LIC Jeevan Tarang Plan 178
Premium Calculator - Whole Life Plan with Survival Benefits
Key Features of LIC Jeevan Tarang Plan 178
- Whole life plan providing coverage up to age 100 years
- Annual survival benefit of 5.5% of Sum Assured after accumulation period
- Guaranteed reversionary bonus + loyalty additions
- Premium paying options: 10, 15, or 20 years
- Minimum Sum Assured: ₹1,00,000 (No maximum limit)
- Riders available: Accidental Death, Term Assurance, Critical Illness
LIC Jeevan Tarang Plan 178 (UIN: 512N235V01), offers a simple way to secure your family’s future while providing steady income later in life. Launched on March 17, 2006, and withdrawn on January 1, 2014, this whole-life plan remains popular for existing policyholders seeking calculators to estimate benefits.
What is LIC Jeevan Tarang Plan 178?
This plan is a with-profits whole-life insurance policy from Life Insurance Corporation of India (LIC). It covers you until age 100, with an accumulation period where premiums build value, followed by lifelong survival benefits.
You choose an accumulation period of 10, 15, or 20 years. During this time, you pay premiums, and the policy earns simple reversionary bonuses. After that, you get 5.5% of the sum assured every year as a survival benefit.
It’s ideal for those wanting life cover plus regular payouts post-retirement. Though withdrawn, understanding it helps with policy management or comparisons.
Key Features and Benefits
The plan stands out for its dual protection and income features. Here’s what makes it special.
- Lifelong Coverage: Protection until age 100 years.
- Annual Survival Benefits: 5½% of Sum Assured yearly after the accumulation period ends.
- Bonuses During Accumulation: Simple reversionary bonuses paid as lump sum at end or on death.
- Maturity at 100: Sum Assured plus Loyalty Addition on reaching 100 or death.
- Flexible Premiums: Yearly, half-yearly, quarterly, monthly, SSS, or single premium.
Death benefit pays Sum Assured + vested bonuses during accumulation, or Sum Assured Loyalty Addition after. This ensures your family gets a solid payout anytime.
Eligibility Criteria
Not everyone qualifies, but criteria are broad. Minimum entry age is 0 years (newborns), maximum 60 years (nearest birthday).
The minimum sum assured is ₹1 lakh, with no upper limit (multiples of ₹5,000). Accumulation end age must be at least 18 years. Premiums stop by age 70 max.
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry Age | 0 years | 60 years |
| Maturity Age | – | 100 years |
| Sum Assured | ₹1,00,000 | No limit |
| Accumulation Period | 10 years | 20 years |
| Premium Paying Term | 6 years or equal to accumulation | 20 years |
Check with LIC for existing policies, as new sales stopped in 2014.
Premium Payment Options and Sample Rates
Premiums are affordable and flexible. Pay over the accumulation period or as a single premium. A 6-year premium term option exists too.
Sample rates per ₹1,000 Sum Assured (regular premiums):
| Age | 10 Years | 15 Years | 20 Years |
|---|---|---|---|
| Up to 40 | 109.10 | 71.40 | 51.50 |
| 41-45 | 109.10 | 71.40 | 53.40 |
| 46-50 | 109.10 | 73.80 | 56.60 |
| 51-55 | 111.80 | 77.90 | – |
| 56-60 | 116.60 | – | – |
Single premiums: e.g., up to 46 years ₹756 (10 yrs), ₹644 (15 yrs), ₹548 (20 yrs). Rebates apply for high sum assured or yearly mode (2% off).
Grace period: 30 days for yearly/etc., 15 for monthly. Loans available at 9% interest (half-yearly).
How the LIC Jeevan Tarang Calculator Works
A calculator estimates premiums, bonuses, survival benefits, and total returns. Input age, sum assured, accumulation period, and premium mode.
Steps to Use:
- Enter age at entry (e.g., 35).
- Choose Sum Assured (e.g., ₹10 lakhs).
- Select accumulation (10/15/20 years).
- Pick the premium type (regular/single).
- View outputs: annual premium, survival benefits (₹55,000/year for ₹10L SA post-accumulation), and death/maturity estimates.
It factors guaranteed 5.5% survival variable bonuses (e.g., ₹20-₹88 per ₹1,000 SA). Online tools on sites like Policybazaar simulate this.
For accuracy, use official LIC illustrations or third-party calculators tailored for Plan 178.
Sample Benefit Illustrations
LIC provides examples assuming bonuses. Take a 35-year-old, ₹1 lakh SA, single premium.
10-Year Accumulation (Premium: ₹75,600):
- End of 10 years: ₹20,000 (low bonus) to ₹88,000 (high).
- Yearly after: ₹5,500 guaranteed.
- At 65: Total ~₹1.44L (low) to ₹3L (high).
Death anytime: SA + bonuses/Loyalty Addition.
Similar for regular premiums. These show variability bonuses aren’t guaranteed, but once vested, they are.
Riders and Additional Options
Add protection during accumulation:
- Accident Benefit Rider: Extra SA on accidental death/disability (up to ₹50L total).
- Term Assurance Rider.
- Critical Illness Rider.
Not available post-accumulation. Premiums are extra; no paid-up for riders.
Paid-Up, Surrender, and Revival
Miss premiums after 3 years? Becomes paid-up: reduced SA proportionate to premiums paid + vested bonuses.
Surrender value:
- Single premium: 90% after 1 year.
- Regular: 30% of premiums paid (post-3 years), higher for kids.
Revive within 5 years of lapse with interest, before accumulation ends.
Suicide exclusion: Void if within 1 year, no payout except third-party interest.
Tax Benefits
Survival benefits, bonuses, and maturity tax-free u/s 10(10D). Premiums qualify u/s 80C (up to ₹1.5L). Consult a tax advisor for current rules.
How to Use an Online Calculator for Plan 178
Sites like liccalculator.info offer tools. Enter details, get:
- Premium breakdown.
- Yearly survival post-accumulation.
- Bonus projections (use LIC rates: recent ~₹45-₹50 per ₹1,000 for similar plans).
Example: 40-year-old, ₹5L SA, 15-year accumulation, yearly premium ~₹3.57L total. Post-15: ₹27,500/year.
Download the LIC brochure for exact rates: LIC Jeevan Tarang Brochure.
Who Should Buy LIC Jeevan Tarang?
Great for parents planning a child’s future or retirees needing income. Even withdrawn, surrender/revival is relevant. Compare with New Jeevan Anand for active options.
Pros: Lifelong income, high coverage. Cons: Withdrawn, bonuses variable.
Frequently Asked Questions (FAQs)
When was LIC Jeevan Tarang launched and withdrawn?
Launched March 17, 2006; withdrawn January 1, 2014.
What is the survival benefit amount?
5.5% of Sum Assured annually after accumulation.]
Can I take a loan on this policy?
Yes, at 9% p.a. half-yearly.
Is there a free-look period?
15 days to return if unsatisfied.
What if I stop paying premiums?
Paid up after 3 years; surrender value available.
Are bonuses guaranteed?
Vested ones, yes; future no.
Minimum premium paying term?
6-year option or full accumulation.
Conclusion
LIC Jeevan Tarang Plan 178 blends protection with lifelong income, perfect for long-term security despite withdrawal. Use calculators to plan premiums and benefits; they make complex numbers simple. Talk to a LIC advisor for personalized quotes on existing policies.
