Please enable JavaScript on Your browser setting to continue!

  • Home
  • /
  • Blog
  • /
  • Why does LIC’s Jeevan Tarun Plan be the best choice for your child’s education?

Why does LIC’s Jeevan Tarun Plan be the best choice for your child’s education?

LIC's Jeevan Tarun Plan Be the Best Choice for Child's Education

banner January 16, 2019 banner

The cost of education has been on a rise for the last few years. Today education, especially higher education, needs to be planned separately. Earlier parents never had to plan their child’s education beforehand. But in today’s scenario, we cannot think of moving forward without a roadmap for our child’s education. And planning the cost of education is nothing short of a mental exercise. To prevent the excess pressure on us regarding the education expense of our children, LIC has a plan in store for us – LIC’s Jeevan Tarun Plan.

What is LIC’s Jeevan Tarun Plan?

LIC’s Jeevan Tarun Plan is a participating non-linked, limited premium plan which offers a mix of both protection as well as savings to the policy holder. It can be beneficial to meet the education expenses as well as any other planned or unplanned expenses of your child. You can choose between two types of plans – one with survival benefit from 21st year of your child to 24th year or without any survival benefit.

Even the survival benefits vary from 5% per annum to 15% as per the plan that you opt for. The minimum sum that can be assured is Rupees 75,000. If the sum assured exceeds the minimum limit, it must be in multiples of Rupees 5,000, if the sum assured is up to Rupees 1,00,000. In case the policyholder opts for more than 1,00,000, the amount must be in multiple of Rupees 10,000.

What are the best features of LIC’s Jeevan Tarun Plan?

Some of the key features of LIC’s Jeevan Tarun Plan are –

  • It is a traditional participating plan with limited pay
  • You can choose between lump sum on maturity or survival benefits with lump sum on maturity
  • The policyholder must pay premium till the child is 20 years old
  • The policy is enforceable only after the child turns 8 years old or two years of policy commencement, whichever is earlier
  • The policy is active till the death of the child or 25 years of age, whichever is earlier
  • Even for survival option, there are three different plans available

What are the benefits of LIC’s Jeevan Tarun Plan benefits?

LIC’s Jeevan Tarun Plan offers a wide range of benefits to the policyholders. Some of them are –

Bonus addition-

It offers Final Additional Bonus as well as Simple Revisionary bonuses along with the maturity sum.

Survival Benefits–

If you desire to draw a certain small sum after the end of 21st year till the end of the 24the year, you can avail the benefits of survival plan while the maturity amount will be available at the end of the 25th year.

Death benefits–

  • In case of death before commencement of risk cover – The premium/s paid without any tax, amount along with any extra premium and/or rider premium (if any), shall be payable. No interest is payable in such a situation.
  • In case of death after commencement of risk cover – 125% of sum assured or 10 times the annual premium paid, whichever is higher, shall be maximum amount payable in case of death after commencement of risk.
    It cannot be less than 105% of the total premium paid till the death of death in any case.

Why you should invest in LIC’s Jeevan Tarun Plan?

Child planning is an absolute necessity to help him make his future bright. We, being the parents, must invest wisely so that they can reap the benefits when they need it the most. And care should be taken for higher education expenses. We all know how costly is it today. You can invest in LIC’s Jeevan Tarun Plan so that you can reap the benefits tomorrow. The premium amount is not very high but the sum assured is sufficient to at least pay off a portion of the child’s expenses when he turns 21 or more.

For any questions on the above LIC plans, leave us a comment and we will reply back with our suggestions. Leave a rating if you were happy visiting www.licbangalore.com