With the Jeevan Tarun plan of LIC (LIfe Insurance Corporation of India), your child can get the benefit of the policy when he turns 25 years old. Under this plan, you can get a sum assured of up to Rs 75,000.
Life Insurance Corporation of India (LIC) is the largest government insurance company in India. LIC keeps bringing schemes for its customers from time to time. LIC has schemes and plans for every class of people. In this sequence, LIC has come out with the LIC Jeevan Tarun policy plan keeping the children in mind. This is a type of participating non-linked limited plan. With this plan, you can save along with the safety of your children. You can invest in this plan keeping in mind the education and other needs of the children. To take this policy, the age of the child should be at least 90 days and maximum 12 years. For this policy, the premium will have to be paid till the age of 20 years of the child. You will get the benefit of the policy after the child turns 25 years old. LIC Jeevan Tarun policy can be taken for a minimum sum assured of Rs 75,000. Its maximum limit has not been fixed. This policy can be taken in the name of the child only. And the amount received from this is given to the child only.
You can get lakhs by investing in the policy
LIC Jeevan Tarun policy is a participating limited payment scheme. You will have to pay the premium till your child turns 20 years old. In this, according to your convenience, you can pay the premium for three months, six months and annually. If you invest Rs 150 every day in Jeevan Tarun policy, then the annual premium will be Rs 54000. This means that in 8 years your investment will be Rs 4,32000. Along with this, you will also get a bonus of Rs 2,47,000 on investment. The sum assured of this policy will be Rs 5 lakh. After which you will get Rs 97000 as loyalty bonus. In this way you will get Rs 8,44,550 under this policy.
What is death benefit
Premium, extra premium, rider premium if the policy holder dies during the term of the policy before the commencement of risk. The amount is given after removing interest and tax. On the other hand, if the policy holder dies during the term of the policy after the commencement of the risk, then the payment made at this time is called Sum Assured on Death. Under this, on the death of the policy holder, an amount of 10 times the annual premium amount will be paid. Or else 125 percent sum assured will be given.
