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LIC Jeevan Tarun-834

LIC Jeevan Tarun

Features of the LIC Jeevan Tarun plan

This plan Non-Linked, Regular Premium,with profits, Limited Payment,Money Back plan This is Traditional Plan

This plan to fulfill requirement child education, and child age 20 to 25 years

PWB.-Premium waiver options is available

Premiums paid is exempted from income tax under sec 80C,

Maturity amount is tax free under 10(10D)

Premium paid the child age 20 years old while the policy continues till the child completes 25 years of age

Risk cover starts child age completes 8 years or 2 years from date of commencement of policy, whichever is earlier.

There are four options available to take the maturity on survival Benefit

Option S.B.every year for 5 years

from Age 20,21,22,23,24

Maturity Benefit

At Age 25 Years

Option-I No          Survival Benefit 100% of Sum Assured  + Bonus
Option-II 5% of     Sum Assured 75% of Sum Assured  + Bonus
Option-III 10% of   Sum Assured 50% of Sum Assured  + Bonus
Option-IV 15% of   Sum Assured 25% of Sum Assured + Bonus

 

This policy is premium paid till the child age 20 years ,but this policy continues till the child age 25 years old. Thus the last 5 years ,(child age 20th ,21st 22nd 23rd 24th )when the payout can be taken, premium does not to be paid,

 

General Conditions of the policy

Minimum Age entry 90 days  (complited)
Maximum Age entry 12 Years (near birth day)
Maturity Age 25 Years
Policy Term 25 minus Age at entry
PPT 20 minus age at entry
Min.Basic Sum Assured 75,000
Max.Basic Sum Assured No limit
Mode Yearly, half year, quartyl  ,monthly, Ecs
Policy Loan Yes
Assignment Yes
Revival Yes
Surrender Yes
Nomination Yes
High Sum Assured Rebats
2 Lac to 4,95,000 Rs.2
5 Lac to above Rs.3

Benefits of the Jeevan Tarun

Loan :-

10 Years Term ……After 2 Years and

More than 10 Years Term After 3 Years  After  are loan eligible .

Revival…Within 2 Years of Lapse

Risk coverage:-

The child is less than 8 year old, then life cover will start 2year after policy purchase of completion of 8 year of age, whichever is earlier.

Death benefits

If death of child happens before start of risk, all premiums paid excluding taxes will be paid to nominee as death claim.

If death of child happens after start of risk, then Sum Assured on death (125% of sum assured) + Bonus + FAB will be paid to nominee as death claim.

Maturity benefit

Maturity Benefit are  four options available

Option S.B.every year for 5 years

from Age 20,21,22,23,24

Maturity Benefit

At Age 25 Years

Option-I No          Survival Benefit 100% of Sum Assured  + Bonus
Option-II 5% of     Sum Assured 75% of Sum Assured  + Bonus
Option-III 10% of   Sum Assured 50% of Sum Assured  + Bonus
Option-IV 15% of   Sum Assured 25% of Sum Assured + Bonus

 

Example of the Jeevan Tarun plan-834

Child Age 1 Year Proposer Age 30Years and Sum Assured 5,00,000 Option-II Selected  Policy Detailes

Child Age 1 Years
Term 24 Years
Premium Paying Term 19 Years
Basic Sum Assured 5,00,000
Death Sum Assured 6,25,000

 

Option 2 Selected :- 5% Sum Assured For 5 years, Maturity Benefits 75% of Sum Assured.

PWB Rider : Yes

This policy Premium Calculator

 1st Year Premium with Tax 4.5%

Mode Premium Tax Total
Yearly 22664 1020 23684
Half Yearly 11459 516 11975
Quarterly 5793 261 6054
Monthly (ECS) 1931 87 2018

After 1st Year Premium with Tax 2.25%

Mode Premium Tax Total
Yearly 22664 510 23174
Half Yearly 11459 258 11717
Quarterly 5793 130 5923
Monthly (ECS) 1931 43 1974

 

He received Money Back

Child Age 20th Year 25000
Child Age 21st  Year 25000
Child Age 22 Year 25000
Child Age 23 Year 25000
Child Age 24 Year 25000
Approximate Return at Maturity

Time 25th Year

75% + SA + Bonus + F.A.B

 

 

 



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