You’ll be quietly surprised to know about the current scenario hikes in the education fees of some of the premier institutes in India – be it Indian Institute of Management or Indian institute of Technology (IIT). IIM-Ahmedabad has released the latest course fee structure shows that it will cost Rs 19.5 lakhs for the 2-year management course in 2018, which is approximately 400% higher than what it used to be in the year 2007. Hence, If we measure the fees thinking about this average climb of 20% every year, it will cost around 95 lakhs for this 2-year course in 2025 (which is indeed a huge amount). Similarly, the tuition fee for IIT has been increased to Rs 2 lakhs from the prior expenses of Rs 90,000 every year. At this rate, this fee can go up to as high as Rs 17 lakhs in the following 8 years.
Parents, who haven’t arranged well ahead of time and subsequently, are not set up for the tremendous expenses related to education, can fall worryingly short of the required amount when the time comes. Educating your children will be a costly undertaking in India and thus, it’s about time that you start planning for the future. The sooner, the better.
LIC’s Jeevan Tarun (table – 834)is one plan that can enable you to secure your kid’s future with a limited pay option. It is an ideal investment plan for securing your kid’s future against the hardships of life LIC Jeevan Tarun offers a few choices for cash back and maturity benefits. Be it education, marriage or for some other reason for existing, LIC’s Jeevan Tarun ensures that your next generation doesn’t need to confront any financial problems. The plan offers broad hazard inclusion, with a partial-pay option, in which the premium payment term range is shorter than the policy’s maturity term.
Some of LIC Jeevan Tarun ‘s Best Features are :
- Limited premium payment
It states that the premium amounts will be required to be paid just till the kid achieves the age of 20 years; the policy will be considered to have developed once your child has achieved the age of 25 years. This is an ideal option for individuals, who are worried about their term investment plans and want an economic yet proficient risk coverage.
- Survival Benefits
The policyholder gets a choice to profit uncommon survival benefits throughout the previous five long stretches of his strategy’s development term. The benefit amount depends on the type of advantages picked at the time of the inception of the policy.
- Maturity benefits
LIC JEEVAN TARUN plan offers basic reversionary (long-term) rewards all through its policy maturity term and a last obtained bonus at the time of its maturity. It additionally offers demise benefits, under which the nominee is granted a basic sum assured along with the bonuses.
LIC’S Jeevan Tarun offers 4 options for securing maturity benefits :
- With no survival benefits – the entire sum assured alongside vested rewards is conceded to the insured at maturity.
- 5% of basic sum assured throughout the previous five years – 75% of the sum assured alongside vested bonuses would be given to the insured.
- 10% of assured sum throughout the previous 5 years – 50% of the assured sum alongside vested bonuses returned at development.
- 15% of sum assured throughout the previous five years – 25% of the basic sum alongside vested bonuses is returned at development.
- After maturity of the plan, the basic amount alongside bonuses is given to the policyholder and the policy ceases to exist thereafter.
- Bonus and rewards – The plan offers long-haul reversionary bonuses alongside survival benefit and development benefits.
- In case of death of the premium payer– No more premiums should be paid for the rest of the term of the policy’s maturity. The policy will keep on covering the candidate till its maturity, a post which the guaranteed will get the basic sum assured and the various bonuses vested to the plan.
- The risk coverage linked to LIC Jeevan Tarun begins from 8 years old, or 2 years from the plan’s inception.
- Sum assured on Death – If there should be an occurrence of death of the insured, the sum assured ought to be somewhere around 10 times the premium amount to be paid, or a maximum of 125% of the sum assured. It ought to anyway amount to be a minimum of 105% of the total premium that has been paid till the date.
- Extra Riders Benefit Plans – It secures additional hazard security against accidental death /disability of the insured.
Benefits linked with LIC Jeevan Tarun plan :-
- Maturity Benefits – At the time of maturity, the plan will restore the basic sum assured alongside the vested long haul reversionary rewards and last gained reward. The bonus rates will be pronounced and set by LIC of India in each financial year.
- Survival Benefits – This plan offers a unique facility, which is to gather a specific amount of money as survival benefits in every one of the last 5 policy covering years, under the condition that the insured survives the policy tenure. The rates to be granted can be chosen at the time of setting up the approach.
- Death benefits – if there should be an occurrence of the death of the insured, the basic assured amount along with the vested simple reversionary and final acquired bonuses would be granted to the nominee. The guaranteed entirety ought to be something like ten times the premium paid, every month, quarter or year.
- Rider Benefits Plan – LIC’s Premium Waiver Benefit Rider plan can be converged with this plan, in order to secure extra risk coverage against accidental death disabilities of the insured.
- Grace period – A standard grace time of 30 days is conceded in the event of nonpayment of premium(s), the post which the policy will lapse.
LIC Jeevan Tarun plan allows you to secure your children if something unpleasant occurs and you are not there to take care of them. Remember the old proverb, a stitch in time saves nine? Well, this stitch in time can help you make your child’s dreams come true.