Parents make continuous efforts to create the perfect living conditions for their children to assist them in their obstacle-free development. The LIC Jeevan Tarun plan integrates protected savings into one package to support parents in securing their children’s financial security. The increasing expenses of child rearing meet a financial solution through this plan which builds a framework for parents to convert their dreams and their child’s dreams into actuality.
Eligibility Criteria For LIC Jeevan Tarun
Minimum entry age: 90 days
Maximum entry age: 12 years
Age at maturity: 25 years
The essential characteristics of LIC Jeevan Tarun include its being a participating non-linked premium payment scheme along with age-specific policy term features.
The attractive characteristics of LIC Jeevan Tarun transform it into an outstanding product for parents who wish to protect their children’s future.
Plan Type: Participating non-linked premium payment scheme
Plan Basis: Individual
The policy term lasts for 20 reduced years from the entry age. With an entry age of 8 years, the Premium Paying Term (PPT) will be 12 years since the difference between 20 and 8 equals 12.
Policy Term: 25-Entry Age
Payment Duration and Maturity Duration Expressions Start with Subtraction of Entry Age from Each Other. When the child enters at age eight the policy duration becomes seventeen years since the plan spans twenty-five years total.
The insured receives a particular share of their sum assured payout when their policy reaches its term.
Premium Payment Frequency: Annually, half-yearly, quarterly, and monthly
The policy becomes eligible for loans after reaching its surrender value.
Grace Period: 30 days for annual, half-yearly, or quarterly payment frequencies, and 15 days for monthly frequency.
During a free look period of 15 days consumers holding the policy have the right to cancel it.
Revival is possible through payment of all dues and applicable fines if a policyholder lets their coverage expire within two years post their first missed premium.
The policyholders of this product have four customization options to select from among survival and maturity benefits.
The main advantage of LIC Jeevan Tarun includes loan availability from policy surrender value. An insured person gains access to a policy loan through the option of surrender value after the policy starts.
The plan gives policyholders numerous options to select from which grant varying survival and maturity benefits due to their flexible structure.
Survival Benefit Options:
Option 1: No survival benefit
Option 2: 5% per year (ages 20 to 24 years)
Option 3: 10% per year (ages 20 to 24 years)
Option 4: 15% per year (ages 20 to 24 years)
Maturity Benefit:
Option 1: 100% of the sum assured
Option 2: 75% of the sum assured
Option 3: 50% of the sum assured
Option 4: 25% of the sum assured
The nominees will receive payment of death benefit from LIC when the life insured dies after starting the risk period. The paid premiums will be returned to policyholders whose deaths occur before starting the risk coverage duration.
The profits earned by LIC will pay out bonuses to policyholders under its Profit Share initiative.
The surrender benefit policy payment depends on specific conditions when policyholders terminate their policies with LIC Jeevan Tarun.
People who pick higher sum assured levels in their policies might qualify for premium rebate benefits.
Premium Payment For LIC Jeevan Tarun
Premium payments for LIC Jeevan Tarun follow two variables: sum assured amount combined with payment frequency choice. Insured persons can choose premium payment options between monthly, quarterly and half-yearly and yearly or SSS mode.
Riders For LIC Jeevan Tarun
The Premium Waiver Benefit Rider constitutes an Optional Rider that LIC provides for Jeevan Tarun. Through this rider the policyholder’s family achieves more benefits because the rider waives off future premiums when the policyholder passes away.
Jeevan Tarun by LIC serves as a versatile product that delivers protection along with savings potential for children’s financial welfare. The plan delivers exceptional value since parents can modify benefits together with choosing flexible premium payment schedules and borrowing against policy value.
