Life Insurance Corporation of India - Jeevan Tarun PDF

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Jeevan Tarun
Benefits
Policy Document (4.2 MB)

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
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.
Survival Benefit: 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:
Policy Anniversary coinciding/

following completion of ages Percentage of Sum Assured to be paid as Survival Benefit
Option 1 Option 2 Option 3 Option 4
20 to 24 years Nil 5% each year 10% each year 15% each year
Policyholder has to opt for any one of the options above at the proposal stage only.
Maturity Benefit: 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:
Maturity Age Option 1 Option 2 Option 3 Option 4
25 year 100% 75% 50% 25%
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.
Optional Rider:
Optional Rider:
LIC’s Premium Waiver Benefit Rider (UIN: 512B204V01), on the life of proposer may be opted for by payment of additional
premium.
For more details on the above Rider, refer to the Rider brochure or contact LIC’s nearest Branch Office.
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Life Insurance Corporation of India – Corporate Office : Yogakshema Building, Jeevan Bima Marg, P.O. Box No – 19953, Mumbai – 400
021 IRDAI Reg No- 512

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Policy Document (4.2 MB)

Option Survival Beneﬁt Maturity Beneﬁt

Option 1 No survival beneﬁt 100% of Sum Assured

Beneﬁts available under an inforce policy:

On death during the policy term (after commencement of risk):

Policy Anniversary coinciding/

Option 1 Option 2 Option 3 Option 4

Maturity Age Option 1 Option 2 Option 3 Option 4

25 year 100% 75% 50% 25%

LIC Jeevan Shanti Policy

Corporate Agents Details | Download Forms | Engineering Consultancy Service |

Unclaimed Amounts of Policyholders | CVC Website Link

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