LIC Jeevan Tarun Child Plan

LIC Jeevan Tarun Plan is non-linked, with-profits, Limited premium payment plan specially designed to meet the educational and other needs of growing children.

LIC Jeevan Tarun Plan Eligibility and Other Features:

Minimum Entry Age: 90 days

Maximum Entry Age: 12 years

Minimum/Maximum Maturity Age: 25 years

Policy term: 25 years – Age at entry (years)

Premium Paying Term: 20 years – Age at entry (years)

Minimum Sum Assured: Rs.75,000/-

Maximum Sum Assured: No limit

Premium Payment Mode: All Modes

Premium Waiver Benefit Rider: Available

Proposer’s Minimum Age: 18 years

Proposer’s Maximum Age: 55 years

Policy Benefits :

Benefits payable on death:

On death before the date of Commencement of risk: total amount of Premiums paid, extra premium and rider Premiums (if any) as Death benefit.

On death after the date of Commencement of risk: Sum Assured on death + Vested Simple Reversionary bonuses and Final Additional Bonus (if any) as Death benefit.

Note: 

Sum Assured on death defined as higher of 10 times AP (Annualized premium) or absolute amount assured to be paid on death i.e., 125% of Sum assured.

This death benefit shall not be less than 105% of total premiums paid as on date of death.

On Survival : 

Benefits are payable in the last five years of policy term. Based on the option selected by policy holder, every year the Policy holder will get a fixed percentage of the sum assured. LIC Jeevan Tarun Policy No.834 will have following options of Survival benefits :-

Surrendered Value : 

The policy can be surrendered at any time during the policy term provided premiums have been paid for full three years.

Loan : 

Loan facility is available under this plan after the payment of premiums for at least three full years.

Income Tax Benefit :

• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).