Salient Features of Plan
- Jeevan Tarun is a limited premium plan designed for children education, marriage and other needs in the future.
- Depending on the requirement, the proposer can choose any of the 4 options for SB (Survival Benefit) payments from 20 to 24 years of age.
- Proposer need to choose the option at the proposal stage only.
- Under Jeevan Tarun plan Maturity Benefit is payable at the age of 25 years only.
Eligibility Conditions and Restrictions:-
- Child Age at Entry – Between 90 days – 12 Years (Nearest Birthday)
- Policy Term – 25 – Child’s Age at entry (years)
- Premium Paying Term – 20 – Child’s Age at entry (years)
- Minimum/Maximum Maturity Age – 25 Years
- Premium Payment Mode – Monthly (SSS, ECS), Quarterly, Half Yearly and Yearly
- Minimum Sum Assured – 75,000
- Maximum Sum Assured – No limit
Survival Benefit: On survival of the life assured on each of the respective policy anniversaries, a fixed percentage of sum assured shall be payable as survival benefit. It shall be payable every year starting from policy anniversary coinciding with / following the completion of 20 years of age and thereafter on each of next 4 policy anniversaries. These percentages depend on the option chosen by the proposer at the proposal stage. The percentages for various options are given in Table below.
Maturity Benefit: On Survival Maturity Benefit = Sum Assured on maturity + vested Simple Reversionary Bonuses + Final Additional Bonus, if any. Sum Assured on Maturity for various options are given in Table below.
Survival & Maturity Benefit – As per four options to be chosen at the proposal stage:
|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|
- On Death before the Date of commencement of risk: Death benefit = Total no. of premiums paid – taxes, extra premium and rider premium (if any)
- On Death after the Date of commencement of risk: Death benefit = ‘Sum Assured on death’ + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80C and the maturity received (returns) are exempted from tax under Section 10 (10A).
Surrender Value: The policy can be surrendered at any time during the policy term provided premiums have been paid for full three years.
Loan: Loan facility is available under this plan after the payment of premiums for atleast three full years and after obtaining the declaration from the proposer to the effect that loan is raised for the benefit of the minor life assured.
PWB available (Premium Waiver Benefit Rider)
Free Look Period – If policy holder is not satisfied with “Terms and Condition” of policy he/she may return policy to LIC stating reason within 15 days from date of receipt of policy.
Grace Period: A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.
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