Lic Table 178 : Jivan Tarang

W.e.f.  17-03-2006

….. JeevanTarang General Policy Condition….
Min. age at entry	0 yrs (NBD)
Max. age at entry	60 yrs (NBD)
Max. age at which prem. Payment ceases	70 yrs (NBD)
Accident benefits (Not available for single premium)	Re 1* (for regular premium only)
Min. S.A.	Rs 1 lakh
Max. S.A.	No Limit
Modes allowed	All
Max life cover	100 yrs completed
Min age at the end of the accumulation period	18 yrs completed
SA in multiples of accumulation period	10, 15 & 20 yrs & PPT 6 yrs allowed

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…… Lic Table 178 Underwriting requirements……
Female Living category (If CIR & TRB are not opted for then only Cat III	I/II/III
Form No.	300/340/360
Age Proof	std/NSAP 1, 2 & 3*
# If CIR not opted for SUC @ If TRB & CIR not opted for	Basic SA+(TRB+CIR, if opted for)
Dating back@ 9%	Allowed
SUC for single premium	Basic SA, Less SP
Non-Medical General (others)	Allowed @
Non-Medical Professionals	Allowed #
Non-Medical special	Allowed #

* CIR & TRB will be restricted to 2 lakhs if NSAP 1 is submitted. CIR & TRB not allowed for NSAP 2 & 3.

……………Policy Servicing……………
Surrender/Revival	Yes
Grace period	Yes
Loan @ 9% Hly	Yes
Assignment	Yes
Nomination	Yes
Survival benefit	Yes
TRB	Yes
PWB for CIR	Yes
PWB for Minors	Yes
GSV/SSV	Yes
CIR for std lives with medical	Yes
CIR with group A/B Deformity	No

…….Large SA Rebate per 1000 SA…….
Sum Assured	Regular	Single prem
2 lakh & above	Rs 1.25	7.5
5 lakh & above	Rs 2.25	12.5

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Jeevan Tarang Mode Rebate
Yly – 2%	Hly – 1%
Qly – Nil	Mly – +5%

• W.e.f. 20-03-2007 following are allowed under Lic 178:

1. For accumulation period of 10, 15, & 20 years, premium paying term of 6 years.
2. Premium Waiver benefit for Minor lives.
3. After one year from the chosen Accumulation Period, this is a whole life plan which provides for annual survival benefit at the rate of 5.5% of the SA for the life time.

JivanTarang Maturity Benefits:

SA, if any alongwith loyalty addition will payable to the policy anniversary coinciding on survival of LA with or immediately following completion of 100 years of age.

Jeevan Tarang Policy Survival Benefits:

At the end of the accumulation period, bonus will be paid in one lumpsum and after 1 year from the accumulation period 5.5% of the SA till the survival of the life assured will be payable every year. 3

Death Benefits:

• SA + Vested bonus is payable during accumulation period in case of death of the LA. In case of death, when LA age is less than or equal to 12 years before commencement of risk, the premium paid will be returned without any interest. Risk cover starts from the policy anniversary, after completion of 7th year of the child or 2 year from the commencement of the policy, which ever is greater. After the commencement of the risk, normal death benefit is payable.
• SA + Loyalty addition if any, is payable after the accumulation period if LA dies. By paying extra premium following riders can be opted for during the accumulation period.

1. Accident Benefit Rider: (For regular policies only)
2. PWB
3. TRB
4. CIR

Other Details:

This plan with or without TRB can be allowed to standard lives and sub std. lives attracting all classes of EMR. Deformity: Person suffering from Group A deformity with loss of one limb will only allowed for plan with or without Term Rider.

Occupational Extra:

Plan allowed to persons employed in hazardous occupation subject to charging extra for basic SA, TRB & CIR.

Minor Lives:

• For age entry greater than 10 years completed: Standard lives and sub. std. lives attracting  upto EMR class III by over weight can be allowed for plan without AB, TRB & CIR.
• Special reports and/or medical will be called for based on SUC. (b)For age at entry upto 10 years completed: Standard lives will only be allowed plan without AB, TRB, & CIR. Special report/medical not required.

Special Surrender Value:

• During Accumulation Period: SSV for regular/single prem. policies will be discounted value of the paid-up value of SA and the vested Revisionary bonuses. After Accumulation Period: This will be 90% of SA

Guaranteed Surrender Value:

• After Accumulation Period: This will be 85% of SA For Regular Policies: 30% of total premiums paid for 3 years (excluding 1st year & extra premiums) + (cash value of bonuses if any) will also be payable after completion of 3 full policy years.
• For Single premium policies: After the completion of 1 policy year, 90% of single premium received (excluding extra) will be paid.