This scheme of LIC will remove your child’s education and financial worries

LIC Jeevan Tarun Policy: LIC’s for children Jeevan Tarun Policy a non-linked individual life insurance policy Is. This scheme offers a better combination of protection and saving features. If you are worried about the future of your children when they grow up, then this scheme will give you a lot of benefits. Under this scheme, when your child is 20 to 24 years old, annual survival benefit payments and maturity benefit are available at the age of 25 years. Through this, the education and other financial needs of the children can be met.

Eligibility: Policy term and premium term

In Jeevan Tarun policy, the maximum basic amount is Rs 75,000 and there is no limit on the sum assured basic amount. The amount multiple sum assured is Rs 5,000, Rs 75,000 to Rs 100,000. Above this, Rs 10,000 and Rs 100,000 is the minimum. For this, the entry age should be 90 days and the maximum age should be 12 years. The maximum maturity age of the scheme is 25 years. While the premium paying term (PPT) will be 20 years. Parents or grandparents can buy the scheme for a child of 0 to 12 years.

LIC’s Jeevan Tarun Policy: Survival and maturity benefits

Benefits of Survival and Maturity Benefit of LIC’s Jeevan Tarun Policy Jeevan Tarun is a flexible scheme. You can select from 4 options to get survival benefit. The Survival Benefit is an annual payout of a fixed percentage on each of the next 4 policy anniversaries starting from the policy anniversary or after completion of 20 years of age.

• In Option 1 there will be no survival benefit, but the policy holder will get 100 percent of the Sum Assured as Maturity Benefit.
• In Option 2, the policy holder will get 5 percent of the fixed amount every year for 5 years, and 75 percent of the fixed amount will be given as maturity benefit.
• In Option 3, the policy holder will get 10 percent of the fixed amount every year for 5 years and 50 percent of the fixed amount will be given as maturity benefit.
• In Option 4, the policy holder will get 15 percent of the fixed amount every year for 5 years, and 25 percent of the fixed amount will be given as maturity benefit.

Jeevan Tarun Policy: Death Benefit

• If the policy is in force on the death of the policy holder during the policy term, all premiums will be paid as follows.
• In case of death before the date of commencement of risk, the premium paid excluding taxes will be refunded, extra premium and rider premium will be paid without interest.
• In case of death after the date of commencement of risk, the death benefit shall consist of the Sum Assured on Death, Bonus and Final Additional Bonus.
• Here, on the death of the policy holder, the annual premium is 7 times or more than 125 percent of the fixed amount. This death benefit shall not be less than 105 percent of the total premiums paid till the date of death. Premium will be exclusive of taxes, extra premium and rider premium.