What are the benefits of LIC’s Jeevan Tarun Plan?by Jayant Harde Our associates have a rich corporate experience of
LIC’s JEEVAN TARUN is a participating, unlinked, restricted premium payment plan that offers an attractive combination of protection and saving features for children. This plan is specifically designed to meet growing children’s educational and other needs through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit at age 25. It is a flexible plan in which the proposer can select the proportion of Survival Benefits to be used during the policy period as per the following four options at the proposal stage:
|Option||Survival Benefit||Maturity Benefit|
|Option 1||No survival benefit||100% of Sum Assured|
|Option 2||5% of Sum Assured every year for 5 years||75% of Sum Assured|
|Option 3||10% of Sum Assured every year for 5 years||50% of Sum Assured|
|Option 4||15% of Sum Assured every year for 5 years||25% of Sum Assured|
Benefits available under an in-force policy:
On death during the policy term (before the commencement of risk):
In the event of the Life Assured ‘s death, premium / s return paid, except taxes, extra premium, and rider premium, if any, shall be payable without interest.
On death during the policy term (after the commencement of risk):
Death Benefit, defined as the sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable in case of death during the policy term provided all due premiums have been paid. Where “Sum Assured on Death” is defined as Higher of 10 times of annualized premium or Absolute amount Assured to be paid on Death i.e. 125% Sum Assured.
This Death Benefit is not less than 105% of the total premiums paid as at the date of death.
The premiums -mentioned rates exclude, where any, taxes, extra premium, and rider premium.
Survival benefit :
Survival benefit provides a fixed percentage of the assured sum that can be chosen during the proposal stage. That amount will be payable on each of the next four policy anniversaries at the end of 20 years and thereafter.
Maturity benefit :
If the life assured survives the term of the policy a fixed percentage of the assured sum is paid upon maturity. The fixed percentage of the various options is explained in the following table.
|MATURITY AGE 25 year||OPTION 1||OPTION 2||OPTION 3||OPTION 4|
Participation in Profits benefit :
This scheme is entitled to share incorporation profits and receive Basic Reversion Bonuses or other ultimate additional incentives when a claim is made either by death or maturity given the program is in place.
To know more about life Insurance, you can visit our website https://www.jayantharde.com or contact our representative at +91 712 2282029 or meet us at 51, Gurukripa, Old Sneha Nagar, Wardha Road, Nagpur – 440015.
Created on Jun 16th 2020 09:37. Viewed 118 times.