The LIC’s Jeevan Tarun Plan is a special plan that provides insurance cover, investment, and liquidity through money backs.
1) It is a participating endowment plan with limited premium payment feature. It is a non-linked money back plan.
2) It is designed to meet the educational and other needs of your children.
3) There are 4 options to choose from:
Option 1: If you opt for “No survival benefit” you will get 100% of Sum Assured + Bonus on Maturity.
Option 2: If you opt for “5% of Sum Assured every year for last 5 years” you will get 75% of Sum Assured + Bonus on Maturity.
Option 3: If you opt for “10% of Sum Assured every year for last 5 years” you will get 50% of Sum Assured + Bonus on Maturity.
Option 4: If you opt for “15% of Sum Assured every year for last 5 years” you will get 25% of Sum Assured + Bonus on Maturity.
4) This policy can be bought by parent or grandparent for a child aged 0 to 12 years. The maturity age is 25 years.
5) Loan facility is also available in this policy after 3 years from the start of the policy.
6) There is an option to surrender the policy after 2 Years for less than 10-year term and after 3 years for more than 10-year term.
7) The policy premiums can be paid in yearly, half-yearly, quarterly and monthly basis.
8) Rebate is given for yearly and half-yearly mode of premium payment.
9) Basic sum assured is minimum Rs. 75000 and there is no maximum limit (multiples of 100000.
10) Rebate is also given for higher sum assured amount (above Rs. 200000).
11) Starting of Risk will be 2 years after policy purchase or completion of 8 years of age, whichever is earlier if the child is less than 8 years old, then.
12) The Death Benefit will be all premiums paid excluding taxes if the death of the child happens before the start of risk and Sum Assured + Simple Reversionary Bonus + Final Additional Bonus if the death of the child happens after the start of risk.
13) The Survival Benefit and Maturity Benefit will be as per the option chosen from the above 4 mentioned options.
14) One can avail tax benefits under section 80C for the premium paid. The maturity amount is also tax-free under section 10(10)D.
15) LIC’s Premium Waiver Benefit Rider is an optional rider that can be bought with this policy.