The LIC Jeevan Tarun plan is regarded as one of the best LIC children’s plans for securing their future. The plan is a non-linked insurance policy that is a combination of insurance and savings. The premium payment period is also limited as per the policy. The policy will help cover various expenses of your child’s life ranging from education to other expenses.
- What is the eligibility of the LIC Jeevan Tarun Plan?
The insured’s minimum age should be more than 90 days, and the maximum age should be 12 years. The minimum sum assured under this policy is Rs. 75,000.
- What is the maturity age under the policy?
After which the maturity benefits will be paid, the maturity age of the beneficiary is 25 years. The tenure of the policy will be 25 years minus the age of buying the policy.
- What is the premium payment term of the policy?
The premium is paid for a limited time limit only in this LIC child policy. As per the policy, the premium payment is done till the child is 20 years. The premium can be chosen as per the proposer’s financial affordability. Also, the premium can be paid annually, half-yearly, quarterly, and monthly.
- What are various benefits paid under the LIC Jeevan Tarun Plan?
Under the LIC Jeevan Tarun Plan, there are three benefits:
- Survival benefits: this benefit is paid for four years after completion of the premium payment term. After the child reaches the age of 20, the survival benefit is paid on every policy anniversary for the next four years.
- Maturity benefits:after the child reaches 25 years, the maturity benefit is paid as per the premium paid. Also, a vested reversionary bonus and additional benefits are added to the maturity benefit.
- Death benefit:in case of demise of the policy’s proposer before risk commencement, the paid premium along is paid back. In case of demise of the policy’s proposer after risk commencement, the total sum assured along with added bonus is paid.