Life Insurance Corporation of India (LIC) is a trusted name when it comes to insurance products in India. The company offers a range of insurance plans catering to different needs and requirements of the customers. One such plan is LIC's Jeevan Tarun Plan - 934, which is a comprehensive child insurance plan.
LIC's Jeevan Tarun Plan - 934 is a non-linked, participating, individual, limited premium payment policy that provides financial security to children. The plan is designed to cater to the education, marriage, and other needs of the child, and also provides life cover during the policy term.
Salient Features of LIC's Jeevan Tarun Plan - 934:
- Premium Payment Term: The premium payment term is limited to five years, which means that the policyholder has to pay the premium for only five years. The policy continues even after the premium payment term is over, and the benefits are payable on the maturity of the policy.
- Policy Term: The policy term is 25 years, which means that the policyholder gets a long-term cover for their child.
- Survival Benefits: The plan provides survival benefits to the policyholder. The policyholder can choose to receive a fixed percentage of the sum assured as a survival benefit at the end of every five years. The percentage varies based on the age of the child at the time of entry.
- Maturity Benefits: The plan provides maturity benefits to the policyholder. The maturity benefit is the sum assured plus the accrued bonuses, if any.
- Death Benefits: The plan provides death benefits to the policyholder. In case of the unfortunate death of the policyholder, the sum assured along with the accrued bonuses, if any, is paid to the nominee.
- Loan Facility: The plan offers loan facility to the policyholder. The policyholder can avail of a loan against the policy after the policy acquires a surrender value.
- Surrender Value: The plan acquires a surrender value after the payment of premiums for at least three full years.
Benefits of LIC's Jeevan Tarun Plan - 934:
- Financial Security: The plan provides financial security to the child in case of the unfortunate death of the policyholder.
- Savings: The plan helps in savings for the future needs of the child, such as education, marriage, etc.
- Tax Benefits: The plan provides tax benefits to the policyholder under Section 80C of the Income Tax Act, 1961. The maturity benefits are also tax-free under Section 10(10D) of the Income Tax Act, 1961.
- Flexible Premium Payment Options: The plan offers flexible premium payment options to the policyholder.
- Bonus: The plan offers accrued bonuses, which add to the maturity benefits of the policy.
Additional Information on LIC's Jeevan Tarun Plan - 934:
- Eligibility Criteria: The plan is available to children aged between 90 days and 12 years. The minimum sum assured is Rs. 75,000, and there is no maximum limit on the sum assured.
- Premium Payment Options: The plan offers two premium payment options, namely, annual and half-yearly. The premium can be paid through various modes, such as online, ECS, or through any of the authorized banks.
- Optional Add-ons: The plan offers optional add-ons such as accidental death and disability benefit rider, which provides an additional sum assured in case of death or disability due to an accident.
- Grace Period: The plan provides a grace period of one month for the payment of premiums. If the premium is not paid within the grace period, the policy will lapse.
- Revival: The plan can be revived within two years from the date of the first unpaid premium.
- Free Look Period: The plan offers a free look period of 15 days from the date of receipt of the policy. If the policyholder is not satisfied with the terms and conditions of the policy, they can return the policy within the free look period for a refund of the premium paid.
- Premium Calculator: The plan offers a premium calculator on the LIC website, which helps the policyholder to calculate the premium based on their age, sum assured, and premium payment option.
Explain With A Simple Example
Let's say Mr. and Mrs. Sharma have a newborn baby boy named Aarav. They are concerned about Aarav's future and want to secure his financial future. They decide to invest in LIC's Jeevan Tarun Plan - 934.
They opt for a sum assured of Rs. 5 lakhs and choose the premium payment option of Rs. 50,000 annually. The premium payment term is limited to five years, and the policy term is 25 years.
The plan provides survival benefits to the policyholder, and Mr. and Mrs. Sharma choose to receive 5% of the sum assured as a survival benefit at the end of every five years. The maturity benefit is the sum assured plus the accrued bonuses, if any.
Assuming that Mr. and Mrs. Sharma invest in the plan when Aarav is one year old, they will receive the first survival benefit of Rs. 25,000 when Aarav turns six years old. Similarly, they will receive the second survival benefit of Rs. 25,000 when Aarav turns 11 years old, and so on.
Assuming that Mr. and Mrs. Sharma pay the premium for five years, the total premium paid by them will be Rs. 2.5 lakhs. If they continue the plan until maturity, the maturity benefit they will receive is Rs. 12.5 lakhs (Rs. 5 lakhs sum assured plus the accrued bonuses, if any).
In case of the unfortunate death of either of the parents, Aarav will receive the sum assured of Rs. 5 lakhs along with the accrued bonuses, if any.
Thus, investing in LIC's Jeevan Tarun Plan - 934 will help Mr. and Mrs. Sharma secure Aarav's financial future and ensure that he has enough funds to fulfill his future needs such as education, marriage, etc.
Conclusion:
LIC's Jeevan Tarun Plan - 934 is a comprehensive child insurance plan that provides financial security to the child in case of the unfortunate death of the policyholder. The plan also helps in savings for the future needs of the child and provides tax benefits to the policyholder. The plan offers flexible premium payment options and provides accrued bonuses, which add to the maturity benefits of the policy. It is an excellent plan for parents who want to secure the future of their children.
FAQ
Q. Who is eligible for LIC's Jeevan Tarun Plan - 934?
A: The plan is available to children aged between 90 days and 12 years.
Q. What is the minimum sum assured for the plan?
A: The minimum sum assured for the plan is Rs. 75,000.
Q. What are the premium payment options for the plan?
A: The plan offers two premium payment options, namely, annual and half-yearly.
Q. What is the premium payment term for the plan?
A: The premium payment term is limited to five years.
Q. What is the policy term for the plan?
A: The policy term is 25 years.
Q. What are the optional add-ons available with the plan?
A: The plan offers optional add-ons such as accidental death and disability benefit rider, which provides an additional sum assured in case of death or disability due to an accident.
Q. What is the grace period for the payment of premiums?
A: The plan provides a grace period of one month for the payment of premiums.
Q. What is the free look period for the plan?
A: The plan offers a free look period of 15 days from the date of receipt of the policy.
Q. What is the revival period for the plan?
A: The plan can be revived within two years from the date of the first unpaid premium.
Q. What are the tax benefits available with the plan?
A: The plan provides tax benefits under Section 80C of the Income Tax Act, 1961, for the premium paid, and the maturity benefit is tax-free under Section 10(10D) of the Income Tax Act, 1961.
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