LIC Jeevan Tarun is an endowment plan which aims to secure children’s future for higher education and other needs. The plan offers flexibility with regards to payment disbursement options with different percentages of pay-outs. The plan has been well customized with eligibility for bonus additions to help the fund grow and waiver of premium benefit rider to give protection for a child’s future if the proposer of the policy dies during payment paying term.
The death benefit payable shall not be less than 105% of all premiums paid as on the date of death. The premiums are minus any taxes, extra or rider premium
Is there any premium waiver benefit in this policy?
LIC Jeevan Tarun is offering an exceptional optional rider for added protection for an extra premium. If the subscriber of the policy (parent or grandparent) who is paying the premium on the policy dies then all the future premiums will be waived off and the policy will continue to be active till the policy term chosen.
Can my policy be revived if it gets lapsed?
Yes, the policy can be revived if lapsed. The revival period is less than 2 consecutive years since the last date of premium.
Does this policy has any free look period?
A free-look period of 15 days is offered in this policy from the date of receipt of the policy bond. The policy can be returned to the corporation stating the reasons for the objection. On receipt of the same, the policy will be cancelled and the amount of premium paid will be returned minus the expenses incurred.
Can I get the surrender value if the policy is just 1 year old?
No, one will not get any surrender value if the policy is just 1 year old. To build the surrender value the policy needs to be active for at least two consecutive years if the policy term is less than 10 years and 3 consecutive years if the policy term is greater than 10 years.
Can I get a loan facility under this policy?
Yes, one can avail loan facility against this policy If the policy has acquired a surrender value.
Is there any exclusion under this policy?
If the policyholder commits suicide within 12 months from the date of the start of the policy then no death benefit amount mentioned in the policy will be payable. The company will only return 80% of the premiums paid excluding any taxes, extra premiums and rider premiums other than Term Assurance Rider, only if the policy is in force.
Video Review of the Policy –
So, by now every one of you has come to know each and every detail of this policy. Now it’s up to you all to decide if this policy is what you need or something else. If you have any doubt regarding this policy, they please let us know in the comment section.
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