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.
Features of the policy – (Table 834)
- It an endowment plan which offers protection as well as saving features for children.
- The maturity benefit age is 25 years for children.
- Plan can be purchased by parents or grandparents of the child.
- The policy can be purchased by parents and grandparents for the child aged between 0 to 12 years.
- The premium needs to be paid until the age of 20 yrs of the child.
- There are 4 survival benefits options that one can choose.
Benefits of the policy –
- 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 in force.
- Death Benefit – If the policyholder dies during the policy term.
- Before commencement of risk: In this case, the death benefit will be only the sum of premiums paid excluding taxes and extra or rider premium. No interest will be payable on this amount.
- After commencement of risk: In this case, the death benefit will be payable by the company provided all premiums have been regularly paid and the policy is active. The death benefit amount will be the sum assured on death + vested Simple Reversionary Bonuses + Final Additional Bonus (sum assured is mentioned as higher of 10 times of annualized premiums or absolute amount assured to be paid on death which comes to 125% of the sum assured).
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
- Maturity Benefit – In case of Life Assured surviving the stipulated date of maturity, a fixed percentage of Sum Assured shall be payable on maturity for enforcing maturing policies. The fixed percentage under different Options is as below:
- Survival Benefit – 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 below:
Documents Required –
- Medical History
- Address Proof
- KYC Documents
- Medical Examination depending on the age and sum assured
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 –
Conclusion –
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.