The LIC Jeevan Tarun plan is a participating non-linked premium payment scheme designed to support parents in securing their children’s financial future. The plan offers a framework for parents to achieve their dreams and their child’s dreams by providing a guaranteed asset over a period of 25 years. The plan is available to parents who are between 90 days and 12 years old, with a minimum entry age of 8 years.
The plan offers a range of features, including annual, half-yearly, quarterly, and monthly premium payment frequencies, as well as a loan option from the policy’s surrender value. Policyholders can also choose from four customization options for survival and maturity benefits. The plan also offers a death benefit, with the nominee receiving a payment from LIC Jeevan Tarun if the life assured dies.
The plan’s premium payments are based on the sum assured amount and payment frequency choice, with options including monthly, quarterly, half-yearly, and yearly payment frequencies. The plan also offers a Premium Waiver Benefit Rider, which waives off future premiums if the policyholder passes away.
The LIC Jeevan Tarun plan is a versatile product that offers protection and savings potential for children’s financial welfare. The plan’s flexibility in premium payment schedules and borrowing against policy value adds to its value. The plan’s surrender benefit is based on specific conditions, with policyholders receiving a sum assured amount or a percentage of the sum assured amount, depending on their choice.
Overall, LIC Jeevan Tarun is a valuable plan for parents who want to secure their children’s financial future. Its various features, including the loan option, survival and maturity benefit options, and Premium Waiver Benefit Rider, make it an attractive option for those looking for a plan that provides protection and savings potential.