Jeevan Tarang - Life Insurance Policy
This is a with-profits whole of life plan which provides for annual survival benefit at a rate of 5½ % of the Sum Assured after the chosen Accumulation Period.The plan offers three Accumulation periods – 10, 15 and 20 years.
Premium are paid yearly, half yearly, quarterly, monthly or it can be deducted from salary.
Regular premium
Accumulation Period
Age 10yrs 15 yrs 20 yrs
Up to 40 109.40 71.40 51.50
41-50 109.10 71.40 53.40
46-50 109.10 73.80 56.60
51-55 111.80 77.90 -
56-60 116.60 - -
Single premium
Accumulation Period
Age 10yrs 15 yrs 20 yrs
Up to 46 756.00 644.00 548.00
47 756.00 644.00 552.00
48 756.00 644.00 56.60
50 756.00 644.00 558.90
51-55 756.00 644.00 -
56-60 756.00 - -
Benefits of Jeevan Tarang:
Survival Benefit: Vested Reversionary bonuses will be allocated in lump sum on survival to the end of the selected accumulation period and five and a half of the sum assured will be allocated on survival to the end of each year.
Maturity Benefit: Sum Assured along with Loyalty Additions are payable instantly after the completion of age 100 years.
Death Benefit: Sum Assured along with Reversionary Bonuses will be allocated in lump sum during the death of Life Assured.
Accidental Benefit Rider option: Accident Benefit Rider shall be available for an amount not exceeding the Sum Assured under the basic plan subject to overall limit of Rs.50 lakh taking all existing policies of the life assured under individual as well as group schemes taken with Life Insurance Corporation of India 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.
In case of accidental death, the Accident benefit sum assured will be payable as lump sum along with the death benefit under the basic plan. In case of accidental disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit sum assured will be paid in monthly installments spread over 10 years or up to death or maturity, if earlier, and all future premiums under the policy will be waived.
The disability due to accident should be total and such that the life assured is unable to carry out any work to earn the living. Following disabilities due to accidents are covered:
i) Irrevocable loss of the entire sight of both eyes or
ii) amputation of both hands at or above the wrists or
iii) amputation of both feet at or above ankles or
IV) amputation of one hand at or above the wrist and one foot at or above the ankle.
Paid up value: Policy shall not be wholly void if at least one full year's premiums have been paid and any subsequent premium be not duly paid but Sum Assured shall be reduced to such a sum, called the Paid-up Sum Assured, and will be equal to the total amount of premiums paid. If the death occurs of Life Assured during the policy term, the reduced Paid-up Sum Assured along with vested reversionary bonuses shall be payable. Provided the Life Assured is then alive.
In the event of death of the Life Assured within six months from the due date of first unpaid premium, the benefits will be paid as if the Policy had remained in full force after deduction of (a) the premium or premiums unpaid with interest thereon until the date of death, and (b) the unpaid premiums falling due before the next Policy anniversary.
Guaranteed Surrender Value: 90% of the total amount of premiums (excluding premiums paid for the first year and any extras) paid.
After commencement of risk 90% of the total premiums (excluding premium for the first year and any extras) paid before commencement of risk and 30% of premiums paid (excluding any extras) after the commencement of risk.
Premiums for Accident Benefit rider cover, Term Assurance rider cover and Critical Illness rider cover will be excluded.
Eligibility Conditions: Ages at entry:18 to 60 years nearest birthday
Maximum age at which premium payment ceases: 70 years nearest birthday
Age up to which life cover available will be 70 years.
Minimum age at end of Accumulation Period: 18 years last birthday
Premium paying terms: Equal to the accumulation period, i.e. 10, 15 and 20 years. Modes of premium payment: Yearly, Half Yearly, Quarterly, Monthly.
Loan: corporation will decide the arte of interest for loan terms, presently rate of interest is 9% p.a.
Grace Period: A grace period of one calendar month but not less than 30 days will be allowed for payment of premiums.
Revival: In case the policy has lapsed, it can be revived by paying arrears of premium with inertest rate within a period of five years.
Exclusions: Suicide is excluded for first year. No other exclusions.
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