This policy takes care of the child’s education, saves Rs 70 every day and gets 9 lakhs, will have to pay less premium for 5 years
The policy will mature in 25 years and 50% of the remaining sum assured (the balance 50% is received as money back), Rs 5,52,000 as vested revisionary bonus and Rs 1,25,000 as final additional bonus Will meet. Akash will get a total of Rs 9,27,000.
Nowadays the issue of children’s education is the most serious. The expenditure on this has exceeded all other expenses. Now a large part of the deposited capital is already earmarked for the education of the child. Even if the work is done, then education loan has to be taken. But if you want the child’s education to become a headache for you and by adding some money, you can take the cost of major education, then you can take the support of LIC’s policy Jeevan Tarun. Its table number is 934.
As the name of this policy is Jeevan Tarun, this policy has been designed keeping in mind the higher education of children. In this, take the maturity money together or take money in the form of money back in between, both these types of facilities are given. When the child reaches the age of 20, the money back starts and it is available till 24 years. Maturity is also available after the end of the policy period. There are two types of bonuses available in Jeevan Tarun plan. First – Vested Simple Revisionary Bonus and second – Final Additional Bonus.
Will get bumper benefit of tax
In this policy, the rule of paid-up value is very important, which benefits the policyholder child. If the policyholder has paid the premium for two years and has discontinued the policy after that, then the policy benefit is available with some reduced Sum Assured. Of course, this policy does not expire. The benefit of tax exemption is available on this policy. The amount paid by the policyholder as premium is tax exempted under section 80C. The money received as maturity or death benefit is completely tax free under section 10(10D) of Income Tax.
For what age child is the plan
If you see the necessary criteria for taking the policy, then this policy can be given to a child from 90 days to 12 years. This policy cannot be taken for a child above 12 years of age. Its policy term is 25 minus the age of the child. That is, subtract the number of years the child will be from 25. The number that comes will be the policy for that number of years. If the child is 3 years old, then his policy will run for 22 years. This is a limited payment term plan, so the premium is to be paid less for 5 years. The maturity of this policy will be available when the child reaches the age of 25 years.
In Jeevan Tarun policy, a plan of at least Rs 70,000 has to be taken. There is no limit on the maximum sum assured. Risk coverage starts when the child is 8-12 years old. If the age of the child is less than 8 years then the risk cover will start on completion of 8 years or risk cover will be started after 2 years of taking the policy.
Easy to understand
Understand this policy in simple language. Suppose 35 year old Rohit has taken Jeevan Tarun policy for his child Akash. Akash’s age is 2 years and for him Rohit has taken a policy of sum assured of 5 lakhs. Since the age of the child is 2 years, the term of the policy will be 25-2 i.e. 23 years. Akash will have to pay premium for 5 years less than the policy term i.e. up to 18 years. Rohit has chosen the option of money back, so every year 10% of the sum assured will be available in money back.
How much will you get in the end
If Rohit takes a monthly premium plan, then he will have to pay Rs 2160 every month or Rs 70 per day in terms of savings. If Rohit wants, he can also pay Rs 25,351 as annual premium. 4,56,876 will have to be paid during the entire policy. When Akash is 20 years old, he will get 50 thousand rupees as money back. This money back will get 50-50 thousand rupees at the age of 20 years, 21 years, 22-23 and 24 years.
When Akash is 25 years old, the policy will mature and he will get his money. In this, 50% of the remaining sum assured (the remaining 50% has been received as money back), Rs 5,52,000 as vested revisionary bonus and Rs 1,25,000 as final additional bonus. Akash will get a total of Rs 9,27,000.
