jeevan tarang

Jeevan Tarang Plan is a Whole Life Plan with Bonus

Introduction: 

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 vested bonuses in a lump sum are payable on survival to the end of the Accumulation Period or on earlier death. If the Life Insured dies within the accumulation period, then Sum Assured + vested Bonus is paid and the policy is terminated. If the Life Insured dies after the accumulation period but before 100 years of age, then Sum Assured + Loyalty Addition is paid and the policy is terminated.

Accumulation Period : 

The plan offers three Accumulation periods – 10, 15 and 20 years. A proposer may choose any of them. Survival Benefit— When the Life Insured survives after the Accumulation Period, 5 and ½ % of the Sum Assured is paid as Survival Benefit every year post that till the Life Insured is 100 years old.

Payment of Premium: 

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals or through salary deductions over the Accumulation Period. Alternatively, a Single Premium can be paid on commencement of a policy.

Participation in Profits: 

Policies under this plan shall participate in profits of the Corporation. During the accumulation period policies shall be entitled to receive simple reversionary bonuses which will be payable on survival to the end of the accumulation period or on earlier death. After the accumulation period, policies will be entitled to receive a Loyalty Addition payable on maturity or earlier death. The amount of simple reversionary bonus and Loyalty Addition will depend on the experience of the Corporation.

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)