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  • LIC Jeevan Tarun

    LIC Life Insurance

    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.

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