25 days after my husband’s death, I received the death benefit from LIC Jeevan Tarun. The amount received was used to pay off my children’s school fees and helped us to attain financial stability. Now, being the sole earner of my family, I have decided to buy the same plan because of the trust and the benefits offered. Thank you Policybazaar for guiding me throughout the process.Mrs. Ankita SrivastavaRead more
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Guaranteed maturity with life
cover for securing family's future
Tax saving under Sec 80C &
Sovereign guarantee as per
Sec 37 of LIC Act
Mrs. Ankita, a school teacher and a mother of two children recently bought LIC Jeevan Tarun Plan. The major reason for buying this plan is the commitment of the company to release the claim amount within 25 days of her husband’s death. Her late husband bought the same plan in 2021. The death benefit received under the plan helped Mrs. Srivastava and her family to a great extent in attaining financial independence.
Now, being a single mother and the sole breadwinner of the family, she is determined to provide financial security to her children if something unfortunate happens to her, and for this, she bought LIC Jeevan Tarun.
LIC Jeevan Tarun is a Life Assurance savings plan that is specially designed to protect the financial future of your children in your absence. The plan is eligible for an individual between 90 days to 12 years of age. Along with several benefits, the plan offers 4 survival benefits to the policyholder which can be chosen at the time of buying the policy.
Let us explore more about the benefits Mrs. Ankita will be receiving by buying LIC Jeevan Tarun Plan:
The plan offers 4 survival benefits options to the policyholder wherein one has the flexibility to choose one as per their requirements. The four available options are as follows:
Option 1: No survival benefit
Option 2: 5% of the Sum Assured every year for 5 years
Option 3: 10% of the Sum Assured every year for 5 years
Option 4: 15% of the Sum Assured every year for 5 years
In case a policyholder dies during the policy term, Sum Assured on Death along with vested Simple Reversionary Bonuses and Final Additional will be paid to the nominee.
“Sum Assured on Death” paid will be higher than 7 times of annualized premium or 125% of the Sum Assured.
Maturity Benefit equal to “Sum Assured on Maturity” + vested Simple Reversionary Bonuses and Final Additional Bonus will be paid to the policyholder in case he/she outlives the policy term.
The “Sum Assured on Maturity” paid will be a fixed percentage of the Sum Assured for every option.
Option 1: 100%
Option 2: 75%
Option 3: 50%
Option 4: 25%
After the completion of 20 years, the plan will pay a fixed percentage of the Sum Assured on every policy anniversary. The survival benefits will be paid between 20-24 years as per the option chosen by the policyholder.
Option 1: Nil
Option 2: 5% each year
Option 3: 10% each year
Option 4: 15% each year
Premiums paid for the LIC Jeevan Tarun plan are eligible for tax deductions under the Income Tax Act.
To enhance the coverage of the plan, the policyholder can opt for LIC Premium Waiver Benefit Rider, wherein all future premiums will be waived off in case of the death of the policyholder.
Under this option, the policyholder has the option to take the death and maturity benefit in installments. The option can be opted by the policyholder at the time of buying the policy. The benefit shall be payable as per the below table:
|Mode of Installment Payment||Minimum Installment Payment (in Rs.)|
The policyholder has the flexibility to pay their premium regularly in yearly, half-yearly, quarterly, or monthly mode.
Just like Mrs. Ankita, several other customers have bought LIC Jeevan Tarun Plan and are now at peace knowing that even if something unfortunate happens to them, their children will be able to fulfill their dreams.
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