LIC Jeevan Tarun Plan is a participating non-linked limited premium payment plan. This LIC money-back plan offers an attractive combination of protection and saving features for children. LIC Jeevan Tarun Plan is designed especially for children to meet their educational and other financial needs while growing up.
Read moreThere are 4 options of maturity benefits and survival benefits in this child plan that can be opted for money back options as well.
Here is all you need to know about the LIC Jeevan Tarun plan.
Options |
Survival Benefit |
Maturity Benefit |
Option 1 |
No Survival Benefit |
100% of Sum Assured + vested Bonuses |
Option 2 |
5% of Sum Assured paid every year for the last 5 policy years |
The remaining 75% of the Sum Assured is paid + vested Bonuses |
Option 3 |
10% of Sum Assured paid every year for the last 5 policy years |
The remaining 50% of the Sum Assured is paid + vested Bonuses |
Option 4 |
15% of Sum Assured paid every year for the last 5 policy years |
The remaining 25% of the Sum Assured is paid + vested Bonuses |
This is a participating policy as the policyholder gets Final Additional Bonus and Simple Reversionary Bonuses.
If the policyholder survives till the maturity age, then a certain % of the Sum Assured is given to the policyholder as Survival Benefit in the last 5 years, and the policy remains active as per the schedule was chosen at the policy inception.
If the policyholder survives the complete tenure of the policy, then the amount leftover of the Basic SA plus the bonuses acquired are paid to the policyholder as per Maturity Benefit, and thus the policy gets terminated.
In case of the policyholder's sudden demise during the policy's tenure, the Sum Assured at the time of Death along with the acquired Bonuses are paid to the person nominated by the policyholder. This does not depend on the amount paid as a survival benefit. Sum Assured is the higher of:
Here is a benefit illustration that will help you understand LIC money back policy much easily
Age of Life Assured (nearer birthday) |
5 |
Option |
4 |
Policy Term (years) |
20 |
Premium payment term (years) |
15 |
Premium payment mode |
yearly |
Sum Assured (Rs.) |
1,00,000 |
Premium (excluding Taxes) (Rs.) |
6,375 |
LIC’s Premium Waiver Benefit Rider: Under the LIC’s Premium Waiver Benefit Rider, future payments of the premiums are waived off in case of unforeseen demise of the subscriber (the one who makes payments of the premiums).
The policyholder gets to leverage the mode of payment for yearly and half-yearly premium payments.
Income tax benefit on the premium paid to the policyholder under Income Tax Act since the basic Sum Assured is 10 times the Annualized Premium.
Minimum |
Maximum |
||
Entry Age (Last Birthday) of Child |
90 days |
12 years |
|
Maturity Age (Last Birthday) of Child |
- |
25 years |
|
Maturity Age (Last Birthday) of Proposer |
- |
No Limit unless Premium Waiver Benefit rider has been opted for |
|
Policy Term (PT) in years |
25 – Age at the entry of the child |
||
Premium Paying Term (PPT) in years |
8 |
20 |
|
Premium Paying Frequency |
Annual, half-yearly, quarterly, and monthly |
||
Sum Assured |
Rs 75000 |
No Limit |
To pay the premium, the policyholders have the leverage of 30 days to pay the premium. Now, if the policyholder does not make the payment within these 30 days, then the policy lapses.
This plan gives the policyholder a period of 15 days to think about whether they wish to continue the plan or not. This gives you an option to cancel the policy within this period if the policyholder has made no claim.
Minimum Sum Assured |
Rs. 75,000 |
Maximum Sum Assured |
No Limit |
(The Sum Assured shall be in multiples of 5,000 from Sum Assured 75,000 to 100,000 and 10,000/- for Sum Assured above 100,000) |
|
Minimum Age at entry |
[90] days (last birthday) |
Maximum Age at entry |
[12] years (last birthday) |
Minimum/ Maximum Maturity Age |
[25] years (last birthday) |
Policy Term |
[25 – Age at entry] years |
Premium Paying Term (PPT) |
[20 – Age at entry] years |
The sample illustrative annual premiums (in Rs.) under different Options for Sum Assured of 1 lakh for standard lives are as under:
Age |
1 |
2 |
3 |
4 |
0 |
4930 |
4488 |
4586 |
4684 |
4 |
5483 |
5635 |
5782 |
5934 |
8 |
7414 |
7644 |
7879 |
8109 |
12 |
11045 |
11432 |
11819 |
12211 |
The above premium is exclusive of taxes.
Mode Rebate |
|
Yearly mode |
2% of Tabular Premium |
Half-yearly mode |
1% of Tabular premium |
Quarterly, Monthly mode |
NIL |
High Sum Assured Rebate (on Premium) |
|
Sum Assured (SA) |
Rebate (Rs.) |
75,000 to 1,90,000 |
Nil |
2,00,000 to 4,90,000 |
2 per thousand SA |
5,00,000 and above |
3 per thousand SA |
If the policyholder commits suicide within 12 months of taking up the policy, then the nominee receives around 80% of the premium. If the policyholder commits suicide within 12 months of the revival period, then the Surrender Value or 80% of the premiums paid by the policyholder is received.
To take the policy, you need proper documents supporting your application. Following are the documents you require:
LIC Resources
LIC Online Services |
LIC Investment Plans |
LIC Other Plans |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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