LIC Jeevan Tarun Policy: LIC's Jeevan Tarun policy for children is a non-linked individual life insurance policy. This scheme offers a better combination of protection and saving features. If you are worried about the future of your children when they grow up, then this scheme will give you a lot of benefits. Under this scheme, when your child is 20 to 24 years old, annual survival benefit payments and maturity benefits are available at the age of 25 years. Through this, the education and other financial needs of the children can be met.
Eligibility: Policy term and premium term
In Jeevan Tarun policy, the maximum basic amount is Rs 75,000 and there is no limit on the sum-assured basic amount. For a sum assured of Rs 75,000 to Rs 100,000, the sum assured should be in multiples of Rs 5,000. Whereas, for above Rs 100,000 this amount should be Rs 10,000. For this scheme, the age of your child should be at least 90 days and a maximum of 12 years. The maximum maturity age of the scheme is 25 years, while the premium paying term (PPT) is 20 years. Parents or grandparents can buy this scheme for a child of 0 to 12 years.
LIC's Jeevan Tarun Policy: Survival and maturity benefits
Benefits of survival and maturity benefit of LIC's Jeevan Tarun policy-
Jeevan Tarun is a flexible scheme and you get 4 options to avail of the survival benefit. Survival Benefit is an annual payment of a fixed percentage of the Sum Assured starting from or after the policy anniversary on completion of 20 years of age and thereafter on each of the next 4 policy anniversaries.
In Option 1 there will be no survival benefit, but the policyholder will get 100 per cent of the Sum Assured as Maturity Benefit.
In Option 2, the policyholder will get 5 percent of the fixed amount every year for 5 years, and 75 percent of the fixed amount will be given as a maturity benefit.
In Option 3, the policyholder will get 10 per cent of the fixed amount every year for 5 years and 50 percent of the fixed amount will be given as a maturity benefit.
In Option 4, the policyholder will get 15 percent of the fixed amount every year for 5 years, and 25 percent of the fixed amount will be given as a maturity benefit.
Jeevan Tarun Policy: Death Benefit
If the policy is in force on the death of the policyholder during the policy term, all premiums will be paid as follows-
In case of death before the date of commencement of risk, the premium paid excluding taxes will be refunded. In this, payment will be made without extra premium and rider premium and interest.
In case of death after the date of commencement of risk, the death benefit shall consist of the Sum Assured on Death, Bonus and Final Additional Bonus.
Here, on the death of the policyholder, the annual premium is 7 times or more than 125 percent of the fixed amount. This death benefit shall not be less than 105 percent of the total premiums paid till the date of death. Premium will be exclusive of taxes, extra premium and rider premium.
