LIC Jeevan Tarun – Key Features
This is a Participating Limited Pay Traditional Plan
Premium needs to be paid till the child is 20 years old while the policy continues till the child completes 25 years of age
The risk cover on the child starts after he completes 8 years of age or 2 years from date of policy commencement, whichever is earlier
There are 4 options for choosing maturity benefit:
In this plan, the premium needs to be paid till the child is 20 years old, but the policy continues till he is 25 years old. Thus the last 5 years, when the payout can be taken, the premium does not need to be paid, but the policy continues till its maturity, i.e. the child is 25 years old. Thus, this plan is a Limited Payment Policy.
The remaining Sum Assured along with vested Bonus, if any would be payable to him on the maturity of the policy as Maturity Benefit and the policy would terminate
The Sum Assured on Death has been defined as the higher of 10 times the Annualized Premium or 125% of the Sum Assured, whichever is higher, subject to a minimum of 105% of total premium paid till date.</p.
LIC Jeevan Tarun – Product Specification:
Policy Details of LIC Jeevan Tarun Plan
To pay the premium, the policyholders have the leverage of 30 days to pay the premium. Now, if the policyholder does not make the payment within these 30 days, then the policy lapses.
Free Look Period:
This plan gives the policyholder a period of 15 days to think about whether they wish to continue the plan or not. This gives you an option to cancel the policy within this time period if the policyholder has made no claim.
If the policyholder commits suicide within 12 months of the taking up the policy, then the nominee receives around 80% of the premium. If the policyholder commits suicide within 12 months of the revival period, then the Surrender Value or 80% of the premiums paid by the policyholder is received.
In order to take the policy, you need proper documents supporting your application. Following are the documents you require:
Know your customer documents
Medical examination (depending on your age or the sum assured)
You may also like to read: LIC India Child Insurance Plans