Jeevan
Tarun Plan of Lic (Table No.: 834) is children money back plan which
is specially designed for securing children education. This plan
gives options to choose survival benefit and helps to ensure
financial requirements of child education from 20 to 25 years of
child age. This plan can be purchased by parent or grand parent for
their 0-12 year old child and very useful with premium waiver rider
which provides premium waiver in case of death of guardian during
policy term.
|
Option
Name
|
Survival
Benefits
|
Maturity
Benefits
|
|
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
Age of Entry
|
90 days to 12 years
|
|---|---|
Premium Paying Mode
|
Yearly, Half Yearly, Quarterly, Monthly (ECS Only)
|
Policy Term
|
25 - Age at Entry (20 years in case of 5 year old child)
|
Premium Paying Term
|
20 - Age at Entry (15 years in case of 5 year old child)
|
Sum Assured
|
75000 and above (in multiples of 10000)
|
Premium Payment Mode rebate
|
2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
|
High Sum assured Rebate (per Thousand of SA)
|
Rs. 0 on 75,000 to 1,90,000
Rs. 2 on 2,00,000 to 4,90,000 Rs. 3 on SA on 5,00,000 and above |
Loan
|
After 2 Years for less than 10 year term & 3 years for more
than 10 year term
|
Surrender
|
After 2 Years for less than 10 year term & 3 years for more
than 10 year term
|
Revival
|
Within 2 Years of Lapse
|
LIC Jeevan Tarun Policy (Plan No.834) Benefits
Under
this LIC
Jeevan Tarun optional Money back policy 834 survival
benefits, maturity benefits, death benefits, rider benefits are
available. Detailed explanation about benefits of
LIC
Jeevan Tarun Plan
834
are
given below.
Death benefits
- If death happens before start of risk, all premiums paid excluding taxes will be paid.
- If death happens after start of risk, then Sum Assured on death (125% of sum assured) + Bonus + FAB will be payable.
Maturity benefit
There
are four options available to take the maturity on survival which
gives the flexibility to plan and secure future requirements from 20
year of age to 25 year of age child. The four option are explained in
following table.
Premium Waiver Benefit Rider (PWB)
This
plan can be bought with Premium waiver benefit against life of
proposer (Parents or Grand Parents) with additional premium. In case
of death of Parents, further premiums will not be required to pay.
This rider must be included with this policy to get a complete child
plan.
Starting of Risk
- In case, the child is less than 8 year old, then, life cover will start 2 year after policy purchase or completion of 8 year of age, whichever is earlier.
- Example, if child is 2 year old, then life cover (risk) will start after 2 year i.e. when child will become 4 year old and if child is 7 year old then, risk will start when child becomes 8 year old i.e. that is one year after purchasing policy.
- If child is 8 year old at the time of buying policy then, risk will start immediately.