LIC Jeevan Tarun Policy (Plan No.834) is an optional money back policy introduced by LIC of India. LIC Jeevan TarunMoney back policy is a non-linked, with profits plan which is specially designed for children to meet their financial problems and their educational needs. LIC Jeevan Tarun Policy (Plan No.834) is a limited premium payment money back plan. LIC JeevanTarun money back Plan No.834 is a flexible plan which provides all types of benefits such as Death benefits, Maturity benefits, Survival benefits. Under this LIC Jeevan Tarun Policy 834, LIC’s Premium Waiver benefit rider is also available by paying additional premium.
Under this LICJeevan Tarun Money back plan, Maturity Benefit is Payable at the age of 25 years only and Survival benefits are payable for the last five years only i.e., at the age of 20 to 24 years. If the policyholder has chosen for Survival Benefits then the Policyholder can opt for any of the four options provided by LICJeevan Tarun Plan which is tabulated below.
|Option Name||Survival Benefits||Maturity Benefits|
|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|
|Entry Age (in Years)||· Minimum – 90 days (Completed)
· Maximum – 12 years (last birthday)
|Maximum Maturity Age||· Maximum – 25 Years (last birthday)|
|Policy Term||· (25 – Entry Age ) (in years)|
|Sum Assured (SA)||· Minimum – Rs. 75,000
· Maximum – No limit
· (From Rs. 75,000 – 1,00,000) – SA (in multiples of Rs. 5000)
· Above Rs. 1,00,000 – SA (in multiples of Rs. 10,000)
|Premium Paying term (PPT)||· (20 – Entry Age) (in years)|
Under this LICJeevan Tarun optional Money back policy 834 survival benefits, maturity benefits, death benefits, rider benefits are available. Detailed explanation about benefits of LIC Jeevan Tarun Plan 834 are given below.
- Ondeath before the date of Commencement of risk: Death benefit is paid as total amount of Premiums paid excluding taxes, extra premium and rider Premiums(if any).
- Ondeath after the date of Commencement of risk: Death benefit is paid as Sum Assured on death + Vested Simple Reversionary bonuses and Final Additional Bonus (if any).
|Policy Anniversary coinciding with/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|
- SumAssured on deathdefined as higher of 10 times AP (Annualized premium) or absolute amount assured to be paid on death i.e., 125% of Sum assured.
- This death benefit shall not be less than 105% of total premiums paid as on date of death.
Survival benefits are payable for the last five years of Policy term. A fixed percentage of Sum assured is payable to the Policyholder every year. The fixed percentage of sum assured depends on the option chosen by the policyholder. Under this LICJeevan Tarun optional Money back plan 834 there are four options are available to choose. Four options of Survival benefits are given below.
- Under Maturity benefit, the policyholder will receive the Sum Assured on Maturity + Vested Simple Reversionary bonuses and Final Additional Bonus (if any).
- Sum Assured on maturity depends on survival benefit in which the option chosen by policyholder. If Policyholder opt for any of the four options then the maturity benefits given to policyholder are as follows.
|Option Name||Maturity Benefit|
|Option 1||100% of Sum Assured|
|Option 2||75% of Sum Assured|
|Option 3||50% of Sum Assured|
|Option 4||25% of Sum Assured|
|Entry Age||· Minimum – 18 years(Completed)
· Maximum – 55 years(Nearest birthday)
|Term of rider||· 20 – Age of child at the time of opting the rider|
|Maximum Cover ceasing age||· 70 years (Nearest birthday)|
On Payment of additional Premium LIC’s Premium Waiver Benefit Rider is provided to the policyholder. This Premium Waiver Benefit Rider is an Optional rider which can be opted along with basic plan. Terms and Eligibility Conditions of LIC’s Premium Waiver Benefit Rider are tabulated below.