JEEVAN TARUN |
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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:
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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 |
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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. |
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Death Benefit :
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.
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Maturity Benefit :
Maturity Age |
Option 1 |
Option 2 |
Option 3 |
Option 4 |
25 year |
100% |
75% |
50% |
25% |
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.
LIC's Accident Benefit Rider:
LIC's Premium Waiver Benefit Rider (UIN: 512B204V01), on the life of proposer may be opted for by payment of additional premium.
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