LIC Jeevan Tarun Policy Review
LIC Jeevan Tarun Policy is a participating non-linked limited premium payment Money Back Insurance Plan. LIC of India has introduced this Plan to provide an attractive combination of protection and saving features for children. LIC Jeevan Tarun Child Money Back Policy (Plan No. 834) was introduced on 18th May 2015 with a Unique Identification Number (UIN) of 512N299V01.
LIC Jeevan Tarun Policy is Specially Designed to meet the Educational and Other Needs of growing children. It provides Survival Benefits from Ages 20 to 24 years and Maturity Benefit at the Age of 25 years. In this Plan, The Proposer has the Option to choose the proportion of Survival Benefits to be availed during the term of the Policy at the proposal Stage.
LIC Jeevan Tarun Plan. No 834 Features & Benefits
Benefits of LIC Jeevan Tarun Money Back Plan
On the death of Life Assured before the Policy Term, Policyholder will get the below benefits.
On the death of Life Assured before the date of commencement of Risk:
The Total Amount of Premiums Paid excluding Taxes, Extra Premium, and Rider Premium if any shall be Payable.
On Death after Commencement of Date of Risk:
The Death Benefit can be defined as the Sum of “Sum Assured on Death” and Vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. This death benefit shall not be less than 105% of the total premiums paid as on date of death.
Sum Assured on Death = 10 times of annualized premium (or) Absolute Amount assured to be paid on death i.e. Basic Sum assured.
On Surviving, Life Assured will get a fixed percentage of Sum Assured shall be payable on each policy anniversary or immediately following the completion of 20 years of age and thereafter on each of next four policy anniversaries. The Fixed Percentage of Survival Benefits are given below.
|Policy Anniversary coinciding/ following completion of ages||Percentage of Sum Assured to be paid as Survival Benefit|
|20 years to 24 years||Option 1||Option 2||Option 3||Option 4|
|Nil||5% each year||10% each year||15% each year|
If the Life Assured is Survived until the Stipulated Date of Maturity a fixed percentage of Sum Assured will be payable on maturity.
The Percentage of Maturity Benefits:
|Maturity Age||Option 1||Option 2||Option 3||Option 4|
|25 year||100% Sum Assured||75% of Sum Assured||50% of Sum Assured||25% of Sum Assured|
Participation in Profits: By taking this Policy the Policyholder will receive Share in Profits of the Corporation as Simple Reversionary Bonuses declared as per the experience of the Corporation.
Key Features of LIC Jeevan Tarun Child Money Back Policy
- LIC Children Money Back Plan is a Limited Premium Money Back Insurance plan.
- LIC Jeevan Tarun Policy is introduced to meet the Educational and Other Needs of growing children.
- LIC Jeevan Tarun Plan is introduced to provide an attractive combination of protection and saving features for children.
- The Policyholder will get the Simple Reversionary Bonuses along with the Maturity Sum Assured at the end of the policy period.
- The Additional Optional Rider namely “LIC’s Premium Waiver Benefit Rider” can Opt on the Life of Proposer by Paying Additional Premium.
- The Grace Period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for the monthly mode of premium payment.
- The Policy can be Surrendered at any time during the Policy Term after successful Payment of Premium for three full years or Two years depends on the Policy Term.
- The Policyholder will get a Guaranteed Surender Value and Special Surrender Value on Surrendering the Policy.
LIC Jeevan Tarun Policy Eligibility Conditions
|Entry Age||Minimum: 90 Days.
Maximum: 12 Years.
|Policy Term||25 years|
|Minimum/Maximum Maturity Age||25 years.|
|Premium Paying Term||20 years|
|Sum Assured (The Sum Assured shall be in Multiples of Rs. 5000/- from Sum Assured Rs. 75,000/- to Rs. 100,000/- and Rs. 10,000 for Sum Assured above Rs. 10,000/-).||Minimum: Rs. 75,000/-
Maximum: No Limit.
|Premium Payment Modes (ECS & SSS)||
LIC Jeevan Tarun Premium Calculator
You can calculate the Minimum Premium that has to be Paid to take the Policy By Using the LIC Jeevan Tarun Premium Calculator. The Amount of Premium Paid will depend on the Sum Assured, Policy Term, Premium Payment Modes and Age of the Life Assured. You need to enter Some Basic Information like Name, Mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured to calculate the Premium Value.
Sample Premium Rates:
LIC Jeevan Tarun Policy Riders
Life Insurance Corporation of India is offering a Special “LIC’s Premium Waiver Benefit (PWB) Rider (UIN: 512B204V01)” (Optional) under this Jeevan Tarun Money Back Plan (Plan No. 834). “LIC’s Premium Waiver Benefit Rider“ can avail on the Life of Proposer by Paying Additional Premium. People who wish to get the LIC Premium Waiver Benefit Rider should meet the below Eligibility Conditions.
- Minimum Entry Age: 18 years.
- Maximum Entry Age: 55 years.
- The Term of the Rider: 20 years (Age of the child at the time of opting the rider).
- Maximum Cover Ceasing Age: 70 years (Nearest birthday).
LIC Jeevan Tarun Policy Rebates
LIC provides Rebates for the Policyholders under this Policy. Rebate means getting a discount on tabular premium as per the payment mode of the policy. The Rate of Rebates for LIC Jeevan Tarun Money Back Plan is given below.
- Yearly Mode: 2% of Tabular Premium.
- Half-yearly Mode: 1% of Tabular Premium.
- Quarterly and Monthly: NIL.
High Sum Assured Rebate:
|Basic Sum Assured||Rebate (Rs.)|
|Rs. 75,000/- to Rs. 1,90,000/-||NIL.|
|Rs. 2,00,000/- to Rs. 4,90,000/-||2 per Thousand Sum Assured.|
|Rs. 5,00,000/- and above||3 per Thousand Sum Assured.|
CEIS Rebate: An Employee of the Corporation is eligible for the Rebate on the tabular Premium under Corporate Employees Insurance Scheme (CEIS). The CEIS Rebate Rates are as follows.
|Policy Term||CEIS Rebate|
|8 to 14 years||5%|
|15 years & above||10%|
LIC Jeevan Tarun Policy Buying Process
You can Buy the LIC Jeevan Tarun Children Money Back Plan from the Nearest LIC Branch Office or through online at the LIC’s Official Website or From the LIC Agent. The Documents required for buying LIC Jeevan Tarun Plan no. 834 are listed below.
- Application form / Proposal form along with the photo.
- Address Proof.
- Age Proof.
- Medical Reports (if required).
LIC Jeevan Tarun Plan Claim Process
The Policyholder / Nominee can apply for the Claim in the case of Death or Disability Occurred due to the Sudden Accident of the Policyholder within the Policy Term or if your Policy Maturity Period completed. You can get the Claim Form from the LIC Regional Offices or from the Official Website of LIC. The Documents required in LIC Jeevan Tarun Claim Process are
- Claim Form.
- NEFT Form.
- Proof of death.
- Medical treatment prior to Death, School / College / Employer’s Certificate, whichever is applicable.
- Age proof.
LIC Jeevan Tarun Money Back Policy Details
Policy Loan: Loan facility is available under this plan after the Successful Payment of Premiums for at least Two Full Years for a Premium Paying Term Less than 10 years and Three Years for Premium Paying Term of 10 years or more. The Maximum Loan that will be Granted as a Percentage of Surrender Value are
- For in force /fully Paid-up policies: upto 90%.
- For paid-up policies: upto 80%.
LIC New Children Money Back Plan can be revived before two years from the date of First Unpaid Premium (FUP).
Riders: A Special ”Premium Waiver Benefit Rider” Rider is available under this Plan.
For Premium Paying Term Less than 10 years: The Policy can surrendered at any time during the Policy Term after Successful Payment of Premiums for two consecutive years.
For Premium Paying Term of 10 years or more: The Policy can surrendered at any time during the Policy Term after Successful Payment of Premiums for three consecutive years.
Guaranteed Surrender Value:
The Guaranteed Surrender Value which is equal to the total premiums paid (excluding taxes, extra premium and rider premium, if any) multiplied by the Guaranteed Surrender Value factor applicable to total premiums paid, less any Survival Benefits already paid under the policy.
Special Surrender Value: The Special Surrender Value of any vested Simple Reversionary Bonuses which is equal to vested bonuses multiplied by the surrender value factor applicable to vested bonuses if any shall also be payable.
Paid-up Value: If the Policy Holder has paid Premiums for at least Two years or Three Full years depends on the Premium Paying Term and any Subsequent Premiums be not paid, all the Benefits under this policy will be ceased after Grace Period has completed.
Death Paid-up Sum Assured Value
[(Number of premiums paid/Total Number of premiums payable under the Policy) x Sum Assured on Death].
Maturity Paid-up Sum Assured Value
[(Number of premiums paid / Total Number of premiums payable) x (Sum Assured on Maturity plus Total Survival Benefits payable under the policy).
More Information on LIC Children Money Back Plan
Free Look (Cooling Off) Period: If the Policy Holder not satisfied with the Terms and Conditions of the Policy, Policyholder can return the Policy within 15 Days from the date of receipt of the Policy Bond.
Taxes: Taxes including Service Tax and any Other Taxes on premiums including extra premiums shall be Payable by the Policyholder as per the Tax Laws and the rate of Tax shall be as applicable from time to time.
Back-Dating Interest: The Policies can be Dated back within the Same Financial year. The Rate of Back-dating Interest will charged by the corporation from time to time of completion of policy.
Proposal Forms: Proposal Form no. 340 and 360 0 issued by U & R Department will be useful for this Plan.
- If the Life Assured commits suicide at any time within one year / 12 months from the date of commencement of risk, the Corporation will not entertain any Claim, but the Corporation will give you 80% of the Premiums paid excluding any taxes and Extra Premium paid.
- If the Life Assured commits suicide at any time Within 12 Months from Date of Revival, the Corporation will pay 80% of the Premiums paid till the Date of Death.
FAQ’s on LIC Jeevan Tarun Policy (Plan. No 834)
- Are any Riders available under this Plan?
Ans: Yes, A Special Rider Namely “LIC’s Premium Waiver Benefit Rider” is available by Paying Additional Premium.
2. What is Cooling-off Period for the LIC Jeevan Tarun Policy?
Ans: You have the Cooling-off (Free-look) Period of 15 Days to return the Jeevan Tarun Policy if you not satisfied with the Terms and Conditions.
3. Can I Revive My LIC Jeevan Tarun Child Money Back Policy?
Ans: Yes, you can revive your Lapsed Policy within two consecutive years from the Date of First Unpaid Premium.