LICs Jeevan Tarun

Jeevan Tarun – UIN: 512N2999V01

Jeevan Tarun plan is a limited premium, with profits plan designed to secure the future of children pertaining to education & other miscellaneous needs of a growing child. The plan offers periodic survival benefits as an option to the policyholder for assistance in child’s education from 20 – 25 years of child’s age.

 

Jeevan Tarun

 

Plan Features

Min/Max Age at Entry  90 days – 12 years
Min/Max Policy Term  25 minus age at entry
Maximum Maturity Age  25 Years
Premium Paying Term  20 minus age at entry
Min/Max Sum Assured  75,000 to No Limit
Tax Rebate  Yes, both premium payments & death/maturity under section 80(c) and 10(10d) of I.T Act
Loan Facility  Yes, after 3 years from date of policy inception
Premium Payment  Monthly ECS*, Quarterly*, Half-Yearly & Yearly
Riders  Available

*There are no rebates in these payment modes since a 1% & 2% rebate is provided in half-yearly & yearly modes respectively.

 

Benefits of Jeevan Tarun Plan

  • Survival Benefits – The percentage of survival benefits paid as per policyholder’s choice which are either no survival benefits at all or 5%, 10% or 15% each year after the child turns 20 years old depending upon the choice made at proposal stage of the policy.

 

Yearly Disbursal Maturity Benefits
Option 1 No yearly disbursal 100% benefits
Option 2 5% each year 75% benefits
Option 3 10% each year 50% benefits
Option 4 15% each year 25% benefits

 

Once an option is chosen at the beginning of the policy the same shall not be changed

 

  • Maturity Benefits – If policyholder survives till end of the policy term then he will be eligible for maturity benefits.
Includes Sum Assured on Maturity + Vested Simple Reversionary Bonus (Depends on Company’s Experience) + FAB (Final Additional Bonus, if any)

 

The percentage of Sum Assured on maturity depends on the option of the survival benefit the policyholder had opted for in the beginning.

 

  • Death Benefits – The actual risk cover of child starts after he/she completes 8 years or after 2 years of commencement of the policy, whichever comes first, it is also known as the date of commencement of risk. There are two situations in case of death of the policyholder either before or after the date of commencement of risk. 

Death before date of commencement of risk – If the policyholder dies before the date of commencement of risk then the proposer would be given back the entire amount of the premiums paid till the date of the death of the child excluding taxes and extra premiums.

Death after date of commencement of risk – If the policyholder dies after the date of commencement of risk then the proposer would be paid death benefits.

 

Includes 125% of Basic Sum Assured or 10 times Annualized Premium* (whichever is higher) + Vested Simple Reversionary Bonus (Depends on Company’s Experience) + FAB (Final Additional Bonus, if any).

 

Premium Waiver Benefit (PWB) Rider

  • This is an optional benefit which can be added to the policy by paying additional premium.
  • In case of death of the proposer, all further premium is waived off in case if this rider has been taken.
  • Term of PWB rider will be 20 minus age of child at the time of opting rider
  • It is only available up to the age of 70 years (proposer).

 

Grace period, Revival & Suicide Cases

Grace period – For monthly mode of premium payment a grace period of 15 days is given to make the payment. For Yearly, Half-yearly and Quarterly mode of payment a grace period of 30 days is allowed in case  if the policyholder has been unable to pay the premium on the due date.

Revival – If the premium is not paid on time and the grace period expires as well without the payment being made, then the policy lapses. However, the policy can be revived at any time during the policy term within a period of 2 years from the last premium paid.

Suicide Cases – If the policyholder happens to commit suicide before a year from the commencement of policy 80% of the premiums would be returned with the exclusion of tax and extra premiums. 

 

Documents Required

  • Plan Application form along with a photograph
  • Residential proof
  • Identity proof along with age proof
  • Medical reports if necessary

 



Disclaimer – Though we try our best but we do not guarantee correctness of information hence you are advised to be cautious & do thorough research before reaching to a conclusion. If you find any discrepancies you’re welcome to contact us.