Lic's Jeevan Tarun is a non-linked children plan with limited premium payment. Suitable policy for children below 12 years of age. Jeevan Tarun has flexible options to receive maturity benefit either as lumpsum or in installements for last 5 years of policy term.
Key Features of LIC Jeevan Tarun Plan
- LIC Jeevan Tarun is a Child Plan,limited premium paying, non-linked plan.
- This plan is designed to meet the children’s future educational needs with an insurance cover in the case of the children’s untimely demise..
- Policy premium payment term will be 25 minus the child's age.
- In case, the child is less than 8 years old, then, life cover will start 2 year after policy purchase or completion of 8 years of age, whichever is earlier.
- There are four options available to take the maturity on survival which gives the flexibility to plan and secure future requirements from 20 years of age to 25 years of age child.
- Policy holder can take a loan against the policy after paying a premium for three years.
LIC Jeevan Tarun Policy continues till the child reaches the age of 25 years. Premiums are payable only until the child completes 20 years of age. Maturity benefits of this policy can be paid in 4 ways.
Option 1: Total assured sum and bonuses are paid on maturity.
Option 2: 5% of the assured sum is paid annually for the last five years of the policy. The remaining 75% of the sum assured and bonuses are paid on maturity
Option 3: 10% of the assured sum is paid annually for the last five years of the policy. The remaining 50% of the sum assured and bonuses are paid on maturity
Option 4: 15% of the assured sum is paid annually for the last five years of the policy. The remaining 25% of the sum assured and bonuses are paid on maturit
Premiums paid towards New Endowment Plan is eligible for Tax rebate under Section 80C each year upto Rs.1,50,000. The Maturity/ Death claim paid under New Endowment Plan is 100% Tax-free under Section 10(10d)
Eligibility Conditions And Restrictions
- Minimum Age : 90 days Completed
- Maximum Age : 12 years
- Maturity Age : 25 years
- Policy Term : [25 - Child's age] years
- Premium Payment Term : Policy term
- Minimum Sum Assured : Rs 75,000
- Maximum Sum Assured : No limit
- Premium Payment : Yearly/Half yearly/Quarterly/Monthly/(Through Bank)
- Loan : Eligible After 3 years