LIC JEEVAN TARUN PLAN
LIC JEEVAN TARUN is a participating non-linked limited premium payment plan which offers an attractive combination of protection and saving features for children. This plan is specially designed to meet the educational and other needs of growing children through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years.
LIC Jeevan Tarun Policy is a flexible plan wherein at the proposal stage the proposer can choose the proportion of Survival Benefits to be availed during the term of the policy.
Where, Survival Benefit is the annual payment of a fixed percentage of Sum Assured (as defined in the table above) every year starting from the policy anniversary coinciding with or following the completion of 20 years of age and thereafter on each of the next 4 policy anniversaries and Maturity Benefit is a fixed percentage of Sum Assured (as defined in the table above) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, on maturity. The chosen option shall become a part of the policy contract and no further change in option shall be allowed. In addition, this plan also takes care of liquidity needs through its loan facility. The plan can be purchased by any of the parents or grandparents for a child aged 0 to 12 years.
| Option | Survival Benefits | Maturity Benefits |
| Option 1 | No survival benefit | 100% of Sum Assured |
| Option 2 | 5% of Sum Assured every year for 5 years | 75% of Sum Assured |
| Option 3 | 10% of Sum Assured every year for 5 years | 50% of Sum Assured |
| Option 4 | 15% of Sum Assured every year for 5 years | 25% of Sum Assured |
LIC JEEVAN TARUN PLAN benefits :
Survival Benefits :
A fixed percentage of the Sum Assured shall be payable on each policy anniversary coinciding with or immediately following the completion of 20 years of age, and thereafter on each of the next four policy anniversaries. These fixed percentages shall depend on the Option selected at the proposal stage and for various Options.
Maturity Benefits :
In case of Life Assured surviving the stipulated date of maturity, a fixed percentage of Sum Assured shall be payable on maturity for inforce maturing policies. The fixed percentage under different options is as below: In addition to the above, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall also be payable.
Death Benefits :
On death during the policy term (before the commencement of risk):
In case of death of the Life Assured, return of premium/s paid excluding taxes, extra premium and rider premium, if any, without interest shall be payable.
On death during the policy term (after commencement of risk):
In case of death during the policy term provided all due premiums have been paid Death Benefit, defined as the sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as a Higher of 10 times of annualized premium or Absolute amount assured to be paid on Death, i.e. 125% Sum Assured. This Death Benefit shall not be less than 105% of the total premiums paid as on the date of death. The premiums mentioned above exclude taxes, extra premium and rider premium if any.
Rider Benefits under LIC JEEVAN TARUN PLAN:
In LIC JEEVAN TARUN PLAN, LIC Premium Waiver Benefit Rider can also
Under LIC JEEVAN TARUN PLAN, this rider can be opted for on the life of Proposer ( Father or Mother whoever is the proposer ) of the policy, at any time coinciding with the policy anniversary but within the premium paying term of the Base Policy provided the outstanding premium paying term of the Base Policy and the rider is at least five years. Further, this rider shall be allowed under the policy wherein the Life Assured is Minor at the time of opting for this rider. The Rider term shall be either the outstanding Premium Paying Term of the Base plan or (25 minus age of the minor Life Assured) at the time of opting for this rider, whichever is lower. If the Rider term plus the proposer’s age is more than 70 years, the Rider shall not be allowed.
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