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.
Contact an authorized LIC agent today to know more.
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.
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.
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)
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