LIC's Jeeavn 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:
||No Survival Benefit
||100% of Sum Assured
||5% of Sum Assured every year for 5 years
||75% of Sum Assured
||10% of Sum Assured every year for 5 years
||50% of Sum Assured
||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.
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.
A fixed percentage of Sum Assured shall be payable on each policy anniversary coinciding with or immediately following the completion of 20 years of age and thereafter on each of next four policy anniversaries. These fixed percentages shall depend on the Option chosen at the proposal stage and for various Options the percentages are as given below:
In case of Life Assured surviving the stipulated date of maturity, a fixed percentage of Sum Assured shall be payable on maturity for inforce maturing policies. The fixed percentage under different Options is as below:
In addition to the above, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall also be payable.
Participation in Profits : The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is inforce.
Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.
Eligibility Conditions and Other Restrictions:
- Minimum Sum Assured : Rs. 75,000
- Maximum Sum Assured : No Limit
(The Sum Assured shall be in multiples of Rs. 5,000 from Sum Assured Rs. 75,000 to Rs. 100,000 and Rs. 10,000/- for Sum Assured above Rs 100,000)
- Minimum Age at entry :  days(last birthday)
- Maximum Age at entry :  years (last birthday)
- Minimum/ Maximum Maturity Age :  years (last birthday)
- Policy Term: [25 Age at entry] years
- Premium Paying Term (PPT) : [20 Age at entry] years
Date of commencement of risk:
In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.
Date of vesting:
The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.
Payment of Premiums:
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through SSS mode over the premium paying term of the policy.
However, a grace period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.