LIC Jeevan Tarang Plan is a Whole Life Plan with a Bonus facility.
In this plan, the premium is paid for the Accumulation Period that is chosen by the policyholder of 10, 15 or 20 years. When the Accumulation Period ends, i.e. the Premium Paying Term is over, the vested Bonus is paid in a Lumpsum and the policy continues.
Every year, after the Accumulation Period ends, 5 and ½ % of the Sum Assured is paid as Survival Benefit till the Life Insured is 100 years old. If the Life Insured survives till 100 years, then the entire Sum Assured + Loyalty Bonus is paid and the policy is terminated.
However, if the Life Insured dies within the accumulation period, then the 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 the Sum Assured + Loyalty Addition is paid and the policy is terminated.
