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Overview
LIC's Jeevan Tarun is a participating, non-linked, limited premium plan that offers a combination of protection and savings for your children. This plan is designed to meet the educational and other needs of your growing child with annual survival benefit payments from ages 20 to 24 years and a Maturity Benefit at the age of 25 years. It is a flexible plan where the proposer, at the proposal stage, can select the proportion of survival benefits to be availed during the policy tenure as per the options stated below.
Benefits Offered by LIC Jeevan Tarun Plan
- Death Benefits
- Maturity Benefits
- Participation in Profits
- High Sum Assured Rebate
- Survival Benefits
Key Features
How to Buy LIC Jeevan Tarun Plan on PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of LIC Jeevan Tarun Plan
There are various benefits to buying the LIC Jeevan Tarun Plan. Let's understand each of them in detail:
- Survival Benefit: This benefit is payable if the insured person survives until maturity. A fixed percentage of the Sum Assured will be paid annually, coinciding with or immediately following the completion of age 20, for the next four years of the policy.
- Death Benefit (Before Risk Commencement): In case of the insured's death during the policy's tenure, the return of premiums paid (excluding taxes, extra premium, and rider premium, if any) without interest shall be payable.
- Maturity Benefit: If the insured survives to the stipulated maturity date, a fixed percentage of the Sum Assured will be payable for in-force maturing policies.
- Participation in Profits: The policy participates in the Corporation's profits and is entitled to receive Simple Reversionary Bonuses, declared based on the Corporation's experience, provided the policy is in force.
Limited Premium
Under this plan, premiums are paid until your child reaches age 20. The plan remains active for an additional five years without further premium payments.
Additional Bonus
The Sum Assured on death is based on Life Risk rates. The final Death Benefit will not be less than 105% of all premiums paid if the policy tenure exceeds 10 years.
Loan Facility
A loan facility is available against the Jeevan Tarun policy, provided the policy is more than 3 months old or has completed its free-look period.
Tax Benefits
LIC Jeevan Tarun Plan offers term insurance tax benefits under Section 80C of the Income Tax Act, 1961, for up to ₹1.5 lakhs of the total premium paid in a financial year.
How to Buy LIC Jeevan Tarun Plan Online
- Visit the official website of Life Insurance Corporation of India.
- Hover over 'Wealth Creation'.
- Click on 'LIC Jeevan Tarun Plan'.
- Click on 'Buy Online' and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
Documents Required to Buy LIC Jeevan Tarun Plan
Here is the list of documents required to buy the LIC Jeevan Tarun Plan:
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license.
- Age Proof: Passport, Aadhaar card, PAN card, PAN card, Driving license.
- Address Proof: Utility bill, passport, voter ID, ration card.
- Medical Records: Medical Records of the policyholder if required.
- Income Proof: Bank statement, last three months' salary slips (if you are salaried).
Plan at a Glance
| What's Good Here | What's Missing |
|---|---|
| Death Benefits | Premium Offset |
| Survival Benefits | Return of Premiums |
| Maturity Benefits | Auto cover continuance |
| High sum assured rebate | Top-up premium |
In a Nutshell
If you are looking for a plan with a combination of protection along with savings for your children, you must choose LIC Jeevan Tarun Plan.
For more information related to this plan, you can visit PolicyX.com, or call us at 1800-420-0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
