LIC Jeevan Tarun Policy – Jeevan Tarun is a non-linked, participating endowment plan offered by LIC. For children under the age of 12, a limited pay option is available under this conventional plan. Jeevan Tarun from LIC not only provides protection but also a savings component for the child’s upcoming financial requirements.
Planning for the children’s higher education, professional development, and wedding may frequently appear to be an impossible task in this day and age, when the cost of education is at an all-time high. The point of building this plan is to assist guardians with setting aside cash to give a brilliant future to their kid. The Jeevan Tarun Plan from LIC provides annual survival benefits to insured children between the ages of 20 and 24 to help them meet their growing financial needs. The family may also benefit greatly from the maturity benefit at 25.
LIC Jeevan Tarun Policy 2024
The new child plan from LIC is called LIC Jeevan Tarun. I adore the way LIC names all of its policies, regardless of the product. The new LIC Jeevan tarun policy will be discussed in this post. The LIC Jeevan Tarun is a participating endowment plan with a limited premium that is intended to meet the educational requirements of growing children by providing an annual survival benefit between the ages of 20 and 24, followed by maturity at the age of 25. However, investors can select different survival and maturity benefits based on their needs from a variety of options.
The structure of the LIC Jeevan Tarun money-back plan makes it a participating endowment child plan. The plan is designed so that it can be mapped to the needs of children and used to pay for their education. However, there is also the option to take the entire benefit upon maturity, so this plan can also be used as a standard savings vehicle. But is it sensible to invest in this strategy to prepare your child for the future? Let’s see if we can figure this out.
LIC Jeevan Tarun Policy Details
| Name Of Article | LIC Jeevan Tarun Policy |
| LIC Jeevan Tarun Policy | Click Here |
| Category | Insurance |
| Official Website | Click Also |
Features of LIC’s Jeevan Tarun Plan
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- Jeevan Tarun by LIC is a children’s plan that provides savings and protection at the same time.
- The plan matures when the child reaches the age of 25.
- There are four survival benefits available. T
- he plan can be purchased by a child as young as 12 years old, as well as by his parents and grandparents.
LIC’s Jeevan Tarun Plan Product Description
Introducing LIC’s Jeevan Tarun plan: an affordable, comprehensive, and flexible insurance solution that’s perfect for those who want to protect their family and property. With Jeevan Tarun, you can get the protection you need without having to break the bank. Plus, our policy is easy to understand and easy to use, so you can get the coverage you need right away. So what are you waiting for? Give LIC’s Jeevan Tarun plan a try today!
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 90 days | 12 years |
| Maturity Age of Child | – | 25 years |
| Maturity Age of Proposer | – | No limit. Except in case of Premium Waiver Benefit. |
| Policy Term | 25-entry age of child | – |
| Premium Paying Term | 8 | 20 |
| Sum Assured | INR 75,000 | No Limit |
LIC’s Jeevan Tarun Plan Premium Details
LIC has come up with a plan to protect its policyholders in the event of a severe financial crisis. The Jeevan Tarun Plan Premium will offer enhanced protection to policyholders in the event of a severe financial crisis, such as a market crash or another institutional event. The premium will be available from March 1, 2019, and will be applicable to all LIC products, including home and auto insurance. Here is more information about the Jeevan Tarun Plan Premium.
The premium amount is outlined in detail below.
| Age at Entry | 5 years |
| Option | 4 |
| Mode of Premium payment | Yearly |
| Premium Paying Term | 20 years |
| Basic Sum Assured | INR 1 lakh |
| Policy Term | 20 years |
| Amount of Annualised Premium | INR 6375/- |
Benefits of LIC’s Jeevan Tarun Plan
LIC’s Jeevan Tarun Plan is one of the best insurance plans out there and it offers a number of benefits that are worth considering. In this post, we’ll explore some of the key benefits of this plan and why you might want to consider taking it. We’ll also provide some tips on how to make the most of the plan’s benefits and find the right LIC for you. So read on to learn more!
Death Benefit
Assuming the protected individual bites the dust inside the arrangement residency, the chosen one would get
- Prior to the beginning of endanger on the existence of the protected
- All charges paid till the date of death, barring extra expenses and duties, would be paid as Death Advantage and the strategy would be ended. Since the risk to
- the assured’s life had not yet begun, the Basic Sum Assured would not be paid.
- The death benefit and the policy would be canceled once risk on the insured’s life began.
Survival Benefit
A predetermined schedule of payments would be made on every policy anniversary after the child turns 20 if the insured survives the policy term. In order to cover the cost of the child’s higher education, this policy has been created. At the time of purchasing the policy, the policyholder has the option of choosing from any of the four choices listed below. After that, the option will become a part of the plan contract, so you can’t change it.
| Option | Survival Benefit |
|---|---|
| Option 1 | No Survival Benefit |
| Option 2 | 5% of Sum Assured every year for 5 years |
| Option 3 | 10% of Sum Assured every year for 5 years |
| Option 4 | 15% of Sum Assured every year for 5 years |
Depending on the Survival Option chosen, the Maturity Benefit is given.
Maturity Benefit
At the point when the protected individual outlasts the predefined time of development, he gets a pre-concluded level of total guaranteed, in the event that the strategy is dynamic. At the time of the policy’s maturity, the vested Reversionary Bonus and Final Additional Bonus are also paid.
| Option | Maturity Benefit |
|---|---|
| Option 1 | 100% of Sum Assured |
| Option 2 | 75% of Sum Assured |
| Option 3 | 50% of Sum Assured |
| Option 4 | 25% of Sum Assured |
Survival and Maturity Benefit Schedule
| Survival Option Selected | Survival Benefit paid | Maturity Benefit received |
|---|---|---|
| Option 1 | No Survival Benefit | 100% of the Sum Assured + accrued Simple Reversionary Bonus + Final Additional Bonus |
| Age 20 = 5% of the Sum Assured | ||
| Age 21 = 5% of the Sum Assured | ||
| Option 2 | Age 22 = 5% of the Sum Assured | Age 25 = Remaining 75% of the Sum Assured + accrued Simple Reversionary Bonus + Final Additional Bonus |
| Age 23 = 5% of the Sum Assured | ||
| Age 24 = 5% of the Sum Assured | ||
| Age 20 = 10% of the Sum Assured | ||
| Age 21 = 10% of the Sum Assured | ||
| Option 3 | Age 22 = 10% of the Sum Assured | Age 25= Remaining 50% of the Sum Assured + accrued Simple Reversionary Bonus + Final Additional Bonus |
| Age 23 = 10% of the Sum Assured | ||
| Age 24 = 10% of the Sum Assured | ||
| Age 20 = 15% of the Sum Assured | ||
| Age 21 = 15% of the Sum Assured | ||
| Option 4 | Age 22 = 15% of the Sum Assured | Age 25 = Remaining 25% of the Sum Assured + accrued Simple Reversionary Bonus + Final Additional Bonus |
| Age 23 = 15% of the Sum Assured | ||
| Age 24 = 15% of the Sum Assured |
Participation in Profits
The policyholder receives the Simple Reversionary Bonus and may also receive a final additional bonus because LIC’s Jeevan Tarun shares in the Corporation’s profits. When a claim is made for a maturity or death benefit and the policy is active, this amount is received. The Jeevan Tarun Plan of LIC also includes the Premier Waiver Benefit Rider. LIC’s Premium Waiver Benefit Rider The Rider is accessible for the proposer.
Benefits of the Rider Under the Premium Waiver benefit Rider, the policy will continue to pay the benefits according to the schedule even if the proposer dies during the policy’s term. However, the policy will waive any premiums that are due after the proposer’s death until the end of the policy’s term. Benefits from the Tax Code Section 80C of the Income Tax Act exempts all premium payments, regardless of frequency. Additionally, the policyholder is exempt from taxation under Section 10 for both the Maturity Benefit and the Death Benefit they receive.
Sample Premium LIC Jeevan Tarun Plan
In today’s world, everyone wants to be able to take care of themselves and their loved ones in case of an emergency. That’s why many people are choosing life insurance as their go-to protection. However, not all life insurance is created equal. There are a few things you should consider when you’re choosing a plan, one of which is the premium. Here’s a sample premium LIC Jeevan Tarun plan that we think is worth your consideration.
The specifics of the premium amount for the following information are as follows:
Sample premium rates
| Age at Entry | Option 1 | Option 2 | Option 3 | Option 4 |
|---|---|---|---|---|
| 0 years | 44.80/INR 1000 Sum Assured | 45.80/INR 1000 Sum Assured | 46.80/INR 1000 Sum Assured | 47.80/INR 1000 Sum Assured |
| 4 years | 55.95/INR 1000 Sum Assured | 57.50/INR 1000 Sum Assured | 59.00/INR 1000 Sum Assured | 60.55/INR 1000 Sum Assured |
| 8 years | 75.65/INR 1000 Sum Assured | 78.00/INR 1000 Sum Assured | 80.40/INR 1000 Sum Assured | 82.75/INR 1000 Sum Assured |
| 12 years | 112.70/INR 1000 Sum Assured | 116.65/INR 1000 Sum Assured | 120.60/INR 1000 Sum Assured | 124.60/INR 1000 Sum Assured |
Rebates and Discounts : This policy offers a rebate in premium for Annual and Semi-Annual modes and a discount in premium for high sum assured.
Mode Rebate
| Annual Mode | 2% of Tabular premium |
| Half-yearly Mode | 1% of Tabular premium |
| Quarterly and Monthly | NIL |
High Sum Assured Discount
| Sum Assured | Discount |
| INR 75,000 to INR 1,90,000 | NIL |
| INR 2,00,000 to INR 4,90,000 | 2/1000 of Basic Sum Assured |
| INR 5,00,000 and above | 3/1000 of Basic Sum Assured |
Premium Calculation
| Age at Entry | 4 years |
| Option Selected | 2, i.e. 5% of Survival Benefit |
| Mode of Premium payment | Yearly |
| Policy Tenure | 21 years (25 – Age at entry of the child) |
| Premium Paying Term | 16 years (20 – Age at entry of the child) |
| Basic Sum Assured | INR 1 lakh |
| Premium Factor | 57.50 |
| Premium calculation | 57.5/1000*100000= 5750 |
| Amount of Annualized Premium | INR 5635.00 (after all the discounts and rebates) + taxes |
Other Important Features of LIC’s Jeevan Tarun Plan
Jeevan Tarun is an ambitious and comprehensive social welfare program that aims to reduce poverty and inequality in India. It is one of the flagship schemes of the LIC, and has received a lot of attention recently. Here are some of the other important features of the plan.
Surrender Benefit
When at least three years’ worth of annual premiums have been paid and the policy has a paid-up value, the policy has a Guaranteed Surrender Value.
Guaranteed Surrender Value is a percentage of the total premium paid up to the surrender date. Revival of a lapsed insurance policy can occur if premiums are not paid on time. The policy will expire even if the due payment is made within the grace period. LIC, on the other hand, gives the policyholder the option to get the policy anytime during its lifetime but within two years of the first unpaid premium date. LIC retains the right to accept the original policy terms.
Free Look Period
The 15-day free-look period gives new customers a chance to see if the plan meets their needs. The policy may be returned within 15 days of purchase, with the reason for the return noted. LIC will cancel the policy upon receipt of the request, returning the premium amount less any incurred expenses.
Loan
A loan is available when the policy reaches its third anniversary. However, the loan must be proportional to the surrender value that has been accumulated. The LIC itself announces the interest rate and other terms and conditions.
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