LIC Jeevan Tarun – Children’s Plan with Money Back

LIC Jeevan Tarun – Children’s Plan with Money Back

LIC Jeevan Tarun (Table No: 834) is a non linked and participating endowment plan that provides insurance coverage to the children. It not only provide insurance coverage but also takes care the basic needs at the certain age of the child. Such as, for education, for marriage, for higher education etc. For meeting these needs, it provides survival benefits at the certain age there are four options to choose survival benefits by which the policyholder can take the benefit of insurance.

Features of LIC Jeevan Tarun

  1. It is a participating endowment plan and non linked with market ups and downs.
  2. It is a limited premium paying plan that means the premium paying term is not equal to the policy term.
  3. This plan can be taken for the child with the minimum age 90 days and the maximum is 12 years.
  4. It provides various benefits like survival benefits, maturity benefit and death benefit as well as loyalty benefit to the policyholder.
  5. There are four options available for the survival benefit that can be chosen by the policyholder

Benefits provided under LIC Jeevan Tarun

Survival benefit
There are four options for the survival benefit according to which the maturity benefit is also decided

Option number 1
If no survival benefit is taken then the hundred percent of sum assured will be given as the maturity benefit

Option number 2
5% of sum assured will be give him for 5 years and 75% of sum assured will be given at the time of maturity.

Option number 3
10% of sum assured will be given at every year for 5 years and 50% of sum assured will be given as maturity.

Option number 4
15% of sum assured will be given for 5 years and 25% of sum assured will be given at the time of maturity.

Jeevan Tarun Child Plan

Here is the table for easy understanding.

Option 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

Maturity benefits

Maturity benefits are provided as per the option taken for survival benefit that are discussed above

Death benefit

If the life assured meet to death before the commencement of the risk. The premium which are paid till that time is returned.

In case of the assured life meet to death after the commencement of the risk sum assured on death plus simple reversionary bonus plus final additional bonus is payable to the nominee of the policy holder.

Tax benefits

The premium paid under LIC new children’s money back plan is tax free as per the section 80 C and the claim which are received by the Corporation is also tax free under section 10D of Income Tax Act.

Eligibility criteria detail of  LIC Jeevan Tarun

  • The minimum date for the entry of this plan is 90 days and the maximum age for the entry of this plan is 12 years.
  • Maximum age at the time of maturity of the policy is 25 years.
  • The policy term is 25 years.
  • The premium paying term is 5 year less than the policy term. Such as, if policyholder takes policy for 12 years then he will have to pay the premium for 7 years only.
  • The policy can be paid annually, half yearly, quarterly or monthly
  • Minimum sum that can be assured 75,000/- and there is no maximum limit for the upper level of the sum assured.

 

Documents required for LIC Jeevan Tarun

  • Fully filled application form with photographs
  • Age proof of policy buyer.(Child)
  • Address proof.
  • PAN card and Aadhar card for KYC document
  • Accurate medical history
  • Medical examination report if required.

Other information that the policy buyers should know.

Cooling off period

After purchasing the policy if the policy buyer is not satisfied with the policy then within 15 days the policy can we return after the receiving of the policy document.

Discounts

There is discount allotted on the half yearly and early mode of premium payment. 1% for half yearly premium payment and 2% for early premium payment.

Loan.

The policyholder can take loan up to the premium amount, if the policy attain a surrender value after the completion of certain years of policy paying term. As per the terms and condition of the corporation.

Premium Ready Reckoner Jeevan_Tarun_Premium_Chart_:

Jeevan Chhaya

Jeevan Chhaya

LIC Jeevan Chhaya (Table No.103)  is the perfect policy for someone planning for children’s higher education or marriage. Sum assured amount will be paid in installments in the last four years of the policy term. Bachelors can also apply for Jeevan Chhaya policy.

Jeevan Chhaya Features:

  • Premium Waiver Benefit
  • You will have to pay the premium for the fixed term of the policy.
  • Double accident benefit
  • Tax Benefits
  • With Profit policy
  • Policy loan and housing loan available
  • If policy holder is surviving, 25% of Sum Assured will be given every year during the last 4 years of policy term.

LIC Jeevan Chhaya

Maturity Benefits:

  • 25% of the Policy Amount is given every year during the last 4 years of the maturity to the policyholder, if he is surviving.
  • Policy loan and Housing loan can be taken during the premium paying term.

Death Benefits:

If the policy holder expires during the term of the policy, nominee will receive sum assured immediately and future premiums will be waived off (No need to pay future premiums). Additionally, 25% of sum assured will be paid every year during the last 4 years of policy term. Also, in the final policy year, nominee will receive the bonus from LIC.

Jeevan Chhaya Conditions and restrictions :

  • Min. age at entry: 18 year.
  • Max. age at entry: 47 years.
  • Min. S.A.: Rs. 50,000.
  • Max. SA.: Any amount.
  • SA in multiples: Rs. 5,000
  • Max. Maturity age: 65 years.
  • Modes Allowed: ALL
  • Accident benefit per 1000 SA: Re. 1 extra.
  • Min Term: 18 years.
  • Max Term: 25 years.
  • Policy Loan available @ 9%: Yes.
  • Revival: Yes.
  • Surrender of Policy: Yes.
  • Housing Loan: Yes.
  • Assignment: Yes.
  • Survival Benefits: Yes.

Restrictions: This policy is not allowed to

  • When occupational extra is chargeable
  • Pregnant ladies

Example:
Lets assume Mr. Rahul takes Jeevan chhaya Policy for 20 years term for Rs. 1 lakh sum assured with double accident benefits. He appoints his wife Mrs. Radha as appointee and nominates his daughter Neha aged 4 years.

After few years, Mr. Rahul expires in an accident. Rahul’s wife Mrs.Radha receives 2 times sum assured Rs. 2 lakhs as death claim on behalf of her daughter. At the end of 17 years from the commencements of policy, Rahul’s daughter Neha receives 25% of S.A. Rs 25,000 every year during last 4 years of the policy term. Neha gets Rs.25,000+ LIC Bonus of Rs. 84,000 at an estimated bonus of Rs. 42 per thousand at the end of 20th year.


Update: LIC Jeevan Chhaya Plan No.103 Has Been Discontinued.


LIC Jeevan Anurag

LIC Jeevan Anurag

Jeevan Anurag Summary: (Child Insurance Plan)

LIC Jeevan Anurag (Table 168) is a with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parents. In addition, this plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy.

Assured Benefit:
Payment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with revisionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th,18th, 19th year and 40% of the Sum Assured along with the revisionary bonuses and the terminal bonus, if any, at the end of the 20th year.

LIC Jeevan Anurag plan no. 168

Death Benefit:
Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.

Eligibility Conditions and Restrictions Jeevan Anurag Basic Plan:

Age at entry Age of the Life Assured- 20 to 60 years (age nearest birthday)
Age of the Life Assured at maturity Maximum 70 years (age nearest birthday)
Term All terms from 10 to 25 years. In case of single premium mode minimum term shall be 5 Years.
Minimum Sum Assured Rs. 50,000 /-
Maximum Sum assured No limit. Sum Assured will be in multiples of Rs.5,000 /- only.
Mode Yearly, Half-yearly, Quarterly, Monthly or through salary deductions in case of regular premiums.

Eligibility Conditions and Restrictions Term Assurance Rider

Age at entry Age of the Life Assured- 20 to 50 years (age nearest birthday)
Age of the Life Assured at maturity Maximum 60 years (age nearest birthday)
Term NIL
Minimum Sum Assured Rs. 1,00,000 /-
Maximum Sum assured An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 25 lakh overall limit taking all term assurance riders availed under all existing policies of the life assured and the term assurance rider under the new proposal into consideration.
Mode NIL

The Term Assurance Rider Sum Assured will be in multiples of Rs.25,000 /-.

Eligibility Conditions and Restrictions Critical illness Rider:

Age at entry Age of the life Assured- 20 to 50 years (age nearest birthday)
Age of the Life Assured at maturity Maximum 60 years (age nearest birthday)
Term NIL
Minimum Sum Assured Rs. 50,000 /-
Maximum Sum assured An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 5 lakh overall limit taking all critical illness riders availed under all existing policies of the life assured and the critical illness rider under the new proposal into consideration.
Mode NIL

The Critical Illness Rider Sum Assured will be in multiples of Rs.10,000 /-.

Premium Payment Options:

Following premium paying terms are offered:

  1. Single Premium– One Year
  2. Regular Premium payable during (n-3) Years, where n is the policy term
  3. Regular Premium payable throughout the policy term.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.

How to Apply for Jeevan Anurag?


Update: LIC Jeevan Anurag Plan No. 168 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

 

Child Fortune Plus (Plan No.194)

Child Fortune Plus (Plan No.194)

Child Fortune Plus Plan No.194 Summary:

All of us wish to ensure the best possible future for our children. With the cost of education sky rocketing, it is all the more important that an early provision is made to ensure that your sweet child get a good head start in this competitive life.  LIC’s Child Fortune Plus is a total solution to your child’s education and other needs. The plan is a unit linked (ULIP) one offering the prospects of long term capital appreciation.

Who is Eligible?

Child Fortune Plus Plan No.194 is a unit linked plan (ULIP) which will be allowed to the parents who have a child upto the age of 17 years last birthday. The risk cover under the plan will be on the life of the parent who will be the life assured. There will be no insurance coverage on the life of the child, but the policy will be allowed based on the age of the child. The policy will continue till the child attains the age of 25 years last birthday or till the life assured attains the age of 75 years nearest birthday, whichever is earlier. The purpose of the plan is to meet the educational and other needs of the child named as nominee in the policy.

Child Fortune Plus Plan No.194

Features:

Switching of funds:

The policyholder can switch between any fund types during the policy term. On switching the entire amount is switched to the Fund opted for. Within a given policy year, 4 switches will be allowed free of charge. Subsequent switches shall be subject to a switching charge of Rs.100 per switch.

Partial Withdrawals:

The policyholder can partially withdraw the units at any time after the third policy anniversary subject to the following:

1. Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.
2.
Under regular premium policies where premiums have been paid for less than 3 years’ and further premiums are not paid, the partial withdrawal shall not be allowed.
3.
Under regular premium policies where atleast 3 years’ premiums have been paid, partial withdrawal will be allowed subject to a minimum balance of two annualized premiums in the Policyholder’s Fund Value.
4.
Under Single Premium policies, the partial withdrawal will be allowed subject to a minimum balance of Rs. 5000/-in the Policyholder’s Fund or 10% of single premium, whichever is higher.
5.
Partial withdrawal from Policyholder’s Fund pertaining to top-up premiums shall be allowed only after completion of three years from the date of allocation of that top-up premium. This condition will not apply if the top-up premiums are paid during the last three years of the policy term..
6.
After the death of life assured during the policy term, partial withdrawal may be made by the child named in the policy if he/she is major i.e. after completion of 18 years of age or by the appointee if the child is a minor subject to an undertaking by the appointee that the partial withdrawal is solely for the benefit of the named child.

Payment of Premiums:

Regular premium can be paid either in yearly, half yearly, quarterly or monthly (ECS) installments. The minimum Annualized Premium (other than monthly through ECS) will be Rs. 10,000/-increasing thereafter in multiples of Rs. 1,000/-. In case of monthly (ECS) the minimum premium will be Rs. 1,000 p.m. increasing thereafter in multiples of Rs. 250/-.

Single premium:

Single premium can be paid subject to a minimum of Rs. 25,000 and thereafter in multiples of Rs.1,000.

Investment Options:

The plan offers a choice of four investment options: Bond Fund, Secured Fund, Balanced Fund, and Growth Fund; each tailored to different levels of risk and return. The Policyholder will have the option to choose any ONE of the above 4 Funds.

BENEFITS:
a) Benefits payable on death:
On death of Life Assured, if the child is alive. In case of death of the Life Assured within the policy term, when the cover is in full force and the child is alive, Sum Assured shall be payable to the nominee. Also, in case of regular premium policy, when the cover is in full force, payment of all future premiums due under the policy shall be waived. Units equivalent to an amount equal to all future premiums including outstanding premiums, if any, (i.e. sum total of all premiums payable under the policy – total premiums paid under the policy) shall be credited to the policyholder’s fund. The units shall be allocated at the unit price applicable for the fund type opted for under the policy on the date of notification of death. The policy shall continue. If less than 3 years’ premiums have been paid and the policy is in lapsed condition, then the Policyholder’s Fund Value shall become payable to the nominee and the policy will terminate.

On death of the Life Assured, after the death of the child:

In case of death of the Life Assured during the policy term, after the death of the child, Sum Assured plus policyholder’s fund value together with an amount equal to all future premiums including outstanding premiums, if any, (i.e. sum total of all premiums payable under the policy – total premiums paid under the policy) shall be payable to the nominee/ legal heir, as the case may be, at that time and the policy shall terminate. This shall also be applicable in case of simultaneous death of life assured and the child nominee.

On death of child before life assured’s death: The policy will continue till maturity or till the life assured survives, whichever is earlier.

On death of child after life assured’s death: An amount equal to the Fund Value of units shall be payable to the legal heir of life assured and the policy shall terminate.

b) Benefits payable on maturity: On the life assured or the child nominee surviving the date of maturity an amount equal to the Policyholder’s Fund Value is payable.

Eligibility Conditions And Restrictions for Child Fortune Plus:

1. Minimum Age at entry for child: 0 (age last birthday)
2. Maximum Age at entry for child: 17 years (last birthday)
3. Minimum Age at entry for Life Assured: 18 years (last birthday)
4. Maximum Age at entry for Life Assured: 55 years (nearest birthday)
5. Policy Term: (25 – age last birthday at entry of life assured’s child) or (75 -age nearest birthday at entry of life assured), whichever is lower Maximum Policy Term: 30 years
6. Maximum Maturity Age: [25] last birthday of child or [75] nearest birthday of life assured, whichever is earlier.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to LIC of India within 15 days.

The Unique Identification Number (UIN) for LICs Child Fortune Plus plan is 512L251V01.

How to Apply for Child Fortune Plus policy?


Update: Child Fortune Plus Table No.194 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.