Life Insurance Corporation of India’s Jeevan
Tarun Plan is a participating Endowment Plan with a limited pay option that can
be an option for a child of up to 12 years of age.
The maturity benefit comes with four options of maturity in this child plan and
can be opted for money back options as well. This plan is a life insurance plan
that is endowed for a child’s higher
education.
The Jeevan
Tarun plan is one in which the
premium needs to be paid until the child
reaches 20 years of age even after which the policy continues till the child is
25 old. Hence, the last five years, wherein the payout can be taken; the premium does not need to be paid, rather, the policy continues until its
maturity, that is, until the child is 25 years of age. Therefore, this is a
Limited Payment Policy.
LIC Jeevan Tarun Plan Features:
The features of this plan are:
·
Jeevan Tarun plan is a
participating limited pay plan which is traditional in nature.
·
The premium for this plan
needs to be deposited until the child is 20
years of age after which the policy continues until the child reaches 25 years
of age.
·
After the child completes eight years of age, or 2 years from the date of
policy commencement, whichever falls earlier, the risk cover on him starts.
·
If there is any remaining
sum assurance along with vested bonus payable to the child on the maturity of
the policy as a Maturity Benefit, the policy would
lead to its termination.
·
The sum assured on death
has been grossed as higher than ten times of the annualized premium, or 125%
of the total sum assured whichever seems higher, which is subject to a minimum
of 105% of total premium paid till date.
Why Jeevan Tarun Policy?
The Jeevan Tarun Plan of the Life Insurance Corporation
of India provides a lot of benefits to its consumers. Since this is a
participating policy, the policyholder gets a final additional bonus and
several simple revisionary bonuses from time to time. The customer also
receives a certain percentage of the sum assured (if he survives) as a benefit for survival, in the previous five
years and the policy stays active according to the schedule. The policyholder acquires a maturity benefit if he
survives the complete tenure of the policy, the amount of the leftover sum
assured along with the bonuses are compensated to the policyholder as thus, the
policy is concluded.
In a case where there is a sudden death of the
policyholder during the tenure of the policy, the sum assured along with the acquired
bonuses at the time of the death is paid
to the nominee of the policyholder.
Along with this, there is LIC’s Premium Waiver
Benefit Rider available to the customers to get
leverage on the mode of payment for yearly and half-yearly premium
payments. The sum assured is a higher of 125% of the original sum assured at
the time of taking the policy, it is ten
times the annualized premium which is
being paid and is subject to at least a hundred and five percent of the total
premiums paid as on the date of the death.
Jeevan Tarun Policy- Details
Life Insurance Corporation of India offers a
grace period of about 30 days to pay the premium. Policyholders get a leverage
of about 30 days to pay their premiums and if they fail to do so within the
allotted time, the policy lapses. This plan also enables the policyholder with
a period of 15 days to consider whether or not they wish to continue this plan.
There is an option of cancelling the policy within this given time frame if the
policyholder has made no claim.
In a condition in which the policyholder commits
suicide, within twelve months of having taken up the policy, the nominee chosen
by the policyholder receives around eighty percent of the original premium.
And, if the policyholder commits suicide
within 12 months of the revival period, the surrender value which is 80% of the
premiums which have already been paid by the policyholder is received by the
nominee.
Documents Required for a Proper Submission
To opt for the Jeevan Tarun policy, one needs to submit proper documents which are in favour of the application form. One needs to
produce a medical history, address proof, customer documents, medical examination which depends on the age of
the policyholder and the sum assured.
All in all, the policyholder of the Jeevan Tarun
plan shares the profits of the LIC of
India as this is a contributing
plan and also gets reversionary simple
bonuses which are stated in accordance with the experience of LIC.
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