LIC Jeevan Tarun Plan (Plan No. 934)

LIC Jeevan Tarun Plan (Plan No. 934) – Overview and Details

Introduction: LIC Jeevan Tarun is a non-linked, with-profits, limited premium payment plan designed to provide financial support for children’s education and other needs. This plan offers a combination of savings and protection for children. It is suitable for parents who wish to secure their child’s future financial needs.

Key Features:

1. Eligibility:
   • Minimum Age at Entry: 90 days
   • Maximum Age at Entry: 12 years
   • Minimum Sum Assured: ₹75,000
   • Maximum Sum Assured: No limit (subject to underwriting)
2. Policy Term and Premium Payment Term:
   • Policy Term: 25 years
   • Premium Payment Term: 20 years minus the age at entry of the child
3. Maturity Benefit:
   • On surviving the policy term, a guaranteed sum assured on maturity is paid, along with any vested simple reversionary bonuses and final additional bonuses.
4. Survival Benefits:
   • The policyholder can choose from four options for survival benefits, which are paid from ages 20 to 24:
     • Option 1: No survival benefit; 100% of the sum assured paid at age 25.
     • Option 2: 5% of the sum assured paid annually for 5 years; 75% of the sum assured paid at age 25.
     • Option 3: 10% of the sum assured paid annually for 5 years; 50% of the sum assured paid at age 25.
     • Option 4: 15% of the sum assured paid annually for 5 years; 25% of the sum assured paid at age 25.
5. Death Benefit:
   • On the death of the life assured before the commencement of risk, the premium(s) paid (excluding taxes, extra premiums, and rider premiums, if any) is returned.
   • On the death of the life assured after the commencement of risk, the sum assured on death is paid along with vested simple reversionary bonuses and final additional bonuses. The sum assured on death is defined as the higher of 7 times the annualized premium or 125% of the sum assured.
6. Participation in Profits:
   • This plan participates in the corporation’s profits and is eligible to receive simple reversionary bonuses declared as per the experience of the corporation.
7. Premium Payment:
   • Premiums can be paid regularly at yearly, half-yearly, quarterly, or monthly intervals (through ECS only).
8. Optional Rider:
   • LIC’s Premium Waiver Benefit Rider can be opted for, on payment of an additional premium, to waive future premiums in case of the proposer’s (parent’s) death.

Benefits:

• Maturity Benefit: Sum Assured on Maturity along with vested bonuses.
• Survival Benefit: Annual payouts as per the chosen option.
• Death Benefit: Comprehensive financial protection for the child.
• Participation in Profits: Opportunity to receive bonuses.

Conclusion: LIC Jeevan Tarun Plan is a beneficial plan for parents who wish to ensure their child’s future financial needs are met through a disciplined savings approach, along with the added benefit of life cover. This plan is structured to offer periodic payouts to support the child’s educational and other needs, making it a flexible and comprehensive plan for securing the child’s future.

For more information and to tailor this plan according to your needs, visit your nearest LIC branch or contact your LIC agent 7231814845.

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