LIC Jeevan Tarun Review
The LIC Jeevan Tarun Plan is a limited premium payment money back plan specially designed for the children education and needs of the growing children. The LIC Jeevan Tarun Child Plan is a flexible non-linked plan where the proposer can choose the Survival Benefit Payment Options. All types of benefits can be availed under this LIC’s Jeevan Tarun Money Back Plan such as Survival Benefit, Death Benefit, and Maturity Benefit.
On Payment of Additional premium, LIC’s Premium Waiver Benefit Rider will be made available. The Maturity Benefit is paid to the Proposer at the age of 25 years only. Loan Facility can be availed under this LIC Jeevan Tarun Child Money Back Plan. The Policy can be revived within 2 years from the first unpaid premium.
LIC Jeevan Tarun Plan 834 Key Features
- The Survival Benefit Payments are made for the Life Assured in the age between 20 to 24 years.
- The Premiums paid are exempted from Income Tax under section 80C.
- Premium Waiver Benefit Rider Option is available for the Policyholder.
- The Premiums has to be paid till the child is 20 years, and the policy continues till the child reaches the age of 25 years.
- This Jeevan Tarun Policy is a Limited Payment Policy Traditional Plan.
- The Proposer has the option to choose the Maturity and Survival Benefits for the Sum Assured.
LIC Jeevan Tarun Child Plan Eligibility Conditions
|Minimum Entry Age||90 Days (completed)|
|Maximum Entry Age||12 years (last birthday)|
|Minimum Maturity Age||–|
|Maximum Maturity Age||25 years|
|Minimum Sum Assured||Rs 75,000/-|
|Maximum Sum Assured||No Limit
For Sum Assured Rs 75,000/- to 1,00,000 (multiples of Rs 5,000/-).
For Sum Assured Rs 1,00,000 and above (multiples of Rs 10,000/-).
|Premium Paying Term||20 years (Entry Age)|
|Policy Term||25 years (Entry Age)|
|Premium Payment Mode||Monthly (SSS or ECS), Quarterly, Half Yearly, Yearly.|
What are the benefits of LIC Jeevan Tarun Money Back Plan?
The Different Benefits under the LIC Jeevan Tarun Policy are provided below.
- Death Benefit: On Sudden death of the Proposer, the Nominee will receive the amount of premiums paid by excluding taxes with rider premium and extra premium will be payable. The Sum Assured (125%) or 10 times of annualized premium with Simple Reversionary Bonus and Final Additional Bonus is payable as the Death Benefit.
- Survival Benefit: On Survival of the Proposer at the respective policy anniversary, a fixed percentage of Sum Assured will be payable as per the options chosen by the Life Assured for every policy year.
The Options for % of Sum Assured as Survival Benefit
|Policy Anniversary coinciding with the following ages||Option 1||Option 2||Option 3||Option 4|
|20 to 24 years||NIL||5% each year||10% each year||15% each year|
- Maturity Benefit: If the Proposer survives till the end of the policy term, the sum assured on Maturity along with Final Additional Bonus and vested Simple Reversionary Bonus is payable as per the options chosen at the time of proposal.
|Option 1||100% of Sum Assured|
|Option 2||75% of Sum Assured|
|Option 3||50% of Sum Assured|
|Option 4||25% of Sum Assured|
LIC’s Premium Waiver Benefit Rider
On Payment of additional premium, this rider can be opted by the Policyholder. If sudden death occurs to the Proposer, the due premiums to be paid are waived off. Depending on the proposers age, personal declaration, and related documents, the Premium Waiver Benefit Rider will be granted.
Eligibility Conditions for Premium Waiver Benefit Rider
|Minimum Entry Age||18 years|
|Maximum Entry Age||55 years|
|Maximum cover ceasing age||70 years|
|Rider Term||20 (Age of the child at the time of opting rider).|
LIC Jeevan Tarun Policy 834 Rebates
There are 3 types of rebates in LIC’s Jeevan Tarun Child Money Back Plan. They are.
- Mode Rebate.
- High Sum Assured Rebate.
- CEIS Rebate.
This Rebate is applicable for both basic plan and Premium Waiver Benefit Rider if opted.
|Monthly or SSS or Quarterly||NIL|
|Half Yearly||1% of Tabular Premium|
|Yearly||2% of Tabular Premium|
High Sum Assured Rebate:
This Rebate is applicable for only Base Plan and not applicable for Premium Waiver Benefit Rider.
|Sum Assured||Rebate (Rs)|
|75,000/- to 1,90,000/-||NIL|
|2,00,000/- to 4,90,000/-||2 per thousand Sum Assured|
|5,00,000/- and above||3 per thousand Sum Assured|
For the benefit of the Children, if an employee of the Corporation takes the plan then he/she is eligible for the CEIS Rebate.
|Premium Paying Term||CEIS Rebate|
|8 to 14 years||5%|
|15 years & above||10%|
Additional Information of LIC Jeevan Tarun Policy
- Grace Period: The Policyholder will be provided a grace period of 15 days for monthly payments and 30 days for Quarterly, Half Yearly and Yearly payments.
- Free Look (Cooling Off Period): The Policyholder can return the Policy within 15 days from receipt of policy, if not satisfied with the Terms and Conditions of the Policy.
- Proposal Form: The Revised Proposal No 340 or 360 shall be used for this LIC Jeevan Tarun Child Plan.
- Loan Facility: The Loan can be availed by the proposer as mentioned below.
- For Premium Paying Term less than 10 years, the premium should be paid for atleast 2 years.
- For Premium Paying Term more than 10 years, the Policyholder must pay the premium for atleast 3 years.
- Policy Revival: The Policy can be revived within 2 years from the first unpaid premium.
- Surrender Value: The Proposer can surrender the LIC’s Jeevan Tarun Plan at any time, after completion of the premium payment for 2 years (10 years premium paying term), 3 years (more than 10 years premium paying term).
- Back dating Interest: The Policy can be dated back with the same financial year.
- Nominations/Assignments: The Life Assured can assign the Policy to the spouse, children or close relatives.
LIC Jeevan Tarun Policy Buying Process
The LIC Jeevan Tarun Child Plan Policy can be bought through Online mode or by visiting the nearest branch of Life Insurance Corporation. The Customer who is interested in taking the policy online have to visit the official website of LIC for puchasing. The Policy can also be purchased from any branch of Life Insurance Corporation or LIC Agent. The Documents required for buying the LIC Jeevan Tarun Plan is listed below.
- Application form/ Proposal form.
- Annual Income details.
- Address for communication.
- ID proof number.
- Bank account number and IFSC code.
- Nominee and Appointee details.
LIC’s Jeevan Tarun Child Plan Claim Process
Within the Policy Term, if the Policy Holder subjected to Sudden Death or Disability Claim can be made by the Nominee. After the completion of the Policy Term you can make a Claim. The Documents required for Claim Process is available in the official website or the regional office of LIC. The Documents required are.
- Policy Bond.
- Duly filled Claim Form.
- Death Certificate.
- Age Proof.
- Identification Proof.
- Medical treatment document before death.
LIC Jeevan Tarun Premium Calculator
You can calculate the Minimum Premium that has to be Paid to take the Policy bu using the LIC Jeevan Tarun Child Plan Premium Calculator. The Amount of Single Premium Paid will depend on the Sum Assured , Policy Term and Age of the Life Assured. You need to enter Some Basic Information like Name, Mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured to calculate the Premium Value.
Jeevan Tarun Child Money Back Plan 834 Details
Paid Up Value: If the Life Assured pays the Premium for 2 years (Premium Paying term less than 10 years), 3 years (Premium Paying Term more than 10 years) and further the premiums are not paid, the policy will act as a paid up policy.
FAQ’s on LIC Jeevan Tarun Policy
1. Is any Tax applicable for Jeevan Tarun Plan?
Ans. Yes, Taxes applicable which includes Service Tax as per the Tax Laws from time to time.
2. Is there is special Surrender Value?
Ans. Yes, Special Surrender Value is applicable which is a discounted value of sum of Maturity paid up sum assured and simple reversionary bonus.
3. Is there any rider option facility for the Life Assured?
Ans. Yes, Premium Waiver Benefit Rider is provided to the Policyholder on payment of additional premium.