LIC Jeevan Tarun Policy: The Life Insurance Corporation, or LIC, of India is one of the go-to options for Indians when it comes to buy insurance policies. The LIC, has for this reason, curated specific plans for a specific group of individuals. The corporation, backed by the government has an array of insurance plans for people of almost all ages and categories. LIC policies are loved among Indians who like investing in risk-free assets, and after bank FDs and post office savings schemes these LIC policies are a favourite among them due to is comparatively high returns. There are LIC policies that you can avail for yourself and your family, while LIC Policies for children are popular among Indians
LIC Jeevan Tarun policy is a participating non-linked limited premium payment plan which offers an attractive combination of protection and saving features for children. This plan is specially designed to meet the educational and other needs of growing children through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years. It is a flexible plan wherein at proposal stage the proposer can choose the proportion of Survival Benefits to be availed during the term of the policy. The policy holder can choose between four options give below:
Option 1: No survival benefit; 100 per cent of Sum Assured
Option 2: 5 per cent of Sum Assured every year for 5 years; 75 per cent of Sum Assured
Option 3: 10 per cent of Sum Assured every year for 5 years: 50 per cent of Sum Assured
Option 4: 15 per cent of Sum Assured every year for 5 years; 25 per cent of Sum Assured
LIC Jeevan Tarun Policy Eligibility Criteria, Minimum Sum Assured
The minimum age at entry of the child should under the LIC Jeevan Tarun policy is 90 days, as on the last birthday, while the maximum age is 12 years, as on the last birthday. The premium has to be paid till the child is 20 years of age, and the policy term ends when the child is 25 years of age. The minimum sum assured under the LIC Jeevan Tarun policy is Rs 75,000 with no upper limit.
LIC Jeevan Tarun: Invest Rs 150 Daily, Get Rs 8.5 Lakh at Maturity
If your child is 12 years old at the time you start paying the premiums under LIC Jeevan Tarun policy, then the policy term will be of 13 years with a minimum sum assured of Rs 5 lakh. Under the Jeevan Tarun Policy, if you pay Rs 150 daily, then the annual premium will be around Rs 55,000. In eight years, therefore, the net investment is around Rs 4,40,665. Over this, you will receive a bonus of Rs Rs 2,47,000, while the sum assured is Rs 5 lakh. Apart from this, you will receive a loyalty benefit: Rs 97,500. Therefore, the total amount you will receive under the LIC Jeevan Tarun policy will be around Rs 8,44,500.
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