LIC Jeevan Tarang plan is one of the best plans offered by LIC. A whole life insurance plan that protects the policyholder during the policy period. It is the best plan to provide support and protection to the family after the insured’s demise. The family will be protected and provided all the benefits after the maturity of the policy period. The LIC Jeevan Tarang 178 is among the best plan and formed with new development, such as the policyholder having to pay the premium in a determined accumulation period.
However, usually, this period lasts for 10,15, or 20 years. Once the plan matures, the bank provides the vested bonus to the insured along with the sum assured. There are various benefits provided under LIC Jeevan Tarang Plan 178. This article will discuss the LIC Jeevan Tarang Plan 178, Jeevan Tarang Plan 178 benefits, Jeevan Tarang Plan 178 details, and many more.
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LIC Jeevan Tarang Plan 178 Key Features
Some of the essential key features of LIC Jeevan Tarang 178 are
- The minimum sum assured for LIC Jeevan tarang plan 178 is 1,00,000 INR.
- The maximum sum assured for LIC Jeevan Tarang plan 178 is limitless.
- The ultimate premium submission tenure is usually 10, 15, and 20 years.
- The insured can pay the premium monthly, quarterly, half-yearly, and yearly.
- The bank provides the sum assured, reversionary bonus, accrued bonus, and loyalty additional bonus to the insured at the plan’s maturity.
- When the program matures, the bank provides the reversionary bonus to the insured along with other benefits.
- The LIC Jeevan Tarang plan 178 provides three essential rider benefits – accidental death benefit riders, term assurance riders, and critical illness riders.
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LIC Jeevan Tarang Plan 178 Eligibility Criteria
The LIC Jeevan Tarang plan detail that you need to follow before applying for this plan. However, here are the eligibility criteria for jeevan tarang 178 are
|Minimum entry age||0|
|Maximum entry age||60 years|
|Minimum age at the end of the accumulation period||100 years|
|Age for completion of the premium payment period||70 years|
|Term for paying the premium||Policy term minus three years|
|Minimum sum assured amount||1,00,000 INR|
|Maximum sum assured||No upper limits|
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LIC Jeevan Tarang Plan 178 Benefits
LIC Jeevan Tarang 178 provides various benefits to its policyholders. However, Jeevan Tarang plan 178 benefits are
1. Maturity Benefits
These benefits refer to those benefits that the bank provides to the policyholder once the policy matures. The maximum period for the maturity of the LIC Jeevan Tarang policy 178 is 100 years.
However, if the person makes it to 100 years, then the policy provider only provides all the benefits to the insured. If the policyholder dies before maturity, the bank will provide all the benefits to the insured’s family. Moreover, the bank also provides loyalty benefits after the insured’s death.
2. Death Benefits
The policy provider provides the death benefits to the family or nominee after the policyholder’s death. If the insured dies during the accumulation time period, the bank will give the sum assured, a vested bonus, to the insured, and then the policy will get terminated.
However, suppose the insured dies after the completion of the accumulation period. In that case, the policy provider will provide the sum assured, the vested bonus, and the loyalty addition to the nominee, and after that, the policy will get terminated.
3. Survival Benefits
The banks provide survival benefits to the insured if the person survives till the end of the policy. However, the policy provider also provides you with the reversionary benefits, along with the sum assured.
Moreover, the first premium of survival benefits is paid off to the insured if he survives till the first year of the respective policy term.
4. Income Tax Benefits
The LIC Jeevan Tarang 178 exclusively provides income tax benefits. In this benefit, the insured receives the tax benefit while paying off the premium during the payment period. The bank offers these benefits as per section 80 C.
5. Rider Benefits
The LIC Jeevan Tarang 178 provides rider benefits to the policyholder of the LIC Jeevan Tarang 178. This benefit protects the policyholder from any mishappening that can cause death or disability. The bank will provide these benefits to the policyholder after the plan’s maturity, or if he dies, the bank will provide these benefits to the insured’s family.
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LIC Jeevan Tarang Plan 178 Details
Here we will discuss the details of LIC Jeevan Tarang 178. However, some of LIC Jeevan Tarang policy 178 details are
1. Grace Period
The grace period is when the company provides a complimentary period when the policyholder fails to pay off the premium payment. Jeevan Tarang 178 provides a grace period of 30 days to their policyholders. The bank offers the 30 days grace period on a quarterly, half-yearly, and yearly basis.
The jeevan tarang 178 provides a loan facility to its policyholders along with the plan. However, the policyholder must pay the loan payment on time. Additionally, the interest rate of the Jeevan Tarang178 may differ from time to time. According to the recent reforms, the interest rate on the respective loan is 9 %.
3. Cooling-off Period
The cooling-off period is a period of trying out the policy. Once the policy starts, the policyholder can call off the procedure if they don’t like the plan and its terms and conditions. The cooling-off period usually lasts 15 days; after 15 days, the policy will become a permanent plan.
The revival of lapsed policy can be revived during the lifetime of the policyholder but before the expiry date of the accumulation time period.
A rebate is a complimentary benefit to the policyholder for paying off the interest payment on time. The rate of the refund according to the periods are
The yearly mode of rebate – 2% of the tabular premium
The half-yearly way of reimbursement – 1 % of the tabular premium
Repayments on high SA for an annual premium of 1.25 % for the SA for two lacks and above and 2.25% for the SA for five lacks and above.
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The Jeevan Tarang 178 is among LIC’s best and most liked plans. LIC has been serving lots of people every year. However, thousands of people buy this plan as it provides a whole life cover to them. It helps to protect the policyholder’s family’s financial needs if the insured dies before the plan’s maturity. You just need to get LIC Jeevan Tarang policy 178 details for having a better experience.
In this article, we have already discussed LIC Jeevan Tarang Plan 178 benefits, LIC Jeevan Tarang Plan 178 details, and many more. It will help you while buying jeevan tarang 178 in the future. Moreover, you can also visit the official website of LIC to gain LIC Jeevan Tarang plan 178 details.
LIC Jeevan Tarang Plan 178 – FAQs
Is jeevan tarang 178 taxable?
Ans. The premium paid to the policyholder under this plan provides tax exemption under section 80 C of the income tax act, 1961.
What is the bonus rate of lic jeevan tarang plan 178?
Ans. The bonus rate of LIC Jeevan Tarang plan 178 is 5.5% of the sum assured every policy year.
What is the surrender value after five years?
Ans. The surrender value after five years is 100% of the sum assured or maturity amount.
How is the surrender value calculated?
Ans. You can calculate the surrender value by adding the total premium paid and subtracting the charges your insurer levied for surrendering the plan mid-term.
What are lumpsum maturity benefits?
Ans. The company will provide the lump sum maturity benefits to the policyholder at the end of the plan.