LIC’s Jeevan Tarun Policy For Children is a non-linked, participating, individual, life assurance Policy.The plan is offering an attractive combination of protection and saving features.This plan can meet the educational and other financial needs of growing children through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years.
For Jeevan Tarun Policy, the Minimum Sum Assured is Rs.75,000, and there is no limit on the Maximum Basic Sum Assured.The Sum Assured shall be in multiples of Rs.5,000 from the Sum Assured Rs.75,000 to Rs.100,000 and Rs.10,000 for the Sum Assured above Rs.100,000.The Minimum Age at entry is 90 days, and the Maximum Age at entry is 12 years.The plan’s Maximum Maturity Age is 25 years.Its Policy Term will be 25 years, while the Premium Paying Term (PPT) will be 20 years.
The plan can be purchased by any parent or grandparent for a child aged 0 to 12 years.
Jeevan Tarun is a flexible plan where at the proposal stage, the proposer can choose the proportion of Survival Benefits to be availed during the term of the policy.You can choose from four options to receive the Survival Benefits.
Survival Benefit is the annual payment of a fixed percentage of Sum Assured every year starting from policy anniversary coinciding with or following the completion of 20 years of age and thereafter on each of the next 4 policy anniversaries.
Under Option 1, there will be no survival benefit, but the policy holder will get 100% of the Sum Assured as Maturity Benefit.Under Option 2, the policy holder will get 5% of Sum Assured every year for 5 years, and 75% of the Sum Assured will be provided as Maturity BenefitUnder Option 3, the policy holder will get 10% of Sum Assured every year for 5 years, and 50% of the Sum Assured will be provided as Maturity Benefit.Lastly, under Option 4, the policy holder will get 15% of Sum Assured every year for 5 years, and 25% of the Sum Assured will be provided as Maturity Benefit.
On the death of the Life Assured during the policy term provided the policy is in-force i.e.all due premiums have been paid shall be as under:On death before the date of commencement of risk refund of premium(s) paid excluding taxes, extra premium and rider premium, without the interest will be paid.On death after the date of commencement of risk, death Benefit, which is defined as sum of Sum Assured on Death and vested Simple Reversionary Bonuses and Final Additional Bonus, will be paid.
Here the “Sum Assured on Death” is as higher of 7 times of annualized premium or 125% of Sum Assured.This Death Benefit shall not be less than 105% of the total premiums paid upto date of death.The premiums will exclude taxes, extra premium and the rider premium.