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LIC’s Jeevan Tarun Plan

What is the Plan all About?

LIC’s Jeevan Tarun is a non-linked, participating limited premium plan that provides combination of savings and protection for children. This plan provides Survival Benefit Payouts that helps cater the education/other needs of the growing children. This plan also takes care of the liquidity needs.

4 variants can be availed under this plan:

  • Option 1
  • Option 2
  • Option 3
  • Option 4

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What are the Key Features?

  • Sum Assured on Maturity along with bonuses
  • Participation in profits through bonuses
  • Life cover available
  • Survival benefit is payable on each of the next 4 policy anniversaries on or following the completion of 20 years of age
  • Choose rider to enhance protection under this policy
  • Loan facility is available
  • Get high sum assured discount
  • Premium rebate on opting annually/semi annually premium pay mode
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured before the date of maturity, but prior the date of commencement of risk, an amount equal to the amount of total premiums paid shall be payable.

    In the event of death of the life insured before the date of maturity, but after the date of commencement of risk, Sum Assured on Death plus Vested Simple Reversionary Bonuses & Final Additional Bonus is payable to the nominee. Sum Assured on Death is higher of 125% of Sum Assured or 10 times of annualized premium.

    The total death benefit payable cannot be less than 105% of all the premiums paid. This benefit is payable, subject to the policy is in-force.

    If the age at entry is less than 8 years, the risk will commence either one day before the completion of 2 years from the date of commencement of the policy or one day before the policy anniversary coinciding with or following the completion of 8 years, whichever is earlier. If the age at entry is 8 years or more, the risk will commence immediately.

Maturity Benefit

    On survival of the life insured till maturity of the policy, Sum Assured on Maturity along with Vested Simple Reversionary Bonuses & Final Additional Bonus is payable. Sum Assured on Maturity is 100%/75%/50%/25% of sum assured under option 1/option 2/option 3/option 4, respectively.

Survival Benefit

    On survival of the life insured on each of the policy anniversaries coinciding with or following the completion of 20 years of age and then on each of the next 4 policy anniversaries. For option 2/option 3/option 4, it is 5%/10%/15% as a percentage of the sum assured is payable each year, as survival benefit. No Survival Benefit is payable for option 1.

Bonus

    Simple Reversionary Bonuses is declared depending on the experience of the Corporation, provided the policy is in full force. When declared, it becomes a part of guaranteed benefits of the plan. Final Additional Bonus is also payable, in case of claim arising due to maturity or death.

Loan Benefit

    Loan facility can be availed under this policy, provided the surrender value has been acquired under the policy.

Surrender Value

    This policy acquires Surrender Value after paying at least two consecutive policy years’ premium, for the premium paying term less than 10 years and the Surrender Value can be acquired on payment of at least three consecutive policy years’ premium.

    The Guaranteed Surrender Value is a percentage of total premiums paid excluding any extra premium & taxes and less any survival benefit already paid. Guaranteed Surrender Value depends on the year of surrender. The Surrender Value of Vested Simple Reversionary Bonuses is also payable. The Special Surrender Value is payable, when it is more favorable to the policyholder.

Tax Benefit

    You can avail tax benefits under section 80C for the premiums paid and the policy proceeds are eligible for tax benefits under section 10 (10D) of the Income Tax Act, 1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 90 Days 12 Years
Age at Maturity - 25 Years
Policy Tenure (25 Minus Age At Entry) Years -
Premium Paying Term (20 Minus Age At Entry) Years -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Sum Assured Rs 75,000 No Limit (subject To Underwriting)
Freelook Period 15 Days From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

LIC’s Premium Waiver Benefit Rider can be opted under this plan, on payment of additional rider premium.

How the Plan Works?

Raman at 5 years, wants to buy LIC’s Jeevan Tarun-option 4 to get regular money backs along with life protection. He opts the plan with the policy term of 20 years, premium paying term of 15 years, sum assured is Rs 1,00,000 with annual premium of Rs 6,375.

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the maturity of the policy term, he receives Rs 15,000 is payable each year on or following the completion of 20 years of age, as survival benefit. Rs 1,00,000 plus Vested Simple Reversionary Bonuses & Final Additional Bonus is payable as the maturity benefit.

Scenario B: Raman dies during the Term of the Policy

In the event of demise of Mr. Raman during the 4th policy term, Rs 1,00,000 plus Vested Simple Reversionary Bonuses & Final Additional Bonus is payable to the nominee.

Benefit Illustration:

LIC’s Jeevan Tarun

Please Note: The benefits illustrated above are calculated at Projected Non-Guaranteed Investment Rate of Return assumption of 4% p.a. (Scenario 1) and 8% p.a. (Scenario 2) respectively. It is assumed that the rate of return will be able to earn throughout the term of the policy.