LIC Jeevan Tarun Policy, lic jeevan tarun policy features, jeevan tarun lic plan details, LIC’s Jeevan Tarun Plan:
Jeevan Tarun policy is specially designed to meet the educational needs of the children of age 20-24 years with annual survival benefits. It is non-linked limited period plan with an optional money back policy. Jeevan Tarun LIC policy is a flexible plan which provides various benefits as death benefits, survival benefits and maturity benefits. This plan can be taken by parent and grand parent of children up to 12 years of age. Under Jeevan Tarun Policy Plan maturity benefits are provided at the age of 25 years and survival benefits are payable at the age of 20-24 years. Also read about LIC E- Term End Policy.
LIC has provided four options under this plan out of which you can choose the one whichever is beneficial to you. They are as:
- Option 1: Survival Benefits – No
Maturity Benefits- 100% of sum assured - Option2: Survival Benefits – 5 % of sum assured every year for 5 years
Maturity Benefits- 75% of sum assured - Option3: Survival Benefits – 10% of sum assured every year for 5 years
Maturity Benefits- 50% of sum assured - Option4: Survival Benefits – 15% of sum assured every year for 5 years
Maturity Benefits- 25% of sum assured
Benefits of LIC Jeevan Tarun Policy:
Death Benefits: If the policy holder dies before the date of commencement of risk death benefit is paid as the total amount of premium paid excluding taxes, extra premium and rider premiums. But is the policy holder dies after the commencement of risk then death benefits changes a bit. Benefit is now paid as sum assured on death+ vested simple reversionary bonuses and final additional bonuses.
Also the absolute amount assured to be paid on death is 125% of sum assured that is 10 times of annual premium. It says that the death benefit shall not be less than 105% of total premium paid as on date of death.
Survival Benefits: As told above survival benefits of Jeevan Tarang policy are payable in the last 5 years of policy from 20-24 years of age. The policy holder is paid a fixed percentage of sum assured every year. The sum received by the policy holder depends on the option chosen by him.
Maturity Benefits: The sum received by policy holder under maturity benefits depends on the option chosen by him for survival benefits. Under maturity benefit the total sum received by the policy holder will be sum assured on maturity + vested simple reversionary bonuses and final additional bonus.
Premium Waiver Benefit Rider: Policy holder can enjoy premium waiver benefits if he pays additional premium. It is optional and can be chosen along with the basic plan.
This is all about the newly introduced LIC policy, Jeevan Tarang policy. For some more details about premium rates and agents you can visit the official website of LIC. So start investing to make your money useful for your children or grandchildren and let them fulfil their as well as your dreams.