LIC Jeevan Tarun Plan

LIC Jeevan Tarun plan 

LIC Jeevan Tarun plan is a limited pay option and is a participating endowment plan. This plan given returns when the child turns 18 years. 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.

Key features of LIC Jeevan Tarun plan 

• 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 are exempted from income tax under Section 80C
• Maturity/ death benefits eligible for tax rebate under Section 10(10D)
• Surrender and loan facilities are available after paying the premium for 3 years
• Entry is permissible for children between the age of 90 days and 12 years

Benefits of LIC Jeevan Tarun plan –

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.