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LIC Popular Plans

Jeevan Tarun Plan

LIC’s Jeevan Tarun (Table No: 834) is children money back plan which is specially designed for securing children education. This plan gives options to choose survival benefit and helps to ensure financial requirements of child education from 20 to 25 years of child age. This plan can be purchased by parent or grand parent for their 0-12 year old child and very useful with premium waiver rider which provides premium waiver in case of death of guardian (proposer) during policy term.

Key Features:

  • A plan to fulfill requirement child education
  • Option to select required amount from 20-25 year age of child
  • Premium waiver option which and important feature
  • Paid premiums are exempted from income tax under sec 80C
  • Maturity amount is tax free under 10 (10D)

Starting of Risk :

In case, the child is less than 8 year old, then, life cover will start 2 year after policy purchase or completion of 8 year of age, whichever is earlier.
Example, if child is 2 year old, then life cover (risk) will start after 2 year i.e. when child will become 4 year old and if child is 7 year old then, risk will start when child becomes 8 year old i.e. that is one year after

purchasing policy.

For 24 year Policy: 12% of Sum assured on completion of 4th, 8th, 12th, 16th and 20th year and on completion of 24th year(maturity), 40% of sum assured + Loyalty Addition.

Death Benefits :

If death of child happens before start of risk, all premiums paid excluding taxes will be paid to nominee as death claim.
If death of child happens after start of risk, then Sum Assured on death (125% of sum assured) + Bonus + FAB will be paid to nominee as death claim.

Maturity benefit:

There are four options available to take the maturity on survival which gives the flexibility to plan and secure future requirements from 20 year of age to 25 year of age child. The four option are explained in following table.

Eligibility Conditions & Restrictions for Jeevan Tarun Plan 
Minimum age90 days completed
Maximum age12 years
Policy Term25 minus (-) Age at entry
Premium paying term20 minus (-) Age at entry
Minimum Sum AssuredRs. 75,000
Maximum Sum AssuredNo limit
Premium paymentYearly / Half yearly / Quarterly / Monthly (Thru Bank)
Money back options OPTION 1 - No money back is paid (100% of Sum assured + Bonus is paid at age 25 years)
OPTION 2 - 5% of Sum assured is paid every year for 5 years from child age 20 to 24 years
OPTION 3 - 10% of Sum assured is paid every year for 5 years from child age 20 to 24 years
OPTION 4 - 15% of Sum assured is paid every year for 5 years from child age 20 to 24 years
LoanAvailable after 3 years
SurrenderAvailable after 3 years
On Maturity OPTION 1 - 100% of Sum assured + Bonus at child age 25 years
OPTION 2 - 75% of Sum assured + Bonus at child age 25 years
OPTION 3 - 50% of Sum assured + Bonus at child age 25 years
OPTION 4 - 15% of Sum assured + Bonus at child age 25 years
Premium waiver benefitAvailable from age 18 years to 55 years of proposer
Income Tax Benefits(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount / Death claim is non-taxable u/s 10(10d)

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