You’ll be quite surprised to know about the recent hikes in the education fees of some of the premier institutes in India – be it Indian Institute of Management (IIM) or Indian Institute of Technology (IIT). The latest course fee structure released by IIM-Ahmedabad shows that it will cost Rs 19.5 lakhs for the 2-year management course in 2018, which is approximately 400% higher than what it used to be in the year 2007. Hence, if we calculate the fees considering this average hike of 20% every year, it will cost around 95 lakhs for this 2-year course in 2025 (which is indeed a huge amount). Similarly, the tuition fee for IIT has been increased to Rs 2 lakhs from the earlier fees of Rs 90,000 per year. At this rate, this fee can go up to as high as Rs 17 lakhs in the next 8 years.
Parents, who haven’t planned well in advance and hence, are not prepared for the huge costs associated with education, can fall worryingly short of the required amount when the time comes. Educating your kids is going to be an expensive affair in India and hence, it’s high time you start planning for the future. The sooner, the better.
LIC's Jeevan Tarun (table - 834) is one plan that can help you secure your kid’s future with a limited pay option. It is an ideal investment plan for securing your child's future against the hardships of life. LIC Jeevan Tarun offers several options for money back and maturity benefits. Be it education, marriage or for any other purpose, LIC’s Jeevan Tarun ensures that your next generation doesn’t have to face any financial problems. The plan offers extensive risk coverage, with a partial-pay option, in which the premium payment term range is shorter than the policy's maturity term.
It states that the premium amounts will be required to be paid only till the child reaches the age of 20 years; the policy will be considered to have matured once your child has reached the age of 25 years. This is a perfect alternative for people, who are concerned about their term investment plans and want an economic yet proficient risk coverage.
The policyholder gets an option to avail special survival benefits for the last five years of his policy's maturity term. The benefit amount depends on the type of benefits chosen at the time of inception of the policy.
LIC JEEVAN TARUN plan offers simple reversionary (long term) bonuses throughout its policy maturity term and a final acquired bonus at the time of its maturity. It also offers death benefits, under which the nominee is awarded with a basic sum assured along with the bonuses.
After maturity of the plan, the basic amount along with bonuses is given to the policyholder and the policy ceases to exist thereafter.
LIC Jeevan Tarun plan gives you the chance to protect your kids if something unpleasant happens and you are not there to look after them. Remember the old proverb, a stitch in time saves nine? Well, this stitch in time can help you make your child’s dreams come true.