LIC's Jeevan Tarun Plan - Features
LIC’s Jeevan Tarun Plan is a Non-linked, with-profits, optional money back plan. It is a limited premium plan specially designed to meet the specific expenses such as children education, marriage and other needs in the future. It is for Children Protection and saving. The Premium Waiver Benefit is the most important part of every Child Plan which enables the Policy to continue without any Premiums even if the Proposer is not alive and the Benefits are paid on time to the Child. Depending on the requirement, the proposer can choose any of the 4 options for SB (Survival Benefit) payments from 20 to 24 years of age. Proposer needs to select the option at the proposal stage only. Under Jeevan Tarun Policy Maturity Benefit is payable at the age of 25 years only.
LIC's Jeevan Tarun Plan – Benefits
- Survival & Maturity Benefits : (provided all due premiums have been paid) Four options under LIC's Jeevan Tarun Policy are given below,
|Option||Survival Benefits||Maturity Benefit|
|Option 1||No Survival Benefit||100% of Sum Assured|
|Option 2||5% of Sum Assured every year for 5 years||75% of Sum Assured|
|Option 3||10% of Sum Assured every year for 5 years||50% of Sum Assured|
|Option 4||15% of Sum Assured every year for 5 years||25% of Sum Assured|
- Premium Waiver Benefits : This rider is opted for, in the case of death of the proposer, the payment of the premiums falling due after the date of death shall be waived off and the policy continues without any Premium.
- Death Benefit : (provided the policy is In force)
If the Life Assured dies before 1 year from the date of commencement of Risk = Total amount of premium paid – (Taxes + Extra premium + Rider premium).
If the Life Assured dies after the date of commencement of Risk = Sum Assured + Vested Revisionary Bonus + FAB. (as applicable and declared)
This death benefit shall not be less than 105% of the total premiums paid as on date of death.
- Income Tax Benefit :
Premium paid under this plan is eligible for TAX rebate under section 80C of Income Tax Act
Maturity under this plan is 100% Tax free under sec 10(10D)
LIC's Jeevan Tarun Plan – Details
- Child Plan with money back facility and Guaranteed Returns.
- Premium Waiver Benefit rider available.
- Survival & Maturity Benefits are payable under 4 Options.
- Maturity benefit payable in the form of Sum Assured plus Simple Reversionary Bonus & Final Additional Bonus as applicable and declared.