LIC Jeevan Tarun is a Non-Linked, Participating, Individual Life Assurance Savings Plan specifically designed to meet the educational and financial needs of growing children. With its unique combination of protection and savings, this plan provides annual Survival Benefits for children aged 20 to 24 years and a lump sum Maturity Benefit at the age of 25 years.

Key Features of LIC Jeevan Tarun

1. Customizable Benefits: Flexibility to choose between four options for Survival and Maturity Benefits.
2. Dual Purpose: Combines life protection and long-term savings.
3. Participates in Profits: Earn Simple Reversionary Bonuses and potential Final Additional Bonuses.
4. Eligibility for Loans: Loan facility to address liquidity needs.
5. Premium Waiver Benefit Rider: Ensures policy continuity in case of the proposer’s death.

Eligibility Conditions

• Minimum Age at Entry: 90 days (last birthday)
• Maximum Age at Entry: 12 years (last birthday)
• Minimum Maturity Age: 25 years
• Minimum Sum Assured: ₹75,000
• Maximum Sum Assured: No limit (in multiples of ₹5,000 or ₹10,000 based on sum assured).

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Benefits Under LIC Jeevan Tarun

1. Death Benefit

• Before Risk Commencement: Refund of premiums paid (excluding taxes, extra premiums, and rider premiums).
• After Risk Commencement: Higher of:
  • 125% of Sum Assured.
  • 7 times the annualized premium.

Death Benefit includes vested Simple Reversionary Bonuses and Final Additional Bonus, if any. It will not be less than 105% of all premiums paid up to the date of death.

2. Survival Benefit

• Fixed percentage of the Sum Assured, paid annually for 5 years (ages 20 to 24).
• Options available at the proposal stage:
  • Option 1: No Survival Benefit; 100% Maturity Benefit.
  • Option 2: 5% Survival Benefit annually; 75% Maturity Benefit.
  • Option 3: 10% Survival Benefit annually; 50% Maturity Benefit.
  • Option 4: 15% Survival Benefit annually; 25% Maturity Benefit.

3. Maturity Benefit

• Sum Assured on Maturity along with vested bonuses is paid at age 25.
• Maturity Benefit varies based on the Survival Benefit option chosen.

4. Participation in Profits

• Policyholders receive Simple Reversionary Bonuses declared annually.
• A Final Additional Bonus may also be paid at maturity or upon death.

Premium Payment

• Modes: Yearly, Half-Yearly, Quarterly, or Monthly (through NACH or salary deductions).
• Premiums are payable throughout the premium-paying term, which is 20 – Age at Entry years.

Additional Options

1. Premium Waiver Benefit Rider
   • Waives all future premiums if the proposer passes away during the premium-paying term.
2. Option to Take Benefits in Installments
   • Death and Maturity Benefits can be received in installments over 5, 10, or 15 years.

Loan Facility

• Loans can be availed after two full years of premium payments.
• Loan amount:
  • In-Force Policies: Up to 90% of surrender value.
  • Paid-Up Policies: Up to 80% of surrender value.

Rebates

1. Mode Rebates:
   • Yearly: 2%
   • Half-Yearly: 1%
   • Quarterly/Monthly: No rebate.
2. High Sum Assured Rebates:
   • ₹75,000 to ₹1,90,000: No rebate.
   • ₹2,00,000 to ₹4,90,000: ₹2 per ₹1,000.
   • ₹5,00,000 and above: ₹3 per ₹1,000.

Surrender Value

• Available after two full years of premium payments.
• Guaranteed Surrender Value: Based on total premiums paid and surrender value factors.
• Special Surrender Value: Declared by LIC and may be higher than the guaranteed value.

FAQs

1. What is the minimum Sum Assured in LIC Jeevan Tarun Plan?
The minimum Sum Assured is ₹75,000.

2. Can I modify the Survival Benefit option after purchase in LIC Jeevan Tarun Plan?
No, the Survival Benefit option must be chosen at the proposal stage and cannot be changed later.

3. Is there a loan facility in LIC Jeevan Tarun plan?
Yes, loans are available after two full years of premium payments.

4. What happens if I miss a premium payment in LIC Jeevan Tarun Plan?
A grace period of 30 days (15 days for monthly payments) is provided. Policies can be revived within five years from the date of the first unpaid premium.

5. Are there tax benefits in LIC Jeevan Tarun Plan?
Yes, premiums paid and benefits received under this plan are eligible for tax benefits as per prevailing laws.

Official Link-LIC Jeevan Tarun

Conclusion

LIC Jeevan Tarun is a tailor-made solution for parents and grandparents looking to secure the educational and financial needs of their children. With its flexible Survival Benefit options and robust protection, it ensures a secure future for the young ones.

Disclaimer-Visit your nearest LIC branch or consult an authorized LIC agent to learn more.