People invest in various types of schemes ranging from stock market to secure future. But those who want to invest without risk, they invest in either government schemes or LIC schemes. LIC offers insurance policies for people of all age groups. Under its schemes, people get good returns along with insurance. Also, if they invest in these schemes, they also get higher returns and tax exemption.
One such policy of LIC is LIC Jeevan Tarun Policy, which is a non-linked limited premium payment plan. It brings together safety and savings for children. This plan specifically gives payout of Annual Survival Benefit at the age of 20 to 24 years and Maturity Benefit at the age of 25 years. It is designed to meet the educational and other needs of growing children.
It is a flexible plan, in which the investor can choose the proportion of survival benefit to be received during the term of the policy. The policy holder can choose from the four options given below.
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
Important Points of LIC Jeevan Tarun Policy
The minimum age of entry of the child under LIC Jeevan Tarun policy should be 90 days, while the maximum age should be 12 years. Premiums have to be paid till the child attains the age of 20 years and the policy term ends at the age of 25 years. The minimum sum assured under LIC Jeevan Tarun policy is Rs 75,000 with no upper limit.
How to get Rs 8.5 lakh
If your child is 12 years old at the time of starting premium payment under LIC Jeevan Tarun policy, the policy term will be 13 years and the minimum sum assured will be Rs 5 lakh. Whereas the premium has to be paid till the age of 20 years.
Under Jeevan Tarun policy, if you pay Rs 150 per day, the annual premium will be around Rs 55,000. At the same time, the net investment in eight years will be around Rs 4,40,000. On this you will get a bonus of Rs 2,47,000. Apart from this, you will get a loyalty benefit of Rs 97,500. Thus, the total amount you will receive under LIC Jeevan Tarun policy would be around Rs.7,84,000.