LIC JeevanTarang is a whole life insurance plan which renders annual asurvival benefit at the rate of 5½ % of the assured sum after the accumulation period. The bonus is payable in the sum at the end of the accumulation period or at the sudden death of the holder.
This plan offers three accumulation periods of 10, 15, 20 years and the holder can choose from a any one of them.
The options of paying the premium are available at yearly, half yearly, quarterly and monthly intervals and through salary deductions over the period.
There are two types of premium regular premium and single premium and the rates depend on the years of accumulation.
To get the LIC JeevanTarang the applicant will have to fulfill certain criteria or eligibilities. Those are:
- The entry ages should be 0 - 60 years with the nearest birthday.
- The accumulation periods available are 10, 15 and 20 years.
- The payment of the premium ceases at the age of 70 years.
- The life cover is available up to the age of 100 years.
- The minimum age at the end of the period of accumulation is 18 years.
- For regular premiums the accumulation period is 10, 15, 20 years.
- The premiums can be paid in yearly, half yearly, quarterly, monthly schemes.
- The sum assured is Rs 1 lakh and over in the multiples of Rs 5000/-.
The LIC JeevanTarang renders some benefits like:
- This plan avails the loan facility and the rate of the loan is determined by LIC from time to time.
- A grace period of one month but not less than that is allowed for payment of yearly, half yearly, quarterly and monthly premiums.
- If the customer is not satisfied with the terms and conditions he/she can return the policy within 15 days.