LIC JEEVAN TARUN PLAN- (Plan No: 934)
LIC JEEVAN TARUN Plan is a non-linked, participating, Individual Life Assurance, savings, Money-Back plan designed to meet educational and other financial needs of children. It 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.
- This is a flexible plan wherein depending on the requirement, the proposer can choose any of the four options for Survival Benefit payment from ages 20 to 24 years. Maturity benefit is payable at the age of 25 years only.
Unique Identification Number: 512N299V02
Launch Date: 1st February 2020
Four options of Survival Benefit payment in LIC JEEVAN TARUN :-
| 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 |
Maturity Benefits of LIC JEEVAN TARUN:
As per Option selected + Vested Simple Reversionary Bonuses + Final Additional Bonus, if any.
| Maturity Age | Option 1 | Option 2 | Option 3 | Option 4 |
| 25 year | 100% | 75% | 50% | 25% |
- on Survival to the end of the policy term provided all due premiums have been paid.
- Payable in Lump Sum or as per Settlement Option exercised.
- Once an option is selected at the inception of the policy, the same cannot be changed or altered.
Survival Benefit of LIC JEEVAN TARUN:
| Policy Anniversary coinciding/ following completion of ages | Option 1 | Option 2 | Option 3 | Option 4 |
| 20 to 24 years | Nil | 5% of S.A each year | 10% of S.A each year | 15% of S.A each year |
- The policyholder has to opt for any one of the options above at the proposal stage only.
- A fixed percentage of Sum Assured shall be payable on each policy anniversary coinciding with or immediately following the completion of 20 years of age and thereafter on each of the next four policy anniversaries.
- These fixed percentages shall depend on the Option chosen at the proposal stage and for various Options the percentages are as given above.
Death benefit:
On death Before the Date of Commencement of Risk:
An amount equal to the total amount of premium/s paid excluding taxes, extra premium and rider premium, if any, shall be payable.
On death After the Date of Commencement of Risk:
Sum Assured on Death + Vested Simple Reversionary Bonuses + Final Additional Bonus, if any.
- Where “Sum Assured on Death” is defined as a higher of 125% of Sum Assured or 7 times of annualized premium.
- This death benefit shall not be less than 105% of the total Premiums paid (excluding any extra premiums, any rider premiums and taxes if any)
- The Death Benefit shall be paid in lumpsum as specified above and/or in instalments, as per the option exercised by the Policyholder/Life Assured
Income Tax Benefit:
under section 80C of the Income Tax Act, premiums paid under the L.I.C’s Jeevan Tarun Plan are eligible for a rebate up to the limit of Rs: 1,50,000/- only to the extent of 10% of Sum Assured
Under Section 10(10D) of Income Tax Act, The Survival Benefits and Maturity benefit received by the policyholder or the Death claim received by the Nominee is entirely tax-free and no TDS is deductable as per prevailing Income Tax rules.
Synopsis of Plan:
| Sr. No. | Particulars | Eligibility Condition |
| 1 | Age at entry for Life assured | Minimum – 90 days completed. Maximum – 12 years last birthday |
| 2 | Policy Term Premium paying term | [25 – Age at entry] years [20 – Age at entry] years |
| 3 | Maximum Maturity Age | 25 years last birthday. |
| 4 | Basic Sum assured (in multiples of 10,000/- for Sum Assured 1,00,000 and above) | Minimum – 75,000/- Maximum – No Limit |
| 5 | Mode rebate | Yearly – 2% of tabular premium Half Yearly – 1% of tabular premium Quarterly, SSS – Nil |
| 6 | Large Sum Assured rebate (per 1000 S.A) | 75,000 to 1,90,000 – NIL 2,00,000 to 4,90,000 – Rs: 2 %o B.S.A. 5,00,000 and above – Rs: 3 %o B.S.A. |
| 7 | Mode of payment of premiums | Yearly Half-yearly Quarterly Monthly NACH Salary Saving Scheme |
| 8 | Grace Period | 30 days for Yrly/H-Yrly/Qtrly modes 15 days for NACH/SSS modes |
| 9 | Surrender & Policy Loan | After payment of premiums of 2 full years *conditions apply |
| 10 | Revival | Within 5 years from First Unpaid Premium & before Maturity |
| 11 | Optional Riders Available: | LIC’s Premium Waiver Benefit Rider |
Date of commencement of risk:
- Applicable only if the age of Life Assured is less than 8 years
- In case the age at entry of the Life Assured is less than 8 years (last birthday), the risk under this plan will commence either one day before the completion of 2 years from the date of commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier.
- For those aged 8 years or more at entry, risk will commence immediately from the date of issuance of the policy.
- For more details about Suicide Clause under LIC Policy visit http://www.punitshet.com/lic-policy-suicide-clause/
Settlement Option for Maturity Benefits:
- The settlement option can be exercised for Maturity benefits under this plan. If opted, the maturity claim amount will be paid in an installment to the policyholder. To read more about Settlement Option for Maturity Benefits read: http://www.punitshet.com/lic-policy-maturity-claim-in-instalment
Option to take Death Claim Benefits in instalment:
- Death Claim Benefits under this plan can be paid to the Nominee in installments provided the option has been exercised by the policyholder. To know more about How to take Death Claim in Installments read: http://www.punitshet.com/take-lic-policyholders-death-claim-amount-in-instalments
