Sunday, December 6, 2009

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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3 comments:

  1. This policy is real worthy to have it. But I have to ask few question that came into my mind while reading your post. You have taken up an example of a person whose age is 37, a younger people can't buy this. What is the age group for this policy ? Is there any maximum and minimum age fixed.

    ReplyDelete
  2. Please upload the calculator for all the above plans......

    ReplyDelete
  3. no nothing like that.. u can take this plan at any age:)

    ReplyDelete