What can a child do for himself or herself without a parent’s hand? A child looks up to the parent for every basic necessity of life. Savings for the child is the primary need of every parent.
Every parent sacrifices time toils hard to provide the best environmental growth of the child ensuring that nothing unexpected arises as a hindrance to the child’s future growth. A parent sets aside some cash as saving for the child, not only that with the cost of living and education some plan has to be made to ensure the future education of the child and this is possible by long-term savings. Saving in LIC’s Jeevan Tarun is also something that a parent does for their child.
What is the LIC Jeevan Tarun Plan?
A parent saves in LIC’s, mutual funds and other similar plans for the benefit of the child in case of any untoward incident that may occur to the parent and the benefits of the plan are handed over to the child by the insurer.
Life Insurance Corporation of India has introduced new specialized and most prominent children’s plan “Jeevan Tarun” combining savings with protection. Rising costs and raising children which once was a far off dream which now can be realized. Jeevan Tarun provides a financial platform with exclusive solutions in order to secure the child’s future. LIC Jeevan Tarun is well planned to assist parent’s meet the expenses of the Child’s education, life insurance, and marriage.
What Are The Key Features Of The LIC Jeevan Tarun Plan?
- An awesome plan to fulfill necessary requirements of child’s Education and Marriage.
- Option to select the required amount from 20 to 25 year of age of the child.
- Availability of tax rebate from income tax under sec 80C on paid premiums.
- Maturity amount and survival benefit are tax-free under sec 10 (10D) of the Income Tax Act.
- Tax benefit on death under sec 10 (10D) of the Income Tax Act.
- This plan has an option to choose the survival benefit and helps ensure financial requisites of child education from 20 to 25 years of the child.
What Is The Eligibility Criteria For Jeevan Tarun?
|Minimum Age of Entry||90 days|
|Maximum Age of Entry||12 years|
|Maturity Age||25 years|
Purview Of The Plan
|Sum Assured||Minimum Rs. 75,000 & no maximum limit|
|Policy Term||25 years minus age at entry|
|Premium Paying Term||20 years minus age at entry|
|Premium Paying Frequency||Yearly, Half Yearly, Quarterly, Monthly (ECS Only)|
|Premium Paying Mode Rebate||2% on yearly, 1% on Half Yearly, Nil on quarterly & monthly|
Benefits Of The Plan
- A loan can be availed on the condition that the policy has a procured a surrender value.
- There is a grace period for all modes for 30 days and for monthly payments for15 days starting from the premium due date.
- The customer can choose from any plan depending on the survival and maturity benefit required.
- The death benefit assures that the entire risk cover will be paid in case of sudden demise of the policyholder.
- Maturity benefit will be given to the policyholder equivalent to a certain amount of the assured sum.
- Rebates on higher premiums can be availed.
- Surrender benefit can also be availed by policyholders subject to certain terms and conditions.
- The best part is the customization of policy that can be done by policyholders to ensure that their policy takes care of all their needs.
Exclusions of the Jeevan Tarun Plan
There are two exclusions to this plan. They are:
- On the death of the policyholder by suicide within 12 months of the policy, the nominee receives 80% of the premium after deductions.
- Or if the policyholder dies due to suicide within 12 months of the period of revival of policy, then 80% of the surrender value is given to the nominee.
Ideally, this is a good policy according to the online reviews received for the Jeevan Tarun plan. Though the Jeevan Tarun has certain setbacks overall, it has been received positively by many policyholders.