LIC Jeevan Tarun (Table No: 834) is a non-linked and participating endowment plan that provides insurance coverage to the children. It not only provides insurance coverage but also takes care of the basic needs at a certain age of the child. Such as, for education, for marriage, for higher education, etc. For meeting these needs, it provides survival benefits at a certain age there are four options to choose survival benefits by which the policyholder can take the benefit of insurance.
Features of LIC Jeevan Tarun
- It is a participating endowment plan and non-linked with market ups and downs.
- It is a limited premium paying plan that means the premium paying term is not equal to the policy term.
- This plan can be taken for the child with a minimum age of 90 days and the maximum is 12 years.
- It provides various benefits like survival benefits, maturity benefits, and death benefits as well as loyalty benefits to the policyholder.
- There are four options available for the survival benefit that can be chosen by the policyholder
Benefits provided under LIC Jeevan Tarun
There are four options for the survival benefit according to which the maturity benefit is also decided
Option number 1
If no survival benefit is taken then the hundred percent of the sum assured will be given as the maturity benefit
Option number 2
5% of the sum assured will give him for 5 years and 75% of the sum assured will be given at the time of maturity.
Option number 3
10% of the sum assured will be given every year for 5 years and 50% of the sum assured will be given as maturity.
Option number 4
15% of the sum assured will be given for 5 years and 25% of the sum assured will be given at the time of maturity.
Here is the table for easy understanding.
|Option||Survival Benefit||Maturity Benefit|
|Option 1||No survival benefit||100% of Sum Assured|
|Option 2||5% of Sum Assured every year for 5 years||75% of Sum Assured|
|Option 3||10% of Sum Assured every year for 5 years||50% of Sum Assured|
|Option 4||15% of Sum Assured every year for 5 years||25% of Sum Assured|
Maturity benefits are provided as per the option taken for survival benefit that is discussed above
If the life assured meet to death before the commencement of the risk. The premium is paid till that time is returned.
In case of the assured life meet to death after the commencement of the risk sum assured on death plus simple reversionary bonus plus final additional bonus is payable to the nominee of the policyholder.
The premium paid under LIC new children’s money back plan is tax-free as per section 80 C and the claim which is received by the Corporation is also tax-free under section 10D of the Income Tax Act.
Eligibility criteria detail of LIC Jeevan Tarun
- The minimum date for the entry of this plan is 90 days and the maximum age for the entry of this plan is 12 years.
- The maximum age at the time of maturity of the policy is 25 years.
- The policy term is 25 years.
- The premium paying term is 5 years less than the policy term. Such as, if the policyholder takes a policy for 12 years then he will have to pay the premium for 7 years only.
- The policy can be paid annually, half-yearly, quarterly, or monthly
- The minimum sum that can be assured 75,000/- and there is no maximum limit for the upper level of the sum assured.
Documents required for LIC Jeevan Tarun
- Fully filled application form with photographs
- Age proof of policy buyer. (Child)
- Address proof.
- PAN card and Aadhar card for KYC document
- Accurate medical history
- Medical examination report if required.
Other information that the policy buyers should know.
Cooling off period
After purchasing the policy if the policy buyer is not satisfied with the policy then within 15 days the policy can be return after receiving the policy document.
There is a discount allotted on the half-yearly and early mode of premium payment. 1% for half yearly premium payment and 2% for early premium payment.
The policyholder can take a loan up to the premium amount if the policy attains a surrender value after the completion of certain years of policy paying term. As per the terms and conditions of the corporation.
Premium Ready Reckoner Jeevan_Tarun_Premium_Chart_: