LIC’s Jeevan Tarun

Description

 

Benefits of LIC Jeevan Tarun Plan:

LIC Jeevan Tarun Policy offers a range of benefits specially designed to secure the financial future of your child. Here are the key benefits of the plan:

Death Benefit:

• In the unfortunate event of the life assured’s demise during the policy term while the policy is active, the nominee will receive the death benefit. The death benefit will be higher of the following:
• 7 times the annualized premium, or
• 125% of the sum assured, or
• Basic sum assured on maturity, whichever is higher. Additionally, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, will be paid.

Maturity Benefit:

• If the life assured survives the policy term while the policy is in force, the policyholder will receive the maturity benefit. The maturity benefit includes the “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

Survival Benefit:

• A predetermined portion of the money insured is payable as a survival benefit if the life assured lives out the whole policy term. This benefit is given on the anniversary of each policy that falls on, or right after, the completion of the age of twenty, and then on the anniversaries of the next four policies.

Participation in Profits:

• During its term in effect, the insurance shares in the corporation’s earnings. Simple reversionary incentives are available to policyholders, subject to the success of the firm. They will also be eligible for a Final Additional Bonus, which will be paid out in the year that a death or maturity claim is submitted.

Optional Rider Benefit:

• You can choose to include the Premium Waiver Benefit Rider from LIC in your policy to further improve your child’s security. This rider guarantees that in the event of an unfavorable circumstance, premiums will be waived.

Option to Take Death and Maturity Benefits in Installments:

• Policyholders can opt to receive the death and maturity benefits in payments over a chosen period of 5, 10, or 15 years, rather than receiving them as lump-sum sums. This option guarantees a consistent stream of income.

Settlement Option for Maturity Benefit:

• The maturity benefit can also be settled at any time, giving policyholders the opportunity to receive it in installments over a period of 5, 10, or 15 years.

 

Eligibility Conditions:

Parameters	Eligibility
Age at entry	Minimum – 90 days Maximum – 12 years
Age at maturity	Minimum/maximum – 25 years
Policy term	25 years minus age at entry
Premium paying term	20 years minus age at entry
Policy loan	Available
Sum assured	Minimum – Rs. 75,000 Maximum – No upper 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)