LIC Jeevan Tarun Plan

There are 4 options of maturity benefits and survival benefits in this child plan that can be opted for money back options as well.

Here is all you need to know about the LIC Jeevan Tarun plan.

LIC Jeevan Tarun - Key Features

• This is a Participating Limited Pay Traditional Plan
• Premium needs to be paid till the child is 20 years old, while the policy continues till the child completes 25 years of age
• The risk cover on the child starts after he completes 8 years of age or 2 years from the date of policy commencement, whichever is earlier
• There are 4 options for choosing maturity benefit:

• In this plan, the premium needs to be paid till the child is 20 years old, but the policy continues till he is 25 years old. Thus the last 5 years, when the payout can be taken, the premium does not need to be paid, but the policy continues till its maturity, i.e. the child is 25 years old. Thus, this plan is a Limited Payment Policy.
• The remaining Sum Assured along with vested Bonus if any, would be payable to him on the maturity of the policy as Maturity Benefit, and the policy would terminate
• The Sum Assured on Death has been defined as the higher of 10 times the Annualized Premium or 125% of the Sum Assured, whichever is higher, subject to a minimum of 105% of the total premium paid to date.

LIC Jeevan Tarun Plan Benefits

1. Bonus

   This is a participating policy as the policyholder gets Final Additional Bonus and Simple Reversionary Bonuses.

2. Survival Benefit

   If the policyholder survives till the maturity age, then a certain % of the Sum Assured is given to the policyholder as Survival Benefit in the last 5 years, and the policy remains active as per the schedule was chosen at the policy inception.

3. Maturity Benefit

   If the policyholder survives the complete tenure of the policy, then the amount leftover of the Basic SA plus the bonuses acquired are paid to the policyholder as per Maturity Benefit, and thus the policy gets terminated.

4. Death Benefit

   In case of the policyholder's sudden demise during the policy's tenure, the Sum Assured at the time of Death along with the acquired Bonuses are paid to the person nominated by the policyholder. This does not depend on the amount paid as a survival benefit. Sum Assured is the higher of:

   • 125% of the Sum Assured was chosen while taking the policy.
   • 10 times of annualized premium as being paid.
   • Subject to a minimum of 105% of the total premiums paid as on date of death.

Here is a benefit illustration that will help you understand LIC money back policy much easily

Rider Available With Jeevan Tarun Policy

LIC’s Premium Waiver Benefit Rider: Under the LIC’s Premium Waiver Benefit Rider, future payments of the premiums are waived off in case of unforeseen demise of the subscriber (the one who makes payments of the premiums).

The policyholder gets to leverage the mode of payment for yearly and half-yearly premium payments.

Income tax benefit on the premium paid to the policyholder under Income Tax Act since the basic Sum Assured is 10 times the Annualized Premium.

LIC Jeevan Tarun - Product Specification

Policy Details of LIC Jeevan Tarun Plan

1. Grace Period

   To pay the premium, the policyholders have the leverage of 30 days to pay the premium. Now, if the policyholder does not make the payment within these 30 days, then the policy lapses.

2. Free Look Period

   This plan gives the policyholder a period of 15 days to think about whether they wish to continue the plan or not. This gives you an option to cancel the policy within this period if the policyholder has made no claim.

Eligibility Conditions and Other Restrictions

Sample Illustration

The sample illustrative annual premiums (in Rs.) under different Options for Sum Assured of 1 lakh for standard lives are as under: 

The above premium is exclusive of taxes.

Rebates

Exclusions

If the policyholder commits suicide within 12 months of taking up the policy, then the nominee receives around 80% of the premium. If the policyholder commits suicide within 12 months of the revival period, then the Surrender Value or 80% of the premiums paid by the policyholder is received.

Documents Required

To take the policy, you need proper documents supporting your application.  Following are the documents you require:

• Medical history
• Address proof
• Know your customer documents
• Medical examination (depending on your age or the sum assured)