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LIC Jeevan Tarun

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Insurance Policy Duration ( In Years) 25 Years
Start Date / Month 90 days

LIC''s JEEVAN TARUN is a participating non-linked limited premium payment plan which offers an attractive combination of protection and saving features for children. This plan is

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Sector 31, Noida, Uttar Pradesh
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Product Details

Product Specification

Insurance Policy Duration ( In Years) 25 Years
Start Date / Month 90 days

Product Description

LIC''s JEEVAN TARUN is a participating non-linked limited premium payment plan which offers an attractive combination of protection and saving features for children. This plan is specially designed to meet the educational and other needs of growing children through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years. It is a flexible plan wherein at proposal stage the proposer can choose the proportion of Survival Benefits to be availed during the term of the policy as per the following four options:

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

Where, Survival Benefit is the annual payment of a fixed percentage of Sum Assured (as defined in the table above) every year starting from policy anniversary coinciding with or following the completion of 20 years of age and thereafter on each of the next 4 policy anniversaries and Maturity Benefit is a fixed percentage of Sum Assured (as defined in the table above) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, on maturity.

The chosen option shall become a part of the policy contract and no further change in option shall be allowed.

In addition, this plan also takes care of liquidity needs through its loan facility.

The plan can be purchased by any of the parent or grand parent for a child aged 0 to 12 years.

Benefits available under an inforce policy:

Death Benefit:
On death during the policy term (before commencement of risk):
In case of death of the Life Assured, return of premium/s paid excluding taxes, extra premium and rider premium, if any, without interest shall be payable.

On death during the policy term (after commencement of risk):
In case of death during the policy term provided all due premiums have been paid Death Benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. 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 shall not be less than 105% of the total premiums paid as on date of death.

The premiums mentioned above exclude taxes, extra premium and rider premium, if any.


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LIC Jeevan Tarun
LIC Jeevan Tarun
LIC Jeevan Tarun
LIC Jeevan Tarun
LIC Jeevan Tarun
LIC Jeevan Tarun

Company Details


About the Company

Year of Establishment2016
Legal Status of FirmSole Proprietorship (Individual)
Nature of BusinessService Provider
Number of EmployeesUpto 10 People
Annual TurnoverUpto Rs. 50 Lakh
IndiaMART Member SinceMar 2017
Know About Your Life Insurance

In our country, which is one of the most populated in the world, the prominence of insurance is not as widely understood, as it ought to be. What follows is an attempt to acquaint readers with some of the concepts of life insurance, with special reference to LIC.

It should, however, be clearly understood that the following content is by no means an exhaustive description of the terms and conditions of an LIC policy or its benefits or privileges.
For more details, please contact our branch or divisional office. Any LIC Agent will be glad to help you choose the life insurance plan to meet your needs and render policy servicing.
What Is Life Insurance?

Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.
The contract is valid for payment of the insured amount during:
» The date of maturity, or
» Specified dates at periodic intervals, or
» Unfortunate death, if it occurs earlier.
Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.

By and large, life insurance is civilization's partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:
  • That of dying prematurely leaving a dependent family to fend for itself.
  • That of living till old age without visible means of support.

Life Insurance Vs. Other Savings

Protection:
Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.
Tax Relief:
Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force.
Assessees can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.
Who Can Buy A Policy?

Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest.
Policies can also be taken, subject to certain conditions, on the life of one's spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent's income and other relevant factors are considered by the Corporation.

Keyman Insurance

Keyman insurance is taken by a business firm on the life of key employee(s) to protect the firm against financial losses, which may occur due to the premature demise of the Keyman.

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Seller Contact Details

Trillochan Nayak

Shop No. 15 A, Timber Market
Sector 31
Noida - 201301 Uttar Pradesh, India

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