• LIC Jeevan Tarun

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Overview

    The LIC Jeevan Tarun plan not only provides your children with comprehensive life insurance coverage, but also takes care of the cost of their education through yearly pay-outs of a percentage of your Sum Assured. This pay-out is an annual Survival Benefit. You have the option to choose between 4 plan options with varying proportions of Survival Benefits to the Sum Assured.

    LIC Jeevan Tarun Insurance Plan Eligibility

    Entry Age

    Minimum: 90 days.

    Maximum: 12 years.

    Maturity Age

    25 years.

    Sum Assured

    Minimum: Rs.75,000.

    Maximum: No limit.

    LIC Jeevan Tarun Insurance Plan Features & Benefits

    Type

    Participating, non-linked, limited premium payment plan.

    Basis

    Individual.

    Options

     

    Option 1

    Option 2

    Option 3

    Option 4

    Survival Benefit

    No Benefit.

    5% of the Sum Assured, every year for 5 years.

    10% of the Sum Assured, every year for 5 years.

    15% of the Sum Assured, every year for 5 years.

    Maturity Benefit

    100% of the Sum Assured.

    75% of the Sum Assured.

    50% of the Sum Assured.

    25% of the Sum Assured.

    Coverage

    • Death Benefit: The date of commencement of risk varies depending on the age of the child at the time of purchasing the plan.

    If the entry age of the Life Assured is 8 years or more, risk will commence immediately.

    If the entry age of the Life Assured is less than 8 years, risk will commence either:

    • One day before the completion of 2 years from the policy commencement date, or
    • One day before the policy anniversary that coincides with, or immediately follows the completion of 8 years of age, whichever comes earlier.

    The death benefit varies depending on whether the period of risk has commenced or not.

    If the Life Assured dies before the commencement of risk, death benefit will be:

    • Return of premiums paid, extra premium, and rider premium (if any, and all excluding of taxes).

    If the Life Assured dies after the commencement of risk, death benefit will be:

    • Sum Assured on Death and all vested Simple Reversionary Bonuses, and Final Addition Bonus.
    • Death benefit is the higher of 10 times the annualized premium or Absolute Amount Assured to be paid on death (125% of the Sum Assured).
    • Death benefit will never be lower than 105% of the total premiums paid as on the date of demise.
    • Survival Benefit: On surviving past the age of 20, a percentage of the Sum Assured will be paid out to the Life Assured on each policy anniversary on that year and for the next 4 years. The percentage of pay-out depends on the option chosen, as under:

    Option 1: No Survival Benefit.

    Option 2: 5% of Sum Assured payable each year for 5 years in total.

    Option 3: 10% of Sum Assured payable each year for 5 years in total.

    Option 4: 15% of Sum Assured payable each year for 5 years in total.

    • Maturity Benefit: Once the Life Assured survives till the maturity date, a fixed amount of the Sum Assured will be payable. This amount depends on the option chosen, as under:

    Option 1: 100% of Sum Assured on Maturity.

    Option 2: 75% of Sum Assured on Maturity.

    Option 3: 50% of Sum Assured on Maturity.

    Option 4: 25% of Sum Assured on Maturity.

    Policy Term

    25 years minus (age at entry).

    Premium paying term

    20 years minus (age at entry).

    Premium paying frequency

    Monthly (through ECS only), half-yearly, quarterly and yearly.

    Premium rebates

    • Mode Rebate:

    Yearly mode

    2% of tabular premium.

    Half-yearly mode

    1% of tabular premium.

    Quarterly mode

    None.

    Monthly mode

    None.

    • High Sum Assured Rebate:

    Sum Assured

    Rebate

    Rs.75,000 to Rs.1,90,000

    None.

    Rs.2,00,000 to Rs.4,90,000

    Rs.2 per thousand SA

    Rs.5,00,000 and above

    Rs.3 per thousand SA

    Policy Revival

    • Policy can be revived within 2 years from date of the first unpaid premium.
    • All due premiums must be paid.
    • LIC reserves the right to reinstate the policy on the same terms or on revised terms at the time of revival.
    • Riders, if any, which need to be revived, will be revived with the base policy only and not separately.

    Discontinuance Charges

    Policy year of discontinuance

    Charges

    1

    Lower of 6% of AP or FV, maximum Rs.6,000.

    2

    Lower of 4% of AP or FV, maximum Rs.5,000.

    3

    Lower of 3% of AP or FV, maximum Rs.4,000.

    4

    Lower of 2% of AP or FV, maximum Rs.2,000.

    5 onwards

    None

    Riders

    LIC Premium Waiver Benefit Rider.

    Bonuses

    The policy participates in the profits of LIC and entitles the policyholder to receive Simple Reversionary Bonuses which are declared as per the experience of LIC.

    Loan

    A loan can be taken against this policy once it has acquired Surrender Value.

    Free look period

    The plan has a 15 days free look period from the date of receipt of the policy document.

    Grace period

    The policyholder gets a 30 day grace period to pay the premiums in annual, semi-annual and quarterly modes, and 15 days for monthly mode.

    Tax benefits

    You will be eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

    Benefits

    • Annual pay-outs of Survival Benefits to take care of education.
    • Comprehensive Life insurance coverage.
    • Tax benefits under Section 80C and Section 10(10) D.
    • Maturity benefits on attaining the age of 25.
    • Flexibility to choose between 4 plan options.
    • Flexible premium payment options.

    Exclusions

    The policy is rendered null and void if the life assured commits suicide at any time within 12 months from the commencement of risk. The policy will also be void if the life assured commits suicide within 12 months from policy revival.

    In both the above cases, only 80% of the premiums paid will be returned.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    LIC Jeevan Tarun Reviews

  • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the LIC Jeevan Saral life insurance policy from the LIC. I pay a premium of Yearly 85000, the premium gets auto debited from the account. I never had any issues with their services. LIC is a recommendable insurance provider as it is run by the Government.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the LIC Jeevan Umang Life insurance policy for a while. I pay a premium of 8700 per year, The tenure of this policy is 15 years. The premium gets auto debited from the account. I never had any issues with the services of LIC.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I have my life insured with LIC from last 8-9 years and it is a money back policy. I am happy with the coverage and returns of this policy; I pay my premium once in 3 months through net banking and i am satisfied with the terms and conditions of this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 21, 2018
    • LIC Life Insurance
      "Trusted Policy"
      0.5 3.0/5 "Satisfactory"
      I do online payment for this LIC policy. Good life secured policy. I found LIC is trustworthy to invest. I've been holding this policy more than 8 years. Risk coverage policy. Accidental and death benefitable policy. I used to pay the premium of Rs. 5000 every month. Its a life time policy. After 60 years it will get matured. I will get a sum assured amount of Rs. 10 lakhs
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I am using the life insurance policy from the LIC for which I am paying a premium of almost 1 lac. Their services are good and never faced any issues so far. The payment options are also nice with the LIC. Being a Govt company the security for investment is certainly there with the LIC,
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the LIC Bharti Jeevan Policy for a while. I pay a premium of 21000 per year. I make payments Via Cheque.. The service is good. No issues so far. The tenure of the policy is 15 years. Overall it has been a hassle free experience with the LIC and their services.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying the premium 11000, per year. The service good. It is so easy to make payments for this policy. I never faced any issues with their services. Being a govt company the security for my investment is guaranteed with the LIC.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Jeevan Tarang Policy for a while. It is take for my children. The tenure of the policy is 18 years. It can also be converted to a pension scheme where my children will be getting 28000 per year as a part of the plan. It is a useful policy and recommendable.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Bhima Gold Money back policy for a while now. I will get cash back every 5 years via DD. I pay a premium of 700 monthly for this policy. It is a very useful policy considering the low premium I pay. Overall it has been a good experience with the LIC and their services.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a Jeevan Anand policy with the LIC. I am paying the premium of 500 per month. It is too easy to make payments and I never faced any issues with their services. Being a govt company the security is there with the LIC Overall it has been a good experience .
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Better policy to use"
      0.5 5.0/5 "Blown Away!"
      I got the life insurance policy long back. This policy has the tenure of 20years. The plan benefits and the coverage is good with this policy . I would say i am satisfied having the Life insurance policy with Life Insurance Corporation of India.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Wonderful"
      0.5 3.5/5 "Pretty good"
      I am having the life insurance policy with the LIC of India. I would like to say that the customer service is good one and the response is better one too. Policy coverage value is good too with them. I am happy with the LIC of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Excellent"
      0.5 4.5/5 "Excellent!"
      I am having the Life Insurance policy with the Life Insurance Corporation of India. I would like to say that the customer service is also very good too and the response is good too. Coverage value is fine one too with the LIC of India.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Best"
      0.5 4.5/5 "Excellent!"
      Customer service is not experience with the Life Insurance Corporation of India, Policy coverage is good and I have taken two policy with the Life Insurance Corporation of India. Everything is better one with them till now.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "LIC is a very good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken this LIC Jeevan Tarang policy 10 years before. I don't remember about the plans and benefits. I'm paying the premium amount of rs. 10000 six months once. I will come to know about the benefits when the maturity arrives. Total tenure of the policy is 12 years. Sum assured amount is 8 lakhs. Death benefits, Risk coverage and Accidental benefits are available. I used to make the payment through cash. My brother working as LIC agent and he suggested this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance from LIFE INSURANCE CORPORATION OF INDIA and the yearly premium is 30000. The total maturity period is for 20 years. After the maturity period i will get the sum assured and the interest. I mostly do cash payment.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 14 years and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 3 months by cash and i am convenient with the payment options. The maturity period for this policy is after 23 years.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India. I would like to say that the customer service is fine one for me and the response is also good, also its not necessary. Plan benefits are less with them.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I took this life insurance jeevan policy from Lic insurance company mainly because of the good returns. The tenure period is 20 where the policy covers till 60 years . Am doing my payment yearly through on-line banking this policy covers accidental benefits and critical illnesses .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I took life insurance jeevan policy from Lic insurance company mainly because of the good returns, its 20 years of tenure period , the payment am doing through on-line monthly . There customer service and customer response is good .This policy covers accidental and critical illness coverage .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 19, 2018
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