LIC Jeevan Tarun Plan
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.
On death during the policy term (before commencement of risk) :
In case of death of the Life Assured, return of premium/s paid excluding taxes, extra premium and rider premium, if any, without interest shall be payable.
On death during the policy term (after commencement of risk) :
In case of death during the policy term provided all due premiums have been paid Death Benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as Higher of 10 times of annualized premium or Absolute amount Assured to be paid on Death i.e. 125% Sum Assured.
This death benefit shall not be less than 105% of the total premiums paid as on date of death
A fixed percentage of Sum Assured shall be payable on each policy anniversary coinciding with or immediately following the completion of 20 years of age and thereafter on each of next four policy anniversaries.
In case of Life Assured surviving the stipulated date of maturity, a fixed percentage of Sum Assured shall be payable on maturity for inforce maturing policies.
|Eligibility Conditions & Restrictions|
|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)