Introduction
Are you looking for a policy that offers both protection and savings for your child’s future? Look no further! LIC Jeevan Tarun is here to provide comprehensive coverage, along with attractive benefits. In this blog post, we will take an in-depth look at the LIC Jeevan Tarun policy and explore its features, eligibility conditions, premium payment options, and how to make a claim. So, let’s dive into this review and discover why LIC Jeevan Tarun could be the perfect choice for securing your child’s financial well-being!
Also Read : Jeevan Tarun Premium Chart PDF
History of the lic jeevan tarun policy
The LIC Jeevan Tarun policy has a rich history that spans several decades. It was first introduced by the Life Insurance Corporation of India (LIC) as a special insurance plan for children. The aim was to provide financial security and support for their education, marriage, and other important milestones in life.
Over the years, this policy has undergone several revisions and updates to better meet the changing needs of parents and their children. Today, it stands as one of the most popular child plans in India.
One key aspect of its history is the focus on providing flexible options for premium payment. This allows parents to choose a payment mode that suits their financial situation – whether it’s monthly, quarterly, half-yearly or yearly.
Another noteworthy feature is that this policy offers both survival benefits and maturity benefits. Survival benefits are paid out periodically during the term of the policy to help meet educational expenses or other financial requirements at different stages of a child’s life. Maturity benefits are provided at the end of the policy term if all premiums have been paid diligently.
To be eligible for this policy, both parents need to be insured under an existing LIC plan or take up a new one simultaneously with Jeevan Tarun. The minimum entry age for children is 90 days old while there is no maximum age limit.
In case something unfortunate happens to either parent during the term of this policy, LIC provides additional protection through its rider options which can be added on to enhance coverage.
LIC Jeevan Tarun has proven itself as a reliable option for parents who want to secure their child’s future financially. With its long-standing history and comprehensive features tailored specifically towards children’s needs, it continues to be a preferred choice among Indian families looking for insurance solutions.
Features and benefits of the lic jeevan tarun policy
The lic jeevan tarun policy offers a wide range of features and benefits that make it an attractive option for parents looking to secure their child’s future. One of the key features of this policy is the flexibility it provides in choosing the maturity benefit options. Parents can opt for either annual survival benefit payments or accumulate them and receive a lump sum amount at maturity.
Additionally, the lic jeevan tarun policy also offers a unique feature called “money back” option. This means that starting from age 20, your child will receive a fixed percentage of the sum assured as money back every year, until maturity.
Another significant advantage of this policy is its built-in premium waiver benefit. In case of unfortunate events such as death or disability of the parent (policyholder), all future premiums are waived off, ensuring that your child’s education and other needs are not compromised.
Furthermore, with increasing educational expenses, having access to funds during crucial stages becomes vital. The lic jeevan tarun policy allows partial withdrawals after completion of five years from the commencement date. This enables you to meet any unforeseen financial requirements without affecting the overall benefits provided by the policy.
Being a participating plan, this policy also provides bonuses which further enhance your savings over time.
With its flexible maturity benefit options, money back feature, premium waiver benefit and bonus additions; lic jeevan tarun policy ensures comprehensive financial protection for your child’s future needs while providing valuable returns along the way
Eligibility conditions for the lic jeevan tarun policy
To obtain the benefits of the LIC Jeevan Tarun policy, there are certain eligibility conditions that need to be met. Let’s take a look at them:
- Entry Age: The minimum entry age for this policy is 90 days, which means it can be availed right from infancy. The maximum entry age varies depending on the chosen premium payment term.
- Premium Payment Term: There are four premium payment terms available under this policy – 8 years, 10 years, 12 years, and 15 years. The maximum maturity age will depend on the chosen term.
- Sum Assured: The minimum sum assured for this policy is Rs.1 lakh, while there is no maximum limit set by LIC.
- Premium Payments: Regular premiums need to be paid throughout the selected premium payment term until the child turns either 20 or completes their education (whichever comes earlier), after which no further premiums are required.
- Policy Term: The policy term ranges from a minimum of five years to a maximum of twenty-five years based on various factors like entry age and premium payment term chosen.
It’s important to carefully consider these eligibility conditions before opting for the LIC Jeevan Tarun policy to ensure it aligns with your financial goals and requirements!
Premium payment options for the lic jeevan tarun policy
When it comes to securing your child’s future, the LIC Jeevan Tarun policy offers a range of flexible premium payment options. This ensures that you can choose a plan that best suits your financial situation and goals.
One option is the regular premium payment mode, where you pay premiums annually, semi-annually, quarterly or monthly. This allows you to spread out the payments over time and manage your cash flow effectively.
If you prefer to make a lump sum payment upfront, there is also a single premium payment option available. With this option, you can make a one-time payment at the start of the policy term and enjoy peace of mind knowing that your child’s future is secure.
Additionally, LIC also offers an automatic premium loan facility for those who may face temporary financial difficulties. This feature allows you to take a loan against the policy’s surrender value in order to pay premiums during challenging times.
Moreover, another convenient premium payment option offered by LIC is through salary deduction. If you have a steady income from employment or are part of an organization that facilitates salary deductions for insurance premiums, this can be an easy and hassle-free way to ensure timely payments without having to worry about manual transactions.
The LIC Jeevan Tarun policy gives parents flexibility when it comes to selecting premium payment options. Whether it’s regular premiums spread out over time or making a lump sum upfront investment or even availing automatic premium loans during tough periods – these choices empower parents with control over their finances while safeguarding their child’s bright future.
How to make a claim under the lic jeevan tarun policy
When it comes to making a claim under the LIC Jeevan Tarun policy, the process is fairly straightforward. To ensure a smooth and hassle-free claims experience, here’s what you need to do.
In the unfortunate event of the insured’s demise during the term of the policy, the nominee should inform LIC as soon as possible. They will need to submit all relevant documents such as death certificate, policy bond, and any other supporting documents requested by LIC.
Once these documents are submitted, LIC will review them for verification purposes. If everything is in order and there are no discrepancies or outstanding issues with the policy, they will proceed with processing the claim.
LIC aims to settle claims within a reasonable time frame. However, it is important to note that each case is unique and may require additional documentation or investigation depending on its complexity.
If there are any concerns or queries regarding your claim status or if you require any assistance throughout this process, it is advisable to reach out to your nearest LIC branch office or contact their customer service helpline for guidance.
Remember that making a claim can be emotionally challenging and overwhelming. It helps to have someone who can guide you through this process sensitively while ensuring that you receive your rightful benefits without unnecessary delay.
The process of making a claim under the LIC Jeevan Tarun policy involves notifying LIC about an insured person’s demise and submitting required documents for verification. While every effort is made by LIC to settle claims promptly, each case may differ in terms of complexity and documentation requirements. Seeking support from LIC branches or customer service helplines can help ease this difficult time for both nominees and beneficiaries.
Conclusion
In this lic jeevan tarun review, we have explored the various features and benefits of this policy. With its unique savings and protection components, it offers a comprehensive solution for securing your child’s future.
The lic jeevan tarun policy has a rich history dating back to its launch by LIC in 2015. Since then, it has gained popularity among parents looking to provide financial stability for their children. The flexibility in premium payment options makes it accessible to a wide range of individuals.
One of the key advantages of this policy is the maturity benefit, which provides a lump sum amount when your child reaches adulthood. This can be used for higher education expenses or setting up their own business ventures. Additionally, the death benefit ensures that even in unfortunate circumstances, your child’s future remains secure.
To be eligible for the lic jeevan tarun policy, certain conditions need to be met regarding age and minimum sum assured. It is important to carefully consider these factors before applying for the policy.
When it comes to making a claim under this policy, LIC has made the process straightforward and hassle-free. By submitting the necessary documents and following their guidelines, you can ensure a smooth claims experience.
Lic jeevan tarun is an excellent investment option that combines both savings and life insurance coverage for your child’s future needs. As with any financial decision, it is advisable to consult with an insurance advisor or LIC representative who can guide you through all aspects of this policy.
So why wait? Secure your child’s future today with lic jeevan tarun!