LIC Jeevan Tarun Policy
The country’s largest insurance and government company, Life Insurance Corporation of India, or LIC, is the first choice for Indians when it comes to insurance policies.
LIC’s demand is very high, which is why it has prepared a lot of policies for different types of people. LIC has one or another special policy for each category.
This government-backed company has a wide range of insurance plans for people of almost all ages and categories. Today, here, we will give you information about a special plan for its children.
LIC policies
LIC policies are especially liked by those Indians who like to invest in risk-free assets. Anyway, after bank FDs and post office savings schemes, LIC policies are highly preferred due to their higher returns.
LIC policies are such that you can avail them for yourself and your family, while LIC policies for children are also popular among Indians.
LIC Jeevan Tarun Policy
The LIC Jeevan Tarun Policy is a non-linked limited premium payment plan that offers an attractive combination of protection and savings features for children.
The plan is designed to meet the educational and other needs of the growing children through annual survival benefit payouts at the ages of 20 to 24 years and maturity benefits at the age of 25 years.
This Scheme is Very Flexible
The LIC Jeevan Tarun policy is a flexible plan wherein the proposer at the proposal stage can choose the proportion of survival benefit to be received during the term of the policy.
A total of 4 such ratios are found in this scheme.
These are the four options
1: No survival benefit; 100% of the sum assured
2: 5% of the sum assured every year for 5 years; 75% of the sum assured
3: 10% of the Sum Assured every year for 5 years, 50% of the Sum Assured
4: 15% of the sum assured every year for 5 years; 25 percent of the sum assured
Minimum Sum Guaranteed
Under the LIC Jeevan Tarun policy, the minimum age of the child should be 90 days, while the maximum age should be 12 years as of the last birthday.
Premiums have to be paid until the child is 20 years of age, and the policy term ends at 25 years of age.
The minimum sum assured under the LIC Jeevan Tarun policy is Rs 75,000, with no upper limit. That is, you can invest as much as you want.
Make a Daily Deposit of Rs 150
If you start paying premiums under the LIC Jeevan Tarun policy for a 12-year-old child, then the policy term will be 13 years, and the minimum sum assured will be Rs. 5 lakh.
Then, if you pay Rs 150 a day, the annual premium would be around Rs 55,000. net investment of Rs 4,40,665 over eight years, plus a bonus of Rs 2,47,000And the assured sum is Rs 5 lakh.
You will get a loyalty benefit of Rs. 97,500. Hence, the total amount that you will get under the LIC Jeevan Tarun policy will be around Rs. 8,44,504.
