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Jeevan Tarang

LIC India's. Jeevan Tarang. Introduction. LIC’s Jeevan Tarang plan (No. 178) w.e.f.17th March 2006. The plan is a whole of life plan, which provides for annual survival benefit at a rate of 5½ % of the Sum Assured for life time after the chosen Accumulation Period.

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Jeevan Tarang

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  1. LIC India's Jeevan Tarang

  2. Introduction LIC’s Jeevan Tarang plan (No. 178) w.e.f.17th March 2006. The plan is a whole of life plan, which provides for annual survival benefit at a rate of 5½ % of the Sum Assured for life time after the chosen Accumulation Period. The plan offers three Accumulation periods – 10, 15 and 20 years. A proposer may choose any period.

  3. Accumulation Period Addition • Date : 18th August 2009 • Description : • Jeevan Tarang Plan – 178 with 6 premium paying Term ( 6 PPT). • According to this circular , Regular premium payable within first 6 yrs of accumulation period of 10,15,20 yrs.

  4. Benefits Offered • Survival Benefits • Death Benefit • Maturity Benefit

  5. Survival Benefits • The vested simple reversionary bonuses will be payable in one lump sum on survival to the end of the selected Accumulation Period. • 5½% of the Sum Assured will be payable on survival to the end of each year after the Accumulation Period. The first survival benefit will be payable on survival to one year after the Accumulation Period is over.

  6. Maturity Benefits • The Sum Assured along with Loyalty Addition, if any, will be payable on survival of the life assured to the policy anniversary coinciding with or immediately following the completion of 100 years of age

  7. Death Benefits • The Sum Assured, along with vested reversionary bonuses is payable in case of death of the Life Assured during the Accumulation Period.

  8. In case of death before commencement of risk when the Life Assured is aged less than or equal to 12 years, the premiums paid will be returned without any interest. There will be no death benefit either for the Basic Sum Assured or for simple reversionary bonuses since, in such cases, the risk for life cover commences after 2 years from the date of taking of the policy or from the policy anniversary coinciding with or immediately following the date on which life assured completes 7 years of age, whichever is later. After the commencement of risk, the normal death benefit as stated above is payable. • The Sum Assured along with Loyalty Addition, if any is payable in case of death of the Life Assured any time after the Accumulation Period

  9. Riders • Accident Benefit Rider • Term Assurance Rider • Critical Illness Rider

  10. Accidental Benefit Rider • Accidental Benefit Option will be available under the plan by the payment of additional premium. Accident Benefit Rider shall be available for an amount not exceeding the Sum Assured under the basic plan subject to an overall limit of Rs.50 lac. taking all existing policies of the Life Assured under individual as well as group schemes including those with in-built Accident Benefit taken with the Corporation and other insurance companies and the Accident Benefit Rider Sum Assured under the new proposal into consideration. • This benefit is available under Regular Premium policies only and it is not available under Single Premium policies.

  11. Term Assurance Rider • Term assurance as optional rider will be available under this plan during the Accumulation Period. The premiums for this option are payable during the premium paying term and an amount equal to term assurance sum assured will be payable on death during the Accumulation Period. The maximum cover for this rider will be Rs.25 lac under all policies of the life assured with the Corporation taken together.

  12. Critical Illness Rider • An amount equal to Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of critical illnesses during the Accumulation Period, subjected to certain terms and conditions. The maximum cover for this rider will be Rs.5 lac under all policies of the life assured with the Corporation taken together.

  13. Premium Waiver Benefit under Critical Illness Rider This is an optional benefit under Regular Premium policies which may be opted in case of the following: • The critical illness rider has been opted for, and The Sum Assured under the Basic Plan is equal to the Critical Illness Rider Sum Assured. • The chosen Accumulation Period is such that the premium payment ceases on or before the policy anniversary at which the Life Assured completes 60 years (nearest birthday) of age. • In case the Life Assured is diagnosed with any of the Critical Illnesses covered under the policy, the total future premiums (i.e. premium for Sum Assured under the Basic Plan and the premiums for the Riders opted for) in respect of the policy shall be waived provided the policy is in full force. (All three optional rider benefits mentioned above shall be available during Accumulation Period only)

  14. Eligibility Conditions and Restrictions • Ages at entry: 0 years to 60 years (nearest birthday) • Maximum age at which premium payment ceases: 70 years (nearest birthday) • Age up to which life cover available: 100 years (completed) • Minimum age at the end of accumulation period: 18 years (completed)

  15. Modes of premium payment: Single Premium and Yearly, Half-Yearly, Quarterly, Monthly, SSS under Regular Premium • Premium paying terms: In case of regular premiums, the premiums are payable during accumulation period only. • Sum Assured: Rs.1 lac and over in multiples of Rs.5,000

  16. Conditions for Accident Benefit Rider • Allowed under Regular Premium policies only • Ages at entry: 18 years (completed) to 60 years (nearest birthday) • Maximum age at which premium payment ceases: 70 years (nearest birthday) • Age up to which rider cover available: 70 years (nearest birthday)

  17. Premium paying terms: Equal to the accumulation period, i.e. 10, 15 and 20 years • SA limits: Rs.25,000/- to Rs.50 lac, considering all Accident Benefit Sums Assured under individual and group policies and Accident Benefit Rider Sum Assured under new proposals into consideration. The Sum Assured can be in multiples of Rs.5,000/-. • Availability of Rider: During chosen accumulation period.

  18. Conditions for Term Assurance Rider • Ages at entry: 18 years (completed) to 50 years (nearest birthday) • Maximum age at which premium paymentceases: 60 years (nearest birthday) • Age up to which rider cover available: 60 years (nearest birthday)

  19. Premium paying terms: Single Premium and, in case of regular premiums, equal to the accumulation period, i.e. 10, 15 and 20 years • Sum Assured: An amount equal to the sum assured under Basic Plan subjected to a minimum Sum Assured of Rs.1 lac and a maximum of Rs. 25 lac overall limit taking all term assurance riders under all existing policies of the Life Assured and term assurance rider option Sum Assured for the new proposal under this plan into consideration. The Sum Assured can be in multiples of Rs.25,000/-.

  20. Conditions forCritical Illness Rider • Ages at entry: 18 years (completed) to 50 years (nearest birthday) • Maximum age at which premium paymentceases: 60 years (nearest birthday) • Age up to which rider cover available: 60 years (nearest birthday)

  21. Premium Paying Term in case of regular premiums, equal to the accumulation period, i.e. 10, 15 and 20 years • Sum Assured: An amount equal to the sum assured under Basic Plan subject to a minimum Sum Assured of Rs.50,000/- and a maximum of Rs.5 lac overall limit taking all critical illness riders under all existing policies of the life assured and the critical illness rider option under the new proposal into consideration. The Sum Assured can Premium paying terms: Single Premium and, in be in multiples of Rs.10,000/-. • Availability of Rider: During chosen accumulation period.

  22. Loan Availability Loan facility is available under this plan. However, the rate of interest would be determined from time to time by the Corporation. Presently, the rate of interest is 9 % pa payable half-yearly.

  23. Premium rates Age Accumulation Period 10 Years 15 Years 20 Years Up to 40 Years 41 to 45 Years 46 to 50 Years 51 to 55 Years 56 t 60 Years

  24. Single Premium Accumulation Period Age 10 Years 15 Years 20 Years

  25. Commission for Agents Bonus Commission: 40% of 1st year commission in case of regular premium policies only.

  26. Commission rates payable to Brokers No bonus commission is payable to brokers.

  27. Development Officers Credit

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