 100 years of age and gives assurance of your family’s security in your absence. The plan provides annual survival benefits of 5½% of the Sum Assured. LIC Jeevan Tarang is a withdrawn plan which means the plan is no longer available for sale. However, those individuals who have bought it earlier will enjoy its benefits.
LIC Jeevan Tarang offers the below-mentioned benefits to its policyholders:
Maturity Benefit
LIC Jeevan Tarang plan offers maturity benefits to the policyholder when they are 100 years old. Thus, if the Life Assured survives till the age of 100 years, then the entire Sum Assured + Loyalty Bonus is paid out and the policy terminates.
Death Benefit
If the policyholder dies during the policy term, the nominee of the policy will receive the death benefit, which will be calculated as:
During the Accumulation Period- Sum Assured + vested Bonus is paid and the policy is terminated
After the Accumulation Period- Sum Assured + Loyalty Addition is paid and the policy gets terminated
Survival Benefit
In case the policyholder outlives a certain accumulation period, then a vested reversionary bonus will be paid in a lump sum. Upon the survival of the life assured at the end of each year of the accumulated time, 5 ½ % of the Sum Assured is paid out as the Survival Benefit every year.
Income Tax Benefit
Under this plan, all the premiums paid are exempted from tax deduction as per Section 80 C and maturity benefits are also exempted from tax under Section 10 (10D).
Rebates
The plan offers rebates on high sum assured. For Single premium Rs.7.50%o Sum Assured for Sum Assured Rs 2 lakh and over; Rs.12.50%o Sum Assured for Sum Assured Rs 5 lakh and over. For Annual premium Rs.1.25%o Sum Assured for Sum Assured Rs 2 lakh and over; Rs. 2.25%o Sum Assured for Sum Assured Rs 5 lakh and over.
Other than this, the plan also offers a mode rebate wherein 2% of the tabular Premium is on the annual mode, and 1% of the tabular premium is on the half-yearly mode.
Additional Riders for Enhanced Protection
The policyholder can avail the following 4 Riders:
Accidental Death Benefit Rider
Term Rider
Critical Illness rider
Premium Waiver Benefit for Critical Illness rider
Lic Hub
The LIC of India offers an array of insurance and investment products to cater to the needs of a diverse range of customers. Let us take a look at the various types of plans offered by Life Insurance Corporation of India:
Tax Saving
Investment Plans
Senior Citizens
Kids Plan
Women
LIC for TAX Saving:
Enjoy the dual benefit of tax deductions under Section 80C and comprehensive insurance coverage with LIC’s tax-saving policies.
Explore LIC's top-performing plans, which provide the perfect blend of investment growth and insurance protection to achieve your financial aspirations.
LIC offers plans tailored for women, focusing on their unique needs. These plans include savings, life cover, and financial independence to secure a brighter future.
Along with Mr. Kunal, the other customers who have bought the LIC plan are fully satisfied with the plan’s benefits. However, the plan is not available in the market, but those who have bought this plan earlier can enjoy the benefits offered by the plan.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in