LIC Jeevan Tarun offers a fine combination of protection and savings components for a child’s future needs. The plan’s main objective is to provide a bright future and enough savings to fund child’s expenses such as sports membership or higher education.
This is basically a Life Insurance Plan for a child up to 12 years of age. It is a good and well structured plan which is designed for child benefit.
Table of Contents
Key Features
- There are 4 options for choosing maturity benefit under LIC plan 834.
- Offers a combination of saving and protection features for children.
- The risk cover will start after the child completes 8 years of age or 2 years from date of policy beginning, whichever is earlier.
- It is a participating Limited Premium Pay Plan.
Maturity Options
The following table is presenting the all 4 available options.
| 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 |
Benefits
Maturity Benefit: If the policy holder survives the complete duration of the policy, then the amount of the Basic SA along with the bonuses achieved shall be paid.
Participation in Profits: The plan is able to participate in Simple Reversionary Bonuses declared or any final additional bonus as per the experience of the Corporation. It will take effect when claim is made either by death or maturity provided while the policy is active.
Survival Benefit: It will offer a fixed percentage of sum assured to be payable on each policy anniversary. The amount will be payable on the successful completion of 20 years of age. This fixed percentage will depend on the Option chosen at the time of proposal stage.
| Policy Anniversary coinciding/ following completion of ages | Percentage of Sum Assured to be paid as Survival Benefit | |||
| Option 1 | Option 2 | Option 3 | Option 4 | |
| 20 to 24 years | Nil | 5% each year | 10% each year | 15% each year |
Death Benefits-
Death before commencement of risks: In case of the death of life assured, any return of premium paid excluding taxes, extra premium and rider premium will be payable. No interest will be payable.
Death after commencement of risks: In case of death during the policy term provided all due premiums shall be paid. Sum Assured on Death and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
The premium mentioned above excludes taxes, extra premium and rider premium, if any.
Eligibility
| Minimum Sum Assured | INR. 75,000 |
| Maximum Sum Assured | No Limit |
| Minimum Age at entry | 90 days (last birthday) |
| Maximum Age at entry | 12 years (last birthday) |
| Minimum/ Maximum Maturity Age | 25 years (last birthday) |
| Policy Term or maturity | 25 Age at entry years |
| Premium Paying Term (PPT) | 20 Age at entry years |
Other Details
- Free look period of 15 days is applicable in this policy from the date of recipient of the plan bond.
- The policy can be revived if no longer active. The period is less than 2 continuous years since the last date of premium.
*For more information on LIC Jeevan Tarun plan kindly contact the nearest LIC’s Branch Office or call on the LIC Customer Care Number.
I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
Our main goal is to empower individuals through financial education. We believe that everyone should have the opportunity to build a strong financial foundation. Whether you’re a seasoned investor or just getting started, we provide articles, guides, and resources to help you navigate the financial landscape.
I invite you to join our community of financially savvy individuals. Feel free to ask questions, engage with our content, and explore the topics that matter to you. Together, let’s take control of our financial futures.
