LIC Jeevan Tarun Policy: Life Insurance Corporation of India ie LIC’s policies are very popular among Indians. Indians consider LIC’s schemes to be riskfree and they are the preferred investment option of Indians after FDs and Fixed Deposits. Keeping in mind the individual and family, LIC has made many policies.
LIC’s Jeevan Tarun Policy is one such scheme. This is a participatory, non-linked limited premium payment plan, which comes with features of protection as well as attractive savings for your child.
This plan has been made keeping in mind the education and other needs of the children. It also offers payout of maturity benefit at the age of 25 years along with annual survival benefit over the course of 20 to 24 years.
4 options are available in the policy
It is a flexible plan, in which the survival benefit option can be opted for during the policy term at the proposal stage. Policyholders will get these 4 options…
Option 1: No survival benefit, 100% sum assured
Option 2: Sum Assured of 5% every year for 5 years, Sum Assured at 75% on maturity
Option 3: 10% Sum Assured every year for 5 years, 50% Sum Assured on Maturity
Option 4: 15% Sum Assured every year for 5 years, 25% Sum Assured on Maturity
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Eligibility Criteria, Minimum Sum Assured for LIC Jeevan Tarun Policy
LIC’s Jeevan Tarun policy matures when the child turns 25. If the age of the child is 10 years at the time of taking the policy, then this policy will mature after 15 years. In this policy, you can get a minimum sum assured of Rs 75,000. Apart from this, the minimum age of the child should be 90 days and maximum 12 years for this insurance policy.
You can invest in this plan as per your requirement. The special thing about this plan is that you have to pay premium for this only till the child turns 20.
After this, when the child turns 25, you will get the maturity amount.
Invest Rs 150 daily, you will get 8.5 lakhs on maturity
If your child is 12 years old at the time of starting premium payment under this policy, the policy term will be 13 years with a minimum sum assured of Rs 5 lakh. Under the Jeevan Tarun Policy, if you save Rs 150 a day, your annual premium will be around Rs 55,000.
Your total investment in eight years will be 4,40,665. On this you will get a bonus of Rs 2,47,000, while the sum assured is Rs 5 lakh. Apart from this, loyalty benefit of Rs 97,500 will be available. In this way, you will get a total of Rs 8,44,500 under this policy.