LIC Jeevan Tarang features with example

Jeevan Tarang

Proposer:  Mr. X

Age: 37 years

Nominee: Mr. Y

Policy Amount : 5 Lacs.

Policy key features:

                This is one of the very novel plans of LIC.  This is a whole life plan which provides annual survival benefits at the rate of 5.5% of the Sum Assured (Policy Amount) for the life time after one year from the chosen accumulation period.  Therefore for 5 lacs an amount of Rs. 27,500/- will be returned every year.

                Policy can be paid as regular premiums under Yearly, Half yearly, Quarterly and Monthly.  This policy has a special feature so that the policy paying term can be reduced to 6 years.  Premium can also be paid as single premium .

Note:  Accident benefit cannot be availed under single premium.

Benefits:

Survival Benefits:

Bonus will be paid in one lumpsum and at the end of the policy term and after one year, 5.5% of the Sum Assured will be payable till the 100 years of the Life Assured.  This is the highlight of this plan that can make a person’s  retirement period safe and secured.

Maturity Benefits:

                Sum Assured along with Loyalty Addition, if any will be payable to the policy holder during his 100 years of age.

Death Benefits:

è Sum Assured +vested Bonus is payable in case of death of the Life Assured during policy term (accumulation period).

è Sum Assured + Loyalty Addition, if any, is payable if Life Assured dies any time after policy term.

Terms and Premiums:

Term: 10 years

Single Premium:               Rs. 3,71,750 /-

                Regular & 6 years P.P.T Premiums:

Regular Premiums			6 years PPT
Mode	Premiums	Total Premiums Paid	Premiums	Total Premiums Paid
Qly Hly Yly	Rs. 13,481/- Rs. 26,690/- Rs. 52,834/-	13,481 x 40 = Rs. 5,39,240/- 26,690 x 20 = Rs. 5,33,800/- 52,834 x 10 = Rs. 5,28,340/-	Rs. 19,706/- Rs. 39,017/- Rs. 77,241/-	19,706 x 24 = Rs. 4,72,944/- 39,017 x 12 = Rs. 4,68,204/- 77,241 x 6 = Rs. 4,63,446/-

Bonus:  At the end of the 10 years, approximately at the rate of Rs. 55/- per thousand S.A.

Rs. 2,75,000 /-

Term: 15 years

Single Premium:               Rs. 3,15,750 /-

                Regular & 6 years P.P.T Premiums:

Regular Premiums			6 years PPT
Mode	Premiums	Total Premiums Paid	Premiums	Total Premiums Paid
Qly Hly Yly	Rs. 8,769/- Rs. 17,359/- Rs. 34,361/-	8,769 x 60 = Rs. 5,26,140/- 17,359 x 30 = Rs. 5,20,770/- 34,361 x 15 = Rs. 5,15,415/-	Rs. 16,825/- Rs. 33,313/- Rs. 65,952/-	16,825 x 24 = Rs. 4,03,800/- 33,313 x 12 = Rs. 3,99,756/- 65,952 x 6 = Rs. 3,95,712/-

Bonus:  At the end of the 15 years, approximately at the rate of Rs. 55/- per thousand S.A.

Rs. 4,12,500 /-

Term: 20 years

Single Premium:               Rs. 2,67,750 /-

                                Regular & 6 years P.P.T Premiums:

Regular Premiums			6 years PPT
Mode	Premiums	Total Premiums Paid	Premiums	Total Premiums Paid
Qly Hly Yly	Rs. 6,281/- Rs. 12,434/- Rs. 24,610/-	6,281 x 80 = Rs. 5,02,480/- 12,434 x 40 = Rs. 4,97,360/- 24,610 x 20 = Rs. 4,92,200/-	Rs. 14,419/- Rs. 28,549/- Rs. 56,523/-	14,419 x 24 = Rs. 3,46,056/- 28,549 x 12 = Rs. 3,99,756/- 56,523 x 6 = Rs. 3,39,138/-

Bonus:  At the end of the 20 years, approximately at the rate of Rs. 55/- per thousand S.A.

Rs. 5,50,000 /-

 

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