LIC Jeevan tarun plan

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We all are worried about the bright future of our children. We start worrying about their education and marriage from a long time. In such a situation, most parents save money for it. They save a small portion of their income and deposit it in the bank with the aim of securing the future of the children.

Today we are talking about LIC Jeevan Tarun Plan. This plan is specially designed keeping your kids in mind. Under this scheme, maturity benefit is available after reaching the age of 25 years.

If your child is 8 years old at the time of purchasing this policy, your policy term will complete in 17 yearsThe minimum sum assured of this scheme is Rs 75,000. There is no limit to the maximum sum insured. Minimum age of child should be 90 days to enter this policy. The maximum age is fixed at 12 years. The maturity of this policy is when your child turns 25 years old.

If your child is 8 years old at the time of purchasing the policy, the investment tenure in this scheme is 17 years. This scheme is the best option to secure the future of children. By investing in it, you can save a substantial amount for your children’s education and other important tasks.

If the premium paying parent of the policy dies, all future premiums are waived off. At the same time, as long as the policy is not selected, it remains active. Under LIC Jeevan Tarun policy, you can get insurance up to Rs 26 lakh.

What are the criteria for ‘Jeevan Tarun’?

A child should be at least 90 days old and maximum 12 years old to apply for LIC’s Jeevan Tarun. Parents can also opt for this plan on behalf of the child. The minimum or maximum maturity period is 25 years. Minimum Sum Assured is 75 thousand. There is no limit to the maximum sum insured. The premium payment period is 20 years. The full benefit of the policy is available after completion of 25 years. This is a life insurance savings plan for children that offers both protection and savings.

Maturity benefits

Maturity benefits in LIC Jeevan Tarun Yojana are quite lucrative. It is mentioned earlier that the maturity age under the policy is 25 years. Simple reversionary bonuses (final additional bonus, if any) on maturity along with the sum assured are available to policyholders under maturity benefits. Sum Assured for maturity benefits varies over 4 different options.

Maturity benefits under option 1 will be 100% of sum assured, under option 2 maturity benefits will be 75% of sum assured, under option 3 maturity benefits will be 50% of sum assured and under option 4, maturity benefits will be 25% of sum assured.

There are some options to receive maturity benefit in installments. You can get total benefits with option period of 5 or 10 or 15 years. One can exercise this option from a life insured aged 18 years and above.

Benefits after death
If the policyholder dies before the maturity of the policy, the total premium amount will be tax-free and some additional bonus will be added.

In LIC Jeevan Tarun Yojana, death benefits are the sum assured that the policyholder gets on death. According to this, the sum assured on death is 7 times the annual premium or 125% of the sum assured, whichever is higher. This death benefit shall not be less than 105% of the total premiums paid till the date of death.

The policyholder’s family also has the option of getting the death benefit in installments over 5 or 10 or 15 years instead of a lump sum. It can be 5 thousand for monthly period, 15 thousand for quarterly period, 25 thousand for half yearly period and 50 thousand for annual period.

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