Your child’s bright future needs good planning from today. The LIC Jeevan Tarun Plan helps you turn this dream into reality.
This plan works in two ways for your child – it saves money and gives protection. Money comes to you at different times when your child needs it the most, like for school fees or college expenses.
LIC Jeevan Tarun Maturity Calculator
The plan gives you many benefits – regular payments, extra bonus money, and a big amount at the end. Your child’s future stays secure with this special plan from LIC. The money keeps growing while your child grows up. So, let’s look at and understand this LIC policy.
Are you looking to explore more LIC plans and calculate their benefits? Check out our range of LIC Premium Calculators below to find the perfect plan for your needs:
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Key Features of LIC Jeevan Tarun
- Flexible Survival Benefit Options: You can choose how much of the sum assured you’d like to receive between the ages of 20 and 24.
- Guaranteed Maturity Benefit: A fixed portion of the sum assured is paid at age 25.
- Participating Plan: Earn bonuses declared by LIC based on the corporation’s performance.
- Risk Coverage for Your Child: Offers life cover for your child, starting from either age 8 or 2 years after policy commencement, whichever is earlier.
- Loan Facility: Avail loans against the policy for emergency needs.
Eligibility Criteria
- Minimum Sum Assured: ₹75,000.
- Maximum Sum Assured: No limit (in multiples of ₹5,000 or ₹10,000 based on the sum assured).
- Entry Age for Child: 90 days to 12 years.
- Policy Term: 25 years minus the age at entry.
- Premium Paying Term (PPT): 20 years minus the age at entry.
Benefits of LIC Jeevan Tarun
1. Death Benefit: In case of the child’s unfortunate demise, the nominee will receive:
- Before Risk Commencement: Refund of premiums paid (excluding taxes and extra premiums).
- After Risk Commencement: Sum Assured on Death plus vested Simple Reversionary Bonuses and Final Additional Bonus (if applicable). The Sum Assured on Death is the higher of:
- 7 times the annualized premium, or
- 125% of the Basic Sum Assured.
- The death benefit is guaranteed to be at least 105% of all premiums paid.
2. Survival Benefit: From the policy anniversary coinciding with or following the child’s 20th birthday, the survival benefit is paid annually for 5 years based on the chosen option:
- Option 1: No survival benefit; 100% of the sum assured paid as maturity.
- Option 2: 5% of the sum assured annually; 75% paid as maturity.
- Option 3: 10% of the sum assured annually; 50% paid as maturity.
- Option 4: 15% of the sum assured annually; 25% paid as maturity.
3. Maturity Benefit: At age 25, the remaining percentage of the Basic Sum Assured is paid along with:
- Vested Simple Reversionary Bonuses.
- Final Additional Bonus, if declared.
4. Participation in Profits: The plan participates in LIC’s profits and earns Simple Reversionary Bonuses during the policy term. A Final Additional Bonus may also be added during maturity or death claims.
Premium Payment Details
Premium Modes:
- Yearly, half-yearly, quarterly, or monthly through NACH or salary deductions.
Sample Annual Premiums (for ₹1,00,000 Basic Sum Assured):
| Age at Entry | Option 1 (₹) | Option 2 (₹) | Option 3 (₹) | Option 4 (₹) |
|---|---|---|---|---|
| 0 | 4,390 | 4,488 | 4,586 | 4,684 |
| 4 | 5,483 | 5,635 | 5,782 | 5,934 |
| 8 | 7,414 | 7,644 | 7,879 | 8,109 |
| 12 | 11,045 | 11,432 | 11,819 | 12,211 |
Detailed Illustration Table
Here’s an example for a 5-year-old child with a Basic Sum Assured of ₹1,00,000 under Option 4:
| End of Year | Total Premium Paid (₹) | Guaranteed Benefit (₹) | Non-Guaranteed Benefit (₹) | Total Maturity Benefit (₹) | Total Death Benefit (₹) |
|---|---|---|---|---|---|
| 4% Scenario | 8% Scenario | 4% Scenario | |||
| 5 | 31,875 | 0 | 2,500 | 16,000 | 1,27,500 |
| 10 | 63,750 | 0 | 5,000 | 32,000 | 1,30,000 |
| 15 | 95,625 | 15,000 | 7,500 | 48,000 | 1,32,500 |
| 20 | 1,27,500 | 25,000 | 10,000 | 64,000 | 1,35,000 |
| 25 (Maturity) | 1,59,375 | 1,00,000 | 12,500 | 80,000 | 1,50,000 |
Example: Let’s assume you purchase a Jeevan Tarun policy for your 6-year-old child with a Basic Sum Assured of ₹2,00,000 and choose Option 3:
- Premium: ₹9,200 annually.
- Total Premium Paid by Year 25: ₹1,84,000.
- Survival Benefits: Starting from age 20, you’ll receive ₹20,000 per year for five years.
- Maturity Payout at Age 25: ₹1,00,000 + Bonuses.
- Total Payout: ₹2,00,000 + Bonuses, which significantly exceeds your investment.
Optional Rider
LIC’s Premium Waiver Benefit Rider:
- If something happens to the parent or grandparent, you don’t need to pay any more money. The plan stays active.
- You can add this extra benefit to your plan anytime. But you should have at least 5 years of payments left in your plan.
Why Choose LIC Jeevan Tarun?
- Tailored for Children: You can meet your child’s education costs and other money needs as they grow up.
- Flexibility: You have the choice to pick benefits that match your child’s needs.
- Comprehensive Coverage: Your child gets money support through death and maturity benefits.
- Savings and Protection: You get both life insurance and a way to save money regularly.
- Trusted Brand: You can trust LIC because it has shown good results for many years.
Conclusion
You can secure your child’s future with LIC Jeevan Tarun. This plan gives you many ways to save, promises fixed money returns, and even extra bonus money. The money you get at different times can help pay for your child’s college fees and other important things in life. When the plan ends, you get a big amount that helps with their future needs. You should start saving today with LIC Jeevan Tarun to give your child a strong financial start in life.
