LIC's JEEVAN TARUN (Table 834) - (UIN: 512N299V01)


LIC's JEEVAN TARUN is a participating non-linked limited premium payment plan which offers an attractive combination of protection and saving features for children. This plan is specially designed to meet the educational and other needs of growing children through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years.

Eligibility Conditions


For Basic plan

  • Minimum Sum Assured: Rs. 75,000
  • Maximum Sum Assured: No Limit

(The Sum Assured shall be in multiples of Rs. 5,000 from Sum Assured Rs. 75,000 to Rs. 100,000 and Rs. 10,000/- for Sum Assured above Rs 100,000)

  • Minimum Age at entry: [90] days (last birthday)
  • Maximum Age at entry: [12] years (last birthday)
  • Minimum/ Maximum Maturity Age: [25] years (last birthday)
  • Policy Term: [25 – Age at entry] years
  • Premium Paying Term (PPT): [20 – Age at entry] years

Date of commencement of risk:

In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.

Date of vesting:

The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

Payment of Premiums:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through SSS mode over the premium paying term of the policy.

However, a grace period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.

Benefits


It is a flexible plan wherein at proposal stage the proposer can choose the proportion of Survival Benefits to be availed during the term of the policy as per the following four options:

Options Survival Benefit Maturity Benefit
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

Where, Survival Benefit is the annual payment of a fixed percentage of Sum Assured (as defined in the table above) every year starting from policy anniversary coinciding with or following the completion of 20 years of age and thereafter on each of the next 4 policy anniversaries and Maturity Benefit is a fixed percentage of Sum Assured (as defined in the table above) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, on maturity.

The chosen option shall become a part of the policy contract and no further change in option shall be allowed.

In addition, this plan also takes care of liquidity needs through its loan facility.

The plan can be purchased by any of the parent or grand parent for a child aged 0 to 12 years.

Benefits available under an inforce policy:

Death Benefit:
On death during the policy term (before commencement of risk):

case of death of the Life Assured, return of premium/s paid excluding taxes, extra premium and rider premium, if any, without interest shall be payable.

On death during the policy term (after commencement of risk):

In case of death during the policy term provided all due premiums have been paid Death Benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as Higher of 10 times of annualized premium or Absolute amount Assured to be paid on Death i.e. 125% Sum Assured.

This Death Benefit shall not be less than 105% of the total premiums paid as on date of death.

The premiums mentioned above exclude taxes, extra premium and rider premium, if any.

Survival Benefit: A fixed percentage of Sum Assured shall be payable on each policy anniversary coinciding with or immediately following the completion of 20 years of age and thereafter on each of next four policy anniversaries. These fixed percentages shall depend on the Option chosen at the proposal stage and for various Options the percentages are as given below:

Policy Anniversary coinciding/ 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

Policyholder has to opt for any one of the options above at the proposal stage only.

Maturity Benefit: In case of Life Assured surviving the stipulated date of maturity, a fixed percentage of Sum Assured shall be payable on maturity for inforce maturing policies. The fixed percentage under different Options is as below:

Maturity Age Option # 1 Option # 2 Option # 3 Option # 4
25 Years 100% 75% 50% 25%

In addition to the above, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall also be payable.

Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is inforce.

Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.

Optional Rider:

LIC’s Premium Waiver Benefit Rider (UIN: 512B204V01), on the life of proposer may be opted for by payment of additional premium.

Other Features


Revival:

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation from time to time, subject to submission of satisfactory evidence of continued insurability.

The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Policyholder.

Revival of rider, if opted for, will be considered along with revival of the Basic Policy and not in isolation and shall be subject to underwriting.

Paid-up Value

For policies with premium paying term less than 10 years if after at least two full years' premiums have been paid and for policies with premium paying term 10 years or more if after at least three full years' premiums have been paid, and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy.

The Sum Assured on Death under paid–up policy shall be reduced to such a sum called “Death Paid-up Sum Assured” and shall be equal to [(Number of premiums paid/Total Number of premiums payable) x Sum Assured on Death]

The Sum Assured on Maturity under paid-up policy called as “Maturity Paid-up Sum Assured” shall be equal to [(Number of premiums paid/Total Number of premiums payable) x (Sum Assured on Maturity plus Total Survival Benefits payable under the policy)] less Total amount of Survival Benefits already paid under the policy.

The policy so reduced shall thereafter be free from all liabilities for payment of the premiums, but shall not be entitled to participate in future profits. However, the vested Simple Reversionary Bonuses shall remain attached to the reduced paid up policy.

In the case of a paid up policy, no future survival benefits shall be payable and the applicable paid up value along with the vested Simple Reversionary Bonuses, if any, shall be payable only in lump-sum on the expiry of policy term or on death of life assured, if earlier.

Rider shall not acquire any paid-up value and the rider benefit ceases to apply, if policy is in lapsed condition.

Policy Loan:

Loan can be availed under the policy provided the policy has acquired surrender value and subject to the terms and conditions as the Corporation may specify from time to time.

Taxes:

Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

Free Look period:

If the Policyholder is not satisfied with the “Terms and Conditions”, the policy may be returned to us within 15 days from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for basic plan and rider, if any) for the period on cover, expenses incurred on medical examination and special reports (for basic plan), if any, and stamp duty charges.

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