Product Summary :
LIC's Jeevan Tarun Plan is non-linked,
with-profits, Limited premium payment plan specially designed to meet the
educational and other needs of growing children.
Premium Payment Mode: Yearly, Half Yearly, Quarterly,
Monthly (ECS)
Term: 25 Age at Maturity Time
[25-Age at entry]Years
P.P.T.: [20-Age at entry] Years
Minimum Entry Age:
0 Year Last Birthday
Maximum Entry Age: 12 Year Last Birthday
Minimum Sum Assured: 75,000
Maximum Sum Assured: NO LIMIT (Depending upon Income)
Policy Benefits:
·
On Death:
o
On
death Before the Date of Commencement of Risk:
§
An
amount equal to the total amount of premium's paid excluding taxes, extra
premium and rider premium, if any shall be payable.
o
On
death After the Date of Commencement of Risk:
§
Death
Benefit, defined as sum of “Sum Assured on Death” and vested Simple
Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
§
Where
“Sum Assured on Death” is defined as higher of 10 times of annualized premium
or Absolute amount assured to be paid on death i.e. 125% of Sum Assured.
§
This
death benefit shall not be less than 105% of the total premiums paid as on date
of death.
On Survival:
Option
is chosen at proposal stage.
• Option-1: No Survival, Maturity
Benefit 100% S.A.
• Option-2: 5% S.A. every year For 5
Years from age 20 to 24, Maturity Benefit 75% S.A.
• Option-3: 10% S.A. every year For 5
Years from age 20 to 24, Maturity Benefit 50% S.A.
• Option-4: 15% S.A. every year For 5
Years from age 20 to 24, Maturity Benefit 25% S.A.
Surrendered 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 at least three full years.
Income Tax Benefit :
• Premium paid under this plan is
eligible for TAX rebate under section 80c.
• Maturity under this plan is free
under sec 10(10D).
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