LIC’s "Jeevan Tarun" launched for children’s stress-free future

Kabui: Zonal Manager, North Zone, LICI

STATE-run insurance major LIC of India on Monday launched a new plan called Jeevan Tarun especially targeted for growing children. LIC’s zonal manager of North Zone TT Kabui said in a statement that the plan is a “non-linked, with-profits, limited premium payment plan specially designed to meet the educational and other needs of growing children”. The plan is available from ages...
90 days up to 12 years with minimum sum assured of Rs 75,000, according to the press statement issued by LIC.
This is a flexible plan wherein depending on the requirement, the proposer can choose any of the four options for survival benefit payments from ages 20 to 24 years. And the maturity benefit is payable at the age of 25 years only. Here are the 4 options:
1. No survival benefit, but maturity benefit is 100% of Sum Assured
2. Survival benefit is 5% of Sum Assured every year for 5 years, and maturity benefit is 75% of Sum Assured.
3. Survival benefit is 10% of Sum Assured every year for 5 years, and maturity benefit is 50% of Sum Assured.
4. Survival benefit is 15% of Sum Assured every year for 5 years, and maturity benefit is 25% of Sum Assured.
The bonuses will be provided as per rules.
The Plan also has the option for availing Premium Waiver Benefit for the proposer, the statement further said.
In fact, the LIC has positioned “Jeevan Tarun” as an innovative instrument for “financial and career planning of the children for successful and stress free future”.