LIC Jeevan Tarun Plan
LIC Jeevan Tarun Plan (Table No: 834)
LIC Jeevan Tarun has a limited pay option and is a participating endowment plan. It has been designed to meet the children’s future educational needs with an insurance cover in the case of the children’s untimely demise.
LIC Jeevan Tarun Key Features
- Option to avail of maturity benefits at the time of maturity or in the form of staggered payments in the last five years of the policy
- In case of children’s death before risk commencement, total premium paid + taxes to be paid
- In case of children’s death after risk commencement, assured sum and bonuses to be paid
- Policy term: 25 years age of the child at the commencement of the policy
- Premium to be paid monthly, quarterly, semiannually or annually till the age of 20 years
- Premium waiver benefit available to proposer between the ages of 18 to 55 years.
- Minimum sum assured: Rs 75,000. No maximum limit
- Premiums paid exempted from income tax under Section 80C
- Maturity/ death benefits eligible for tax rebate under Section 10(10D)
- Surrender and loan facilities available after paying the premium for 3 years
- Entry permissible for children between the age of 90 days and 12 years
Contact an authorized LIC agent today to know more.
Starting of Risk :
- In case, the child is less than 8 years old, then, life cover will start 2 year after policy purchase or completion of 8 years of age, whichever is earlier.
- Example, if a child is 2 years old, then life cover (risk) will start after 2 years i.e. when a child will become 4 years old and if a child is 7 years old then, the risk will start when a child becomes 8 years old i.e. that is one year after purchasing the policy.
- For 24 year Policy: 12% of Sum assured on completion of 4th, 8th, 12th, 16th and 20th year and on completion of the 24th year(maturity), 40% of sum assured + Loyalty Addition.
Death Benefits :
- If the death of a child happens before the start of risk, all premiums paid excluding taxes will be paid to the nominee as the death claim.
- If the death of a child happens after the start of risk, then Sum Assured on death (125% of sum assured) + Bonus + FAB will be paid to the nominee as a death claim.
There are four options available to take the maturity on survival which gives the flexibility to plan and secure future requirements from 20 years of age to 25 years of age child. The four option is explained in the following table.
How it Works
LIC Jeevan Tarun Policy continues till the child reaches the age of 25 years. Premiums are payable only until the child completes 20 years of age. Maturity benefits of this policy can be paid in 4 ways.
- Option 1: Total assured sum and bonuses are paid on maturity.
- Option 2: 5% of the assured sum is paid annually for the last five years of the policy. The remaining 75% of the sum assured and bonuses are paid on maturity
- Option 3: 10% of the assured sum is paid annually for the last five years of the policy. The remaining 50% of the sum assured and bonuses are paid on maturity
- Option 4: 15% of the assured sum is paid annually for the last five years of the policy. The remaining 25% of the sum assured and bonuses are paid on maturity
If a child dies after his or her 8th birthday, the total sum assured and bonuses will be paid. Risk cover starts 2 years after the policy was started or the children’s 8th birthday; whichever comes first. If the child passes away before risk commencement, all premiums paid along with taxes and riders if any shall be paid back.
|Eligibility Conditions & Restrictions for Jeevan Tarun Plan|
|Minimum age||90 days completed|
|Maximum age||12 years|
|Policy Term||25 minus (-) Age at entry|
|Premium paying term||20 minus (-) Age at entry|
|Minimum Sum Assured||Rs. 75,000|
|Maximum Sum Assured||No limit|
|Premium payment||Yearly / Half yearly / Quarterly / Monthly (Thru Bank)|
|Money back options||OPTION 1 - No money back is paid (100% of Sum assured + Bonus is paid at age 25 years)
OPTION 2 - 5% of Sum assured is paid every year for 5 years from child age 20 to 24 years
OPTION 3 - 10% of Sum assured is paid every year for 5 years from child age 20 to 24 years
OPTION 4 - 15% of Sum assured is paid every year for 5 years from child age 20 to 24 years
|Loan||Available after 3 years|
|Surrender||Available after 3 years|
|On Maturity||OPTION 1 - 100% of Sum assured + Bonus at child age 25 years
OPTION 2 - 75% of Sum assured + Bonus at child age 25 years
OPTION 3 - 50% of Sum assured + Bonus at child age 25 years
OPTION 4 - 15% of Sum assured + Bonus at child age 25 years
|Premium waiver benefit||Available from age 18 years to 55 years of proposer|
|Income Tax Benefits||(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount / Death claim is non-taxable u/s 10(10d)
Frequently Asked Questions:
- What are the bonuses offered by this plan? Can I get a loan against this policy?
-Yes, after 3 years from date of commencement
- What is the grace period to pay premium? -30 days from due date