LIC’s JEEVAN TARUN is a participating non-linked limited premium payment plan which offers an attractive combination of protection and saving features for children. This plan is specially designed to meet the educational and other needs of growing children through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years.• Minimum Basic Sum Assured: Rs. 75,000/-
• Maximum Basic Sum Assured: No Limit
• Policy Term: 25 – Age at entry of the child
• Premium Paying Term: 20 – Age at entry of the child
• Minimum Entry Age: 0 Year Last Birthday
• Maximum Entry Age: 12 Year Last Birthday
• Age at Maturity for Life Assured: 25 years
• Mode of Premium Payment: Yearly, half-yearly, quarterly & monthly
LIC’s Jeevan Tarun Benefit Details
• On Death Before the Date of Commencement of Risk: An amount equal to the total amount of premium’s paid excluding taxes, extra premium and rider premium, if any shall be payable.
• On Death After the Date of Commencement of Risk: “Sum Assured + Vested Bonus + FAB if any.”
• Where ‘S.A. on Death’ is defined as the higher of
i. 10 times of Anualized Premium, OR
ii. 105%of all Premiums paid as on death OR
• The premiums exclude taxes, extra premium and rider premiums.
• On Survival :
Option is chosen at proposal stage. :
• Option-1: No Survival,Maturity Benifit 100% S.A.
• Option-2: 5% S.A. every year For 5 Years from age 20 to 24,Maturity Benifit 75% S.A.
• Option-3: 10% S.A. every year For 5 Years from age 20 to 24,Maturity Benifit 50% S.A.
• Option-4: 15% S.A. every year For 5 Years from age 20 to 24,Maturity Benifit 25% S.A.
• Surrendered Value: The Policy can be surrendered at any time during the policy term provided atleast 3 full years premiums have been paid.
• Loan : Loan Facillity is available under this plan, after payment of premiums for at least 3 full years.
• Income Tax Benefit: Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).