Comparison between Jeevan Tarang and Jeevan Anand

At present LIC is successfully running two polices Jeevan Tarang and Jeevan Anand which are both a combination of whole life and endowment features. Herein we are going to compare both these profits in context to the different benefits these policies offer such as the survival benefits, maturity benefits and death benefits.

Jeevan Tarang features and benefits

Jeevan Tarang is a Whole life with-profit plan which gives survival benefit annually @ of 5.5 percent of total sum assured after a particular accumulation period has been chosen. The bonus thus vested is paid in lump sum to the policy holder at the accumulation period on his survival or earlier in case of death.

• Accumulation period: The accumulation period in this policy can be chosen from the available 10, 15 or 20 years. You can pay the premium in yearly, half-yearly, quarterly and monthly mode. Salary deductions for government employees are also allowed.  This policy also allows single premium mode of payment.
• Survival benefits: The revisionary vested bonuses are paid in lump sum at the end of the accumulation period on survival.  Every year after the end of the accumulation period 5.5 percent of the total sum assured is paid to the policy holder on survival.
• Accident benefit: Along with the sum assured additional sum assured (maximum limit-Rs. 5 lakh) and the vested bonuses are paid to the nominee.
• Maturity benefits:  In case the policy holder survives up to the age of 100 years he is paid sum assured again along with loyalty additions or to his nominee if he dies earlier to that.
• Death benefits: If the life assured dies during the accumulation period, the nominees is paid vested revisionary bonus along with sum assured. And if policy holder dies any time after the accumulation period, the nominee is paid loyalty addition along with the sum assured.

Jeevan Anand features and benefits

Jeevan Anand is also with- profit plan like Jeevan Tarang and also provides the policy holder with revisionary bonuses on the amount of sum assured. The premiums can be paid in the same modes as Jeevan Tarang.

• Survival benefits: In case the policy holder survives till the end of the policy term he is paid the vested bonuses along with the sum assured. And one more installment of sum assured is paid to the policy holder after his death.
• Accident benefit: Same as Jeevan Tarang
• Death benefit: In case the policy holder dies before the end of the term, nominee is paid vested bonuses along with sum assured.