LIC Jeevan Tarun is a combination plan designed especially for young children to save funds for their growing needs and education.
- This plan is advantageous in claiming the payments through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit payment when the child reaches the age of 25 years.
- This policy is a participating non-linked limited premium payment plan.
- The plan is also flexible in availing the payment.
Benefits of LIC Jeevan Tarun
The main benefit in this plan is its flexible feature of availing the payment, i.e, you can split your Sum Assured payment between Survival Benefit period and Maturity Benefit period.
The options are as below:
- Option 1: If you are not availing any sum during your Survival Benefits period then you will get 100% Sum Assured at Maturity
- Option 2: If you are availing 5% of Sum Assured every year for 5 years during the Survival Benefit period the at Maturity you will get 75% of Sum Assured.
- Option 3: You can avail 10% of Sum Assured every year for 5 years during the Survival Benefit period, your Maturity sum would be 50% of the Sum Assured
- Option 4: If you avail 15% of the Sum Assured during Survival Benefits period every year for 5 years then the payment at Maturity would be 25% of Sum Assured
At the time of maturity, the Sum Assured is payable along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
Policyholders to remember:
- The Survival Benefit is an annual payment of a fixed percentage of Sum Assured. The payment would be starting of the policy anniversary or on completion of 20 years.
- You must choose one of the above options at the time of application of the policy itself, it cannot be changed later on.
- Another benefit of this plan is that you can apply for a loan during the term to take care of your liquidity needs.
- For children aged between 0 to 12 years, the plan requires to be purchased by any of the Parent or Grandparent of the child.
Death Benefit in Jeevan Tarun
Payments can be of 2 variations:
- In case the policyholder dies during the policy term and before the commencement of risk, the payments made shall be the Premiums paid excluding taxes, extra premium, and rider premium if any, without interest.
- If the policyholder dies during the term and after the commencement of risk, then the payment will be as follows:
- The due premiums must have been paid.
- The Sum Assured on Death will be Higher of 10 times of Annualized Premium or Absolute Amount assured, this will be 125% Sum Assured.
- The amount payable will not be less than 105% of the total premiums paid as on date of death
Survival Benefit in Jeevan Tarun
The amount availed is a fixed percentage of Sum Assured, which is payable on each policy anniversary which can be coinciding with the birthday of the policyholder. The policyholder should have completed 20 years of age. This amount can be claimed for next 4 years.
Maturity Benefit in Jeevan Tarun
The amount claimed would be the fixed percentage of Sum Assured at the time of Maturity, i.e on completing 25 years of age. The claim amount will vary if the policyholder has chosen part payment by choosing any of the 4 Benefit options.
At the time of maturity the vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall also be payable
Profit Participation
Once the policy is in full force, it can participate in the profits of the Corporation. The policy shall be entailed to receive Simple Reversionary Bonuses declared as per the experience of the Corporation. The policy can also gain a Final (additional) Bonus in the year the policyholder declares a claim due to maturity or results in payment due to any unfortunate death of the policyholder.
This policy provides optional Rider benefits such as LIC’s Premium Waiver Benefit Rider (UIN: 512B204V01).
