LIC provides a wide range of programs for every region of the country. Several programs are specifically designed for children (LIC Policy for Children). Let's talk about a policy you may purchase to alleviate the tension linked with your children's education. The LIC Jeevan Tarun Policy is the name of this project.
What is LIC Jeevan Tarun Plan?
The LIC Jeevan Tarun Plan is a non-linked participation-restricted premium payment plan. This LIC money-back plan provides an enticing combination of safety and savings benefits for children. The LIC Jeevan Tarun Plan was designed exclusively for children to meet their growing financial and educational demands.
Eligibility and When Can You Claim?
To invest in the LIC Jeevan Tarun insurance, the child must be at least three months old and no more than twelve years old. Under this program, the entire investment is made until the child reaches the age of 20. Following that, there are five years with no investments of any kind.
When the child reaches the age of 25, he is eligible to receive the entire quantity of money. This alleviates the stress associated with the child’s college and wedding expenses.
What is the minimum guaranteed amount?
If you invest in this policy, you will surely benefit from the Sum Assured of at least Rs. 75,000. However, no maximum limit for the overall sum has been defined. This plan allows you to pay premiums monthly, quarterly, semi-annually, or annually.
What is the amount that will be paid upon maturity?
If a person acquires this coverage for a child under the age of 12 and makes a daily payment of Rs 150, the annual premium will be close to Rs 54,000. In this situation, Rs 4.32 lakh will be deposited over 8 years. This will result in a bonus of 2.47 lakh rupees. By the age of 25, the youngster in this scenario will be the owner of around 7 lakh rupees.
