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LIC Jeevan Tarun Plan

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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.

LIC Jeevan Tarun Key Features-

  • Option to avail of maturity benefits at the time of maturity or in the form of staggered payments in the last five years of the policy
  • In case of children’s death before risk commencement, total premium paid + taxes to be paid
  • In case of children’s death after risk commencement, assured sum and bonuses to be paid
  • Policy term: 25 years age of the child at the commencement of the policy
  • Premium to be paid monthly, quarterly, semiannually or annually till the age of 20 years
  • Premium waiver benefit available to proposer between the ages of 18 to 55 years.
  • Minimum sum assured: Rs 75,000. No maximum limit
  • Premiums paid exempted from income tax under Section 80C
  • Maturity/ death benefits eligible for tax rebate under Section 10(10D)
  • Surrender and loan facilities available after paying the premium for 3 years
  • Entry permissible for children between the age of 90 days and 12 years

Benefits-

Death Benefits :

  • If the death of a child happens before the start of risk, all premiums paid excluding taxes will be paid to the nominee as the death claim.
  • If the death of a child happens after the start of risk, then Sum Assured on death (125% of sum assured) + Bonus + FAB will be paid to the nominee as a death claim.

Maturity benefit:
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.

Eligibility and criteria 
Minimum age90 days completed
Maximum age12 years
Policy Term25 minus (-) Age at entry
Premium paying term20 minus (-) Age at entry
Minimum Sum AssuredRs. 75,000
Maximum Sum AssuredNo limit
Premium paymentYearly / Half yearly / Quarterly / Monthly (Thru Bank)
Money back optionsOPTION 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
LoanAvailable after 3 years
SurrenderAvailable after 3 years
On MaturityOPTION 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 benefitAvailable 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)