Planning for your child’s future is one of the most significant responsibilities for any parent. LIC Jeevan Tarun Plan is a unique child insurance policy that provides a perfect blend of savings and protection. This plan is designed to meet the educational and financial needs of your child at various stages of life while offering a safety net in case of unforeseen circumstances. In this article, we will dive deep into the details of LIC’s Jeevan Tarun Plan, its features, benefits, and why it is an ideal choice for your child’s future.
What is LIC Jeevan Tarun Plan?
LIC’s Jeevan Tarun Plan is a participating, non-linked, limited premium payment plan. This means the plan is not linked to market fluctuations, and it participates in LIC’s profits, which are distributed as bonuses. The primary goal of this policy is to provide financial assistance during your child’s growing years, particularly for education, while ensuring life cover for financial security.
Key Features of LIC Jeevan Tarun Plan
| Feature | Details |
|---|---|
| Plan Type | Participating, non-linked child insurance plan. |
| Policy Term | 25 years minus the child’s age at entry. |
| Premium Payment Term | 20 years minus the child’s age at entry. |
| Eligibility | Children aged between 90 days and 12 years. |
| Minimum Sum Assured | ₹75,000. |
| Maximum Sum Assured | No upper limit (subject to underwriting). |
Benefits of LIC Jeevan Tarun Plan
1. Death Benefit
The plan ensures financial security in case of the policyholder’s demise. The death benefit depends on the risk commencement stage:
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- Before Risk Commencement: The total premiums paid (excluding taxes and extra premiums) are refunded.
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- After Risk Commencement: The sum assured on death, along with any vested bonuses, is paid.
2. Survival Benefit
The policyholder can choose one of four options for survival benefits, which are payouts provided annually from ages 20 to 24. These benefits are a percentage of the sum assured.
| Option | Annual Payout (Ages 20-24) | Maturity Benefit at Age 25 |
|---|---|---|
| Option 1 | 0% of Sum Assured | 100% of Sum Assured + Bonuses |
| Option 2 | 5% of Sum Assured | 75% of Sum Assured + Bonuses |
| Option 3 | 10% of Sum Assured | 50% of Sum Assured + Bonuses |
| Option 4 | 15% of Sum Assured | 25% of Sum Assured + Bonuses |
3. Maturity Benefit
At the end of the policy term (when the child turns 25), the remaining sum assured, along with any accrued bonuses, is paid to the policyholder.
4. Participation in LIC’s Profits
Jeevan Tarun is a participating plan, meaning it earns bonuses declared by LIC, which enhance the overall benefits.
Eligibility Criteria for LIC Jeevan Tarun Plan
| Criteria | Details |
|---|---|
| Minimum Entry Age | 90 days. |
| Maximum Entry Age | 12 years. |
| Minimum Sum Assured | ₹75,000. |
| Maximum Sum Assured | No upper limit (subject to underwriting). |
Premium Payment Details for LIC Jeevan Tarun Plan
1. Premium Payment Term
Premiums are payable for a limited period, which is 20 years minus the child’s age at entry. For example, if the child is 5 years old at the time of entry, the premium payment term will be 15 years.
2. Modes of Payment
LIC provides flexibility in premium payment modes:
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- Monthly
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- Quarterly
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- Half-yearly
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- Annually
3. High Sum Assured Rebates
Policyholders opting for a higher sum assured are eligible for discounts on premiums, making the plan more economical for substantial coverage.
Additional Features of LIC Jeevan Tarun Plan
1. Loan Facility
Once the policy acquires a surrender value, policyholders can avail loans against the policy. This feature ensures liquidity during emergencies.
2. Surrender Value
If the policyholder decides to discontinue the policy after it has acquired a surrender value, LIC provides a guaranteed surrender value along with bonuses, if applicable.
3. Tax Benefits
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- Premiums Paid: Eligible for deductions under Section 80C of the Income Tax Act.
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- Benefits Received: Death and maturity benefits are generally tax-free under Section 10(10D), subject to prevailing tax laws.
How Jeevan Tarun Stands Out
LIC offers several child-centric plans, but Jeevan Tarun stands out due to its flexibility and focus on educational needs. The survival benefit options allow policyholders to customize payouts based on anticipated expenses during their child’s growing years.
Why Choose Sathya Prakash Urs as Your LIC Advisor?
If you’re in Bangalore and looking for the best guidance on LIC policies, Sathya Prakash Urs is your go-to LIC advisor. With over 16 years of experience, Sathya Prakash Urs has helped thousands of families secure their financial future.
Contact Details:
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- Name: Sathya Prakash Urs
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- Phone: +91 98805 26164
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- Email: licsathyaprakash@gmail.com
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- Address: 26/1, 8th Main, Dattatreya Nagar, Banashankari 3rd Stage, Bangalore – 560085, Karnataka, India.
Why Choose Sathya Prakash Urs?
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- Personalized guidance tailored to your needs.
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- Expertise in LIC policies with a proven track record.
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- Commitment to ensuring the best financial solutions for your family.
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