LIC JEEVAN TARUN – New Child Plan

LIC's JEEVAN TARUN is a participating non-linked limited premium payment plan which offers an attractive combination of protection and saving features for children. This plan is specially designed to meet the educational and other needs of growing children through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years. It is a flexible plan wherein at proposal stage the proposer can choose the proportion of Survival Benefits to be availed during the term of the policy as per the following four 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

Eligibility Conditions and Other Restriction:  

Minimum Sum Assured                             : Rs. 75,000

Maximum Sum Assured                           : No Limit

(The Sum Assured shall be in multiples of Rs. 5,000 from Sum Assured Rs. 75,000 to Rs. 100,000 and Rs. 10,000/- for Sum Assured above Rs 100,000)

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                                               : [25 – Age at entry] years

Premium Paying Term (PPT)                      : [20 – Age at entry] years

Premium paying modes                               :Yearly, Half-yearly, Quarterly and Monthly mode.

However, a grace period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.
 

The plan can be purchased by any of the parent or grand parent for a child aged 0 to 12 years.

Policy Benefits:

Death Benefit:
On death during the policy term (before commencement of risk):
In case of death of the Life Assured, return of premium/s paid excluding taxes, extra premium and rider premium, if any, without interest shall be payable.

On death during the policy term (after commencement of risk):
In case of death during the policy term provided all due premiums have been paid 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% Sum Assured.

This Death Benefit shall not be less than 105% of the total premiums paid as on date of death.

The premiums mentioned above exclude taxes, extra premium and rider premium, if any.

Survival Benefit: A fixed percentage of Sum Assured shall be payable on each policy anniversary coinciding with or immediately following the completion of 20 years of age and thereafter on each of next four policy anniversaries. These fixed percentages shall depend on the Option chosen at the proposal stage and for various Options the percentages are as given below: 

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

Policyholder has to opt for any one of the options above at the proposal stage only.
 
Maturity Benefit: In case of Life Assured surviving the stipulated date of maturity, a fixed percentage of Sum Assured shall be payable on maturity for inforce maturing policies. The fixed percentage under different Options is as below:

Maturity Age	Option 1	Option 2	Option 3	Option 4
25 year	100%	75%	50%	25%

In addition to the above, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall also be payable.

For more details http://licindia.in/LICs_Jeevan_Tarun_benefits.html or visit your nearest LIC branch/ or email at: sushilshm2010@gmail.com