LIC Jeevan Tarun Plan (734) is a non-linked, with-profit, limited premium payment plan specially designed to cater to the educational and other needs of growing children. Here are some key features and benefits of LIC Jeevan Tarun Plan:
Minimum age : 0(90 days) - 12 and sum assured minimum 2 Lakhs.
Survival Benefits: This plan offers survival benefits to the child at specific intervals during the policy term, provided the life assured survives till the specified durations. These survival benefits are paid as a percentage of the sum assured and are typically payable at ages 20, 21, 22, and 23 of the child.
Maturity Benefit: If the life assured survives till the end of the policy term, and all due premiums have been paid, the maturity benefit is payable. The maturity benefit includes the basic sum assured along with any vested simple reversionary bonuses and final additional bonus, if any.
A.) No Survival. 100% SA at Maturity B.) 5% of SA every year from child age 20 to 24. On Maturity 75% of SA. C.) 10% of SA every year from child age 20 to 24. On Maturity 50% of SA D.) 15% of SA every year from cgild Age 20 to 24. On Maturity 25% of SA
Death Benefit: In case of the unfortunate demise of the life assured during the policy term, provided the policy is in force, the nominee receives the death benefit. The death benefit payable is the higher of the sum assured on death or 10 times the annualized premium.
Premium Payment Term: The premium payment term is shorter than the policy term, making it suitable for those who want to plan for their children's future with a limited premium payment period.
Optional Rider: Policyholders have the option to enhance the coverage of the plan by opting for additional riders like LIC's Accidental Death and Disability Benefit Rider.
Loan Facility: Policyholders can avail of loan facilities against the policy, subject to the terms and conditions specified by LIC.
Surrender Value: If the policyholder decides to surrender the policy before the completion of the full policy term, a surrender value is payable, provided the policy has acquired a surrender value.
Tax Benefits: Premiums paid towards the policy are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Additionally, the proceeds received under the policy are also eligible for tax benefits under Section 10(10D) of the Income Tax Act, subject to the conditions specified therein.
LIC Jeevan Tarun Plan is designed to provide financial security and meet the future needs of children while offering the benefits of insurance protection and savings accumulation. It provides a combination of liquidity through survival benefits and maturity benefit, along with the assurance of financial protection in case of untimely demise.
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