LIC’s JEEVAN TARUN is a participating non-linked limited premium payment plan which offers an attractive combination of protection and saving features for children. This plan 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. It is a flexible plan wherein at proposal stage the proposer can choose the proportion of Survival Benefits to be availed during the term of the policy as per the following four options:
Option
Survival Benefit
Maturity Benefit
Option 1
No survival benefit
100% of Sum Assured
Option 2
5% of Sum Assured every year for 5 years
75% of Sum Assured
Option 3
10% of Sum Assured every year for 5 years
50% of Sum Assured
Option 4
15% of Sum Assured every year for 5 years
25% of Sum Assured
LIC Jeevan Tarun Policy(Plan No.834) is an optional money back policy introduced by LIC of India. LIC Jeevan Tarun Money back policy is a non-linked, with profits plan which is specially designed for children to meet their financial problems and their educational needs. LIC Jeevan Tarun Policy(Plan No.834) is a limited premium payment money back plan. LIC Jeevan Tarun money back Plan No.834 is a flexible plan which provides all types of benefits such as Death benefits, Maturity benefits, Survival benefits. Under this LIC Jeevan Tarun Policy 834, LIC’s Premium Waiver benefit rider is also available by paying additional premium.Where, Survival Benefit is the annual payment of a fixed percentage of Sum Assured(as defined in the table above) every year starting from policy anniversary coinciding with or following the completion of 20 years of age and thereafter on each of the next 4 policy anniversaries and Maturity Benefit is a fixed percentage of Sum Assured(as defined in the table above) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, on maturity.
The chosen option shall become a part of the policy contract and no further change in option shall be allowed.
In addition, this plan also takes care of liquidity needs through its loan facility.
The plan can be purchased by any of the parent or grand parent for a child aged 0 to 12 years.
Benefits available under an inforce policy:
Death Benefit:
On death during the policy term(before commencement of risk):
In case of death of the Life Assured, return of premium/s paid excluding taxes, extra premium and rider premium, if any, without interest shall be payable.
On death during the policy term(after commencement of risk):
In case of death during the policy term provided all due premiums have been paid Death Benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as Higher of 10 times of annualized premium or Absolute amount Assured to be paid on Death i.e. 125% Sum Assured.
This Death Benefit shall not be less than 105% of the total premiums paid as on date of death.
The premiums mentioned above exclude taxes, extra premium and rider premium, if any.
Survival Benefit: A fixed percentage of Sum Assured shall be payable on each policy anniversary coinciding with or immediately following the completion of 20 years of age and thereafter on each of next four policy anniversaries. These fixed percentages shall depend on the Option chosen at the proposal stage and for various Options the percentages are as given below:
Policy Anniversary coinciding/ following completion of ages
Percentage of Sum Assured to be paid as Survival Benefit
Option 1
Option 2
Option 3
Option 4
20 to 24 years
Nil
5% each year
10% each year
15% each year
Policyholder has to opt for any one of the options above at the proposal stage only.
Maturity Benefit: In case of Life Assured surviving the stipulated date of maturity, a fixed percentage of Sum Assured shall be payable on maturity for inforce maturing policies. The fixed percentage under different Options is as below:
Maturity Age
Option 1
Option 2
Option 3
Option 4
25 year
100%
75%
50%
25%
In addition to the above, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall also be payable. Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is inforce.
Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.