LIC Jeevan Tarun is available as a non-linked limited premium plan that will provide the perfect combination of savings and protection for the children. Today, it is very important to make proper planning to fulfill the future requirements and educational needs of a growing child. LIC is offering this plan as the perfect policy to provide the benefits to fulfill future requirements and educational needs of the growing child where you will also find the benefit of annual survival from the age of 20 to 24 years of a child. It will also provide maturity benefits at the age of 25 years of the policyholder.
You can make choice for this participating endowment plan for a kid having an age of up to 12 years. With this child plan, there will be for different options for the maturity benefits and there will also be options for money back with the plan. If you are looking for the perfect insurance plan for the higher education of your child, it can be the right choice because of the features given below:
Key Features of LIC Jeevan Tarun Plan
Check out the details of all the key features of LIC Jeevan Tarun plan below:
- Jeevan Tarun is participating Limited pay traditional plan
- The policyholder will need to pay the premium till the age of 20 years of child
- The plan will continue till the age of 25 years of the child
- The risk cover under this plan for the child will start after completing 8 years or age of 2 years from policy commencement date
- With Jeevan Tarun plan, you will be able to make choice from 4 different maturity benefits as given below
|Options||Survival Benefit||Maturity Benefit|
|Option 1||No Survival Benefit||100% of Sum Assured + vested Bonuses|
|Option 2||5% of Sum Assured paid every year for the last 5 policy years||The remaining 75% of the Sum Assured is paid + vested Bonuses|
|Option 3||10% of Sum Assured paid every year for the last 5 policy years||The remaining 50% of the Sum Assured is paid + vested Bonuses|
|Option 4||15% of the Sum Assured paid every year for the last 5 policy years||The remaining 25% of the Sum Assured is paid + vested Bonuses|
- With this plan, the premiums will be paid till the age of 20 years of the child but the policy will continue till the age of 25 years so there is no requirement to pay the premium for last 5 years of the policy. This plan is available as Limited payment policy because it will continue till the age of 25 years of the child.
- As the maturity benefit, the company will pay the remaining sum assured with a vested bonus to the child with this plan.
Benefits of Jeevan Tarun Plan
As you know, LIC Jeevan Tarun plan is focused for a better future and requirement for higher education for the children. It will come with the following benefits for the policyholders:
Death Benefit of LIC Jeevan Tarun
It is true that life is very uncertain and there may be any misshapen with someone. In the case of sudden death of policyholder before completing tenure of policy the sum assured along within acquired bonus will be paid to the nominee by the company. It will not depend on the paid amount in the form of survival benefit. The sum assured amount will be higher of:
- 10 times of the annualized premium
- 125 % of sum assured choosing by the customer while buying the policy
- Subject to the minimum of 10 5% of total paid premium till the date of death
In the situation of death before commencement time of risk, the return of the premiums will be paid in including extra premium, Texas, Rider premium without any interest.
If the policyholder will survive till the date of maturity, there will be survival benefits. In this situation, a fixed sum assured amount will be paid in the last 5 years of the policy. The fixed percentage of the amount will depend on the selected option and several other factors. you can check out the details of sum assured percentage below:
|Policy Anniversary coinciding/ following completion of ages||Percentage of Sum Assured to be paid as Survival Benefit|
|Option 1||Option 2||Option 3||Option 4|
|20 to 24 years||Nil||5% each year||10% each year||15% each year|
With survival, they will be maturity benefits for the policyholder with this plan. On the time of maturity of the plan, fixed percentage of sum assured amount will be payable as per the terms of policy. According to different options, the fixed percentage details are given below:
|Maturity Age||Option 1||Option 2||Option 3||Option 4|
Participation in profits:
As you know, LIC Jeevan Tarun is available as participating policy so the policyholder will get the final additional bonus as well as simple reversionary bonuses by the company.
Eligibility Criteria for LIC Jeevan Tarun Policy
If you are interested to avail all these benefits of LIC JeevanTarun policy for any kid, you must have information about the following details of eligibility criteria with this plan:
|Age of Entry||90 days to 12 years|
|Premium Paying Mode||Yearly, Half Yearly, Quarterly, Monthly (ECS Only)|
|Policy Term||25 – Age at Entry (20 years in the case of 5 year old child)|
|Premium Paying Term||20 – Age at Entry (15 years in the case of 5 year old child)|
|Sum Assured||75000 and above (in multiples of 10000)|
|Premium Mode Rebate||2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly|
|High Sum assured Rebate (per Thousand of SA)||Rs. 0 on 75,000 to 1,90,000|
Rs. 2 on 2,00,000 to 4,90,000
Rs. 3 on SA on 5,00,000 and above
|Loan||After 2 Years for less than 10 year term & 3 years for more than 10 year term|
|Surrender||After 2 Years for less than 10 year term & 3 years for more than 10 year term|
|Revival||Within 2 Years of Lapse|
How LIC Jeevan Tarun policy works?
If you are planning to invest in LIC Jeevan Tarun policy you will need to agree on the following terms and conditions for it:
Sum assured: Sum assured is the amount that the policyholder will get at the end of the tenure of the policy. You will get the option to choose minimum sum assured amount of Rs 75000 and there will not be any upper limit for it.
Policy Term: Policy term is the time period for which you want to get the coverage benefits. This policy will end when the insured kid will reach the age of 25 years.
Premium payment term: The policyholder will need to make payment of the premium till the age of 20 years of the kid.
There will be the following options that you can choose according to the required benefits with LIC Jeevan Tarun plan:
|Option||Money Back Options||Maturity Benefit|
|Option 1||No money Back during the policy term||100% of Sum Assured|
|Option 2||5% of Sum Assured for 5 years. After the child reaches the age of 20, 21, 22, 23 & 24 years||100% of Sum Assured|
|Option 3||10% of the Sum Assured for 5 years. After the child reaches the age of 20, 21, 22, 23 & 24 years||50% of the Sum Assured|
|Option 4||15% of the Sum Assured for 5 years. After the child reaches the age of 20, 21, 22, 23 & 24 years||25% of the Sum Assured|
The annual premium amount will depend on the coverage amount, the age of the child and the selected option for the benefits by the customer. On the basis of all these factors, the company will make decisions on your premium amount.
Riders with LIC Jeevan Tarun Policy
As a policyholder, you will find the option to add disability or accidental death benefit rider with LIC Jeevan Tarun policy. If you want to avail the benefits of these Riders with this insurance plan, you will need to pay the extra cost in the premium amount according to your selected option.
Details of LIC Jeevan Tarun Policy
As a policyholder, you will find the time of 30 days to make payment of the premium. If you do not make the payment of premium within this time period, the policy will lapse.
Free look period:
The company will provide the time period of 15 days to think to the policyholder if he wants to continue with this insurance plan or not. If you have not made any claim in this time period, you will be able to cancel the policy whenever you want in free look period.
Exclusions in LIC Jeevan Tarun Policy
Before making choice for any of the insurance plans, it is always important to know about its exclusions as a policyholder. If the policyholder will commit suicide within one year of purchasing a policy, the company will pay about 80% of the premium amount to the nominee.
In the case of suicide of policyholder within one year of Revival period, then the nominee will receive 80% of the paid premium amount or surrender value by the company.
If you want to purchase LIC Jeevan Tarun policy, you will need to submit the following documents with the application form to the company:
- Medical history details
- Proof of address
- Proof of Identity
- KYC documents
- Medical exam documents
There may be some of the additional documents that you will require as per the terms and conditions of the company. Make sure to get details of all the documents from LIC agent or by visiting the official website of LIC while making a purchase for the plan.
Jeevan Tarun FAQs
Will I get the benefits of loan against this insurance policy?
Yes, there will be an option to avail the loan benefits if you are insurance policy has required the surrender value as per the terms of the insurance provider.
What will be the bonuses offered with this plan for the policyholder?
LIC Jeevan Tarun is a participating plan and LIC will share the profits with the policyholder. According to the experience of policyholder with LIC, there will be simple reversionary bonuses paid by the policy provided to the policyholder.
How will I revive my policy?
The policyholder will get the option to revive the policy within 2 years from the date of the first unpaid premium.
- Make sure that you are making payments for all the premiums.
- With LIC, you will find the right to reinstate your policy as per the same terms or according to the revised terms at the Revival time.
- You will also find the options to revive Riders along with this policy.
Will I get tax-related benefits with this plan?
Like most of other insurance schemes and policies, you will be able to avail the tax-related benefits with LIC Jeevan Tarun plan. All the paid premiums will be tax exempted under section 80C of Income Tax Act. At the end of policy tenure, the received maturity amount will also be tax-free for the customer. You do not have to make any tax payments on the amount of maturity sum with this insurance policy.
What if I want to surrender my policy?
Any of the policyholders may face the situation when he wants to surrender the policy.If you choose to surrender your policy within the first year of policy opening, you will be able to get up to 70% of the single bed premium amount. After completing one year of the policy if you choose to surrender it, you will get up to 90% returns on single bed premium. If you are looking to find estimated calculations in case of surrender of the policy, you can use the online calculator for it.