LIC Jeevan Tarun Child Plan 834

          The LIC Jeevan Tarun Plan is a limited premium payment money back plan specially designed for the children education and needs of the growing children. The LIC Jeevan Tarun Child Plan is a flexible non-linked plan where the proposer can choose the Survival Benefit Payment Options. All types of benefits can be availed under this LIC’s Jeevan Tarun Money Back Plan such as Survival Benefit, Death Benefit, and Maturity Benefit.

          It is a non-linked plan with limited premium payment. This is designed to meet the educational needs of children of20-24 years with annual Survival Benefit. Maturity Benefit is provided at 25 years. This plan gives four options for choosing the Survival and Maturity benefits, as listed in the table below.

          It can be taken by the parent or grandparent of any child upto 12 years. The Sum Assured is the payment of a fixed percentage of Sum Assured based on the table above. The Maturity benefit depends on the table above along with Simple Reversionary bonuses and Final Additional Bonus.If the policy-holder dies before the commencement of risk, the premiums paid will be returned excluding taxes, extra and rider premium. If the policy holder dies during the policy term after commencement of risk, then the Sum Assured on Death is payable (provided all due premiums are paid) which is defined as the higher among 10 times of annualized premium and 125% of Basic Sum assured, along with Simple reversionary bonuses and Final additional bonus, and this Death benefit will not be less than 105% of total premiums paid before death.

Features

• The Survival Benefit Payments are made for the Life Assured in the age between 20 to 24 years.
• The Premiums paid are exempted from Income Tax under section 80C.
• Premium Waiver Benefit Rider Option is available for the Policyholder.
• The Premiums has to be paid till the child is 20 years, and the policy continues till the child reaches the age of 25 years.
• This Jeevan Tarun Policy is a Limited Payment Policy Traditional Plan.
• The Proposer has the option to choose the Maturity and Survival Benefits for the Sum Assured.

Eligibility Conditions

Minimum Entry Age	90 Days (completed)
Maximum Entry Age	12 years (last birthday)
Minimum Maturity Age	–
Maximum Maturity Age	25 years
Minimum Sum Assured	Rs 75,000/-
Maximum Sum Assured	No Limit
	For Sum Assured Rs 75,000/- to 1,00,000 (multiples of Rs 5,000/-).
	For Sum Assured Rs 1,00,000 and above (multiples of Rs 10,000/-).
Premium Paying Term	20 years (Entry Age)
Policy Term	25 years (Entry Age)
Premium Payment Mode	Monthly (SSS or ECS), Quarterly, Half Yearly, Yearly.

Benefits 

The Different Benefits under the LIC Jeevan Tarun Policy are provided below.

Death Benefit: On Sudden death of the Proposer, the Nominee will receive the amount of premiums paid by excluding taxes with rider premium and extra premium will be payable. The Sum Assured (125%) or 10 times of annualized premium with Simple Reversionary Bonus and Final Additional Bonus is payable as the Death Benefit.

Survival Benefit: On Survival of the Proposer at the respective policy anniversary, a fixed percentage of Sum Assured will be payable as per the options chosen by the Life Assured for every policy year.

The Options for % of Sum Assured as Survival Benefit

Policy Anniversary coinciding with the following ages	Option 1	Option 2	Option 3	Option 4
20 to 24 years	NIL	5% each year	10% each year	15% each year

Maturity Benefit: If the Proposer survives till the end of the policy term, the sum assured on Maturity along with Final Additional Bonus and vested Simple Reversionary Bonus is payable as per the options chosen at the time of proposal.

Option	Maturity Benefit
Option 1	100% of Sum Assured
Option 2	75% of Sum Assured
Option 3	50% of Sum Assured
Option 4	25% of Sum Assured

Rider

          On Payment of additional premium, this rider can be opted by the Policyholder. If sudden death occurs to the Proposer, the due premiums to be paid are waived off. Depending on the proposers age, personal declaration, and related documents, the Premium Waiver Benefit Rider will be granted.

Eligibility Conditions

Minimum Entry Age	18 years
Maximum Entry Age	55 years
Maximum cover ceasing age	70 years
Rider Term	20 (Age of the child at the time of opting rider).

Additional Information 

Grace Period: The Policyholder will be provided a grace period of 15 days for monthly payments and 30 days for Quarterly, Half Yearly and Yearly payments.

Free Look (Cooling Off Period): The Policyholder can return the Policy within 15 days from receipt of policy, if not satisfied with the Terms and Conditions of the Policy.

Proposal Form: The Revised Proposal No 340 or 360 shall be used for this LIC Jeevan Tarun Child Plan.

Loan Facility: The Loan can be availed by the proposer as mentioned below.

• For Premium Paying Term less than 10 years, the premium should be paid for atleast 2 years.
• For Premium Paying Term more than 10 years, the Policyholder must pay the premium for atleast 3 years.

Policy Revival: The Policy can be revived within 2 years from the first unpaid premium.

Surrender Value: The Proposer can surrender the LIC’s Jeevan Tarun Plan at any time, after completion of the premium payment for 2 years (10 years premium paying term), 3 years (more than 10 years premium paying term).

Back dating Interest: The Policy can be dated back with the same financial year.

Nominations/Assignments: The Life Assured can assign the Policy to the spouse, children or close relatives.

Claim Process

          Within the Policy Term, if the Policy Holder subjected to Sudden Death or Disability Claim can be made by the Nominee. After the completion of the Policy Term you can make a Claim. The Documents required for Claim Process is available in the official website or the regional office of LIC. The Documents required are.

• Policy Bond.
• Duly filled Claim Form.
• Death Certificate.
• Age Proof.
• Identification Proof.
• Medical treatment document before death.

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