LIC's Jeevan Tarun

About LIC's Jeevan Tarun

• LIC Jeevan Tarun is participating non-linked limited premium payment plan.
• A Traditional Child Plan that offers secured returns to cater to the child’s future needs
• The plan has an additional benefit of premium waiver rider and offers tax benefit as well.
•  A plan bought by parent or grandparent for a child aged 90 days to 12 years

How does this Plan work?

Under this LIC's Jeevan Tarun plan an individual has to choose a Sum Assured whereas the term of the policy is determined by the following equation ( 25 Yrs – Age of child).The premium has to be paid till the child turns 20. In return he gets the Sum Assured + Accured Bonuses in the following 2 payment options

1. Sum Assured + Accured Bonus at the age of 25 yrs of the child
2. A percentage of the Sum Assured for 5 years starting child age of 20 and the remaining Sum assured + Bonus at the age of 25 Yrs of the child.

Now let’s understand by the way of an example:

Childs Age: 10 Years
Sum Assured – 5 lacs
Policy term = 25 – 10( Childs age) = 15 Yrs
Premium to be paid = 20 – 10(child age) =10Yrs

For a 10Yr old child, the premiums have to be paid for 10 years (till child turns 20). The monthly premium paid is 3891/- In return he gets back Rs 500000/- + vested bonuses (approx. 300000) when the child turns 25 (under Option1).

The other available return options help the child to get fix percentages like 5%, 10% or 15% every year (of the Sum assured) at Child’s age from 20 till 24.

Depending upon the return option of Sum assured chosen the individual will receive his maturity amount as follows:

The amount of money received to nominee /parents as death benefit due to unfortunate demise of the child is:

1. If the child dies before the 8 years of age where 2 years of risk commencement not completed, then the death benefit amount received by the parents is equivalent to the total amount of premiums paid.
2. If the child dies above 8 years of age, then parents receive the Sum assured.

Why should you buy this plan?

• This plan secures the child’s future educational expense
• Offers tax exemptions under section 80C on premiums paid
• Good accrued bonus offered on maturity amount
• Maturity amount is Tax free

Who should buy this plan?

• Minimum Sum Assured is Rs. 75,000
• Minimum Age at entry is 90 days
• Maximum Age at entry is 12 years
• Minimum/ Maximum Maturity Age is 25 years
• Policy Term: [25 – Age at entry] years
• Premium Paying Term (PPT): [20 – Age at entry] years
• Young parents wanting to plan their child’s future educational expense.
• People who are looking out for a secure  and low risk investment option

Riders & Add Ons

Waiver of Premium Rider:- In the event of death of the Proposer, all the future premiums gets waived off and all the benefits remain intact and paid to the nominee as per the policy Terms & Conditions.

Claim Process 

Know Claim Process of LIC's Jeevan Tarun

Claim Process