Features of plan: jeevan tarang plan (plan No.178) is introduced w. e. f 17th march 2006. the
plan is a whole life plan, which provides annual survival benefit at a rate of 5.5 %
Of the sum assured for life time after the chosen accumulation period
Accumulation period:
The plan offer three accumulation periods - 10, 15 and 20 years. A proposer may choose.
Plan parameters
Age at entry: min.0 yrs. (LBD) max 60 yrs. (NBD)
Premium payment
Ceasing age: 70 yr. (NBD)
Age up which
Life cover available: 100 yrs. (completed)
Min. age at the and
Of accumulation period: 18 yrs. (completed)
Sum assured: min. 1 Lac max. no. limit
Premium
In multiples: Rs.5000
Accumulation period: 10,15,20, yrs
Mode of payment: YLY/ HLY/ QLY/ SSS/ MLY/ SP
Accident benefit: Re. 1 extra per
(max. 50Lacs inclusive 1000 S.A.
all plan)
Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: yes
CIR: yes
Underwriting condition
Form no: 300/340/360
Age proof: std./ NSAP- 1.2.3
Female lives category: I/II/III
Non-medical (gen): allowed
Non-medical (prof): allowed
Non-medical (special): allowed
Actual sum assured: basic SA
Dating back: allowed @ 9% p.a
BENEFITS:18
Survival benefit
· The vested simple reversionary bonuses will be payable in one lump sum on survival to
the end of the selected accumulation period.
· 5 ½ % of the sum assured will be payable on survival to the and each year after the
accumulation period. The first survival benefit will be payable on survival to one year
after the accumulation period is over.
Maturity benefit:
· The sum assured, along with vested reversionary bonus is payable in case of death of the
life assured during the accumulation period.
· In case of death before commencement of risk when the life assured is aged less then or
equal to 12 years, the premiums paid will be retuned without any interest. There will be
no death benefit either for the basic sum assured or for simple reversionary bonuses
since, in such case, the risk for life cover commences after 2 years from the death of
taking of the policy anniversary coinciding with or immediately following the date on
which life assured completes 7 years of age , whichever is later. After the
commencement of risk, the normal death benefit as stated above is payable.
· The sum assured along whichever along with loyalty addition, if any payable in case of
death of the life assured any time after the accumulation period.
Optional riders (available during the accumulation period only)
Accident benefit rider option (allowed for regular premium policies only):
Accident benefit option will be available under the plan by the payment of conditional premium.
Accident benefit rider shall be available for an amount not exceeding the sum assured under the
basic plan subject to an overall limit of Rs.50Lakh taking all existing policies of the life assured
under individual as will as group schemes including those with in- built accident benefit taken
with the corporation and other insurance companies and the accident benefit rider sum assured
the new proposal into consideration. This benefit is available under regular premium policies only
and it is available under premium policies.
Term assurance rider option: term assurance as optional rider will be available under this plan
during the accumulation period. The premium for this option are payable during the premium
paying term and an amount equal to term assurance sum assured will be payable on death
during the accumulation period. The maximum cover for rider will be Rs.25Lakh under all policies
of the life assured with the corporation taken together. The terms and condition applicable to this
rider will be as mentioned in circular Ref: Actl/1909/4 dated 24th October 2003.
Critical illness rider option: an amount equal to critical illness rider sum assured will be
payable in case of diagnosis of defined categories of critical illness during the accumulation
period subject to certain term and conditions. The maximum cover for this rider will be Rs.5Lakh
under all policy all policy of the life assured with the corporation taken together. The term and
conditions applicable to this rider will be as mentioned in circular Ref: Actl/1906/4 dated 8th
October 2003 and Actl/2034/4 dated 13th September 2005.19
Premium waiver benefit option under critical illness rider: this is an optional Benefit under regular
premium policy which may be opted in case of the following.
1. The critical illness under has been opted for, and
2. The sum assured under the basic plan is equal to the critical Illness rider sum assured
3. The chosen accumulation period is such that the premium payment ceases on or before
the policy anniversary at which the life assured completes 60 years (nearest birthday) of
age in case the life assured is diagnosed with any of the critical IIInesses covered under
the policy, the life total future premium (i. e. premium for sum assured under the basic
plan and the premium policy is in full force. All there optional rider benefit mentioned
above shall be available during accumulation period only.
Occupation extra: paln can be allowed to persons employed in hazaedous occupation subject to
charging appropriate occupation extra for basic sum assured, TA and CI rider sum assured the
factor to be applied to each Re.1/- per annum occupation extra premium under single premium
policies will be the same as applying to single premium policies Table 48, ie., 8.30, 11.15 and
13.35 for accumulation period 10,15 and 20 years respectively.
Paid-up & surrender vales (GSV SSV): In case of regular premium policies, if after at lest
there full year's premium have been paid and any subsequent premium be not duly paid, this
policy shall not be wholly viod, but the sum assured by it shall be reduced to such a sum, called
paid-up sum assured, as shall bear to the total number of premiums originally stipulated in the
policy. The policy so reduced shall thereafter be fore from all liabilities for payment of the within
mentioned premium, but shall not be entitled to the future bonuses. The existing vested
reversionary bonuses, if any, shall remain attached to the reduced paid-up policy.
In the event of death of life assured during the accumulation period, the reduced paid-up sum
assured as defined above, along with vested reversionary bonus, if any, shall be payable. No
survival benefit will be payable for a reduced paid-up policy. Provided the life assured is then
alive, the vested bonuses and the reduced paid-up sum assured as defined above shall be
payable at the end of the accumulation period.