This policy provides you an option to care for the future of the children. This plan is helpful to plan out a child’s education and marriage. The maturity sum assured is also a huge amount. LIC Jeevan Tarun Plan (T-934) 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.
Why Jeevan Tarun Plan
This plan holds the financial help that the policy holder will need to ensure good education of the child.
It is a flexible plan where the policy holder can choose the survival benefits it wants to assure for the future.
- A Plan For Child Age 90 Days -12 Years.
- Survival benefit from 20-25 year age of child.
- Premium Waiver Benefit Rider Available for Proposer (All Premiums Will Be Waived Off In Case Of Proposer’s Unfortunate Death).
- Double Tax Benefit Available (Premium Paid gives 80C Tax Benefit up to Rs. 1,50,,000 and Maturity is also Tax Free under section 10(10D)).
- Loan and Surrender Facility Available.
For this policy, you will need to refer to the policy documents.
There are four options available to take the maturity on survival which gives the flexibility to plan and secure future requirements from 20 year of age to 25 year of age child. The four option are explained in following table.
|Options||From 20 -24 year of age||At 25 Year of Age|
|1||0||100% of SA + Bonus + FAB|
|2||5% of SA||75% of SA + Bonus + FAB|
|3||10% of SA||50% of SA + Bonus + FAB|
|4||15% of SA||25% of SA + Bonus + FAB|
Death Claim Benefits
The returns on the premiums paid will be, at least 105%.
- On Death Before the Date of Commencement of Risk: An amount equal to the total amount of premium paid shall be payable.
- On Death After the Date of Commencement of Risk: Sum Assured + Vested Bonus + FAB if any.
|Minimum Age to Apply||90 Days|
|Maximum Age to Apply||12 Years (Last Birthday)|
|Policy Term||25 year Age of child at Maturity Time|
|Premium Paying Term||20 – Age at Entry|
|Premium Paying Mode||Yearly, Half Yearly, Quarterly, Monthly (ECS Only)|
|Sum Assured||75000 and above (in multiples of 10000)|
|Loan||After 3 Years|
|Surrender||After 3 years of premium payment|