- This is Fantastic plan For the Children, This Can be taken as a Money Back if want.
- Pay premium only upto 20 years of the child
- Maturity at the age of 25
- Jeevan Tarun is a limited premium plan designed for childrens education, marriage and other needs in the future.
Lic’s new plan for Children – Jeevan Tarun plan no. 834 is a Non-linked, with-profits, optional money back plan which will introduced soon by LIC (Life Insurance Corporation of India).
LicJeevan Tarun policy offers four options.
- Depending on the requirement, the proposer can choose any of the 4 options for SB (Survival Benefit) payments from 20 to 24 years of age.
- Proposer need to choose the option at the proposal stage only.
- Under Jeevan Tarun plan Maturity Benefit is payable at the age of 25 years only.
Four options are given below,
|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|
LIC’s Jeevan Tarun Plan Features
|Entry Age||Minimum: 90 days Maximum: 12 years|
|Minimum/Maximum Maturity Age||25 years|
|Policy term||25 years – Age at entry (years)|
|Premium Paying Term||20 years – Age at entry (years)|
|Sum Assured (SA)||Minimum: Rs. 75,000/-Maximum: No limit(SA shall be in multiples of5,000/- from SA 75,000/- to 1,00,000/-10,000/- for SA above 1,00,000/-)|
Jeevan Tarun Plan Benefits
- On Death before the Date of commencement of risk: Death benefit = Total no. of premiums paid – taxes, extra premium and rider premium (if any)
- On Death after the Date of commencement of risk: Death benefit = ‘Sum Assured on death’ + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.
On survival of the life assured on each of the respective policy anniversaries, a fixed percentage of sum assured shall be payable as survival benefit. It shall be payable every year starting from policy anniversary coinciding with / following the completion of 20 years of age and thereafter on each of next 4 policy anniversaries. These percentages depend on the option choosen by the proposer at the proposal stage. The percentages for various options are given below,
|Policy Anniversary coinciding with / following the completion of ages||Percentage of Sum Assured to be paid as SB (Survival Benefit)|
|Option 1||Option 2||Option 3||Option 4|
|20 to 24 years||Nil||5% each year||10% each year||15% each year|
- On Survival Maturity Benefit = Sum Assured on maturity + vested Simple Reversionary Bonuses + Final Additional Bonus, if any
Sum Assured on Maturity for various options are given below,
|Option 1||100% of Sum Assured|
|Option 2||75% of Sum Assured|
|Option 3||50% of Sum Assured|
|Option 4||25% of Sum Assured|
Riders available in Lic Jeevan Tarun 834 Policy
Premium Waiver Benefit Rider:
Premium Waiver Benefit is available under Lic Jeevan Tarun Policy on payment of additional premium. This is an optional rider that can be opted along with basic plan. In case of death of the life assured, futher premiums after the date of death shall be waived. The conditions for Lic Premium Waiver Benefit Rider are given below,
|Entry Age:||Minimum: 18 yearsMaximum: 55 years|
|Term of the Rider:||20 – Age of the child at the time of opting the rider|
|Maximum Cover ceasing age:||70 years|