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As a parent, you want the best for your child. From their education to their dreams, you’re always thinking ahead. That’s where LIC Jeevan Tarun comes in – a fantastic savings plan designed specifically for your little one’s bright future. Let’s dive into why this plan is a game-changer for families across India.
Table of Contents
Key Takeaways
- LIC Jeevan Tarun is a child-specific savings plan offering protection and savings.
- Four flexible options to choose from based on your financial goals.
- Annual survival benefits from age 20-24 and maturity benefit at 25.
- Potential tax benefits on premiums and maturity amount.
- Early start means better financial security for your child’s future.
What is LIC Jeevan Tarun?
LIC Jeevan Tarun is a non-linked, participating, individual life assurance savings plan tailored for children. It’s like a financial safety net that grows with your child, offering a perfect blend of protection and savings. The best part? You can start securing your child’s future from the day they’re born until they’re 12 years old.
Key Features of LIC Jeevan Tarun
- Flexible Options: Choose from four different options to customize how you receive benefits.
- Long-term Savings: The policy term extends until your child turns 25, ensuring long-term financial security.
- Annual Survival Benefits: Receive payouts from age 20 to 24, perfect for covering educational expenses.
- Maturity Benefit: A lump sum payment when your child turns 25, ideal for higher education or startup capital.
- Bonuses: Enjoy the benefits of simple reversionary bonuses and final additional bonuses.
How Does It Work?
Imagine you’re planting a money tree for your child. You nurture it with regular premium payments, and as your child grows, so does the financial security. Here’s a breakdown:
- Premium Payment: You pay premiums for a specific term (20 minus the age at entry of your child).
- Policy Term: The policy continues until your child turns 25.
- Survival Benefits: Annual payouts start when your child is 20 and continue for 5 years.
- Maturity Benefit: A final lump sum payment when the policy matures at age 25.
The Four Options Explained
LIC Jeevan Tarun offers flexibility through four options. Let’s break them down:
| Option | Survival Benefit | Maturity Benefit |
|---|---|---|
| 1 | No survival benefit | 100% of Sum Assured |
| 2 | 25% of Sum Assured annually for 5 years | 75% of Sum Assured |
| 3 | 10% of Sum Assured annually for 5 years | 50% of Sum Assured |
| 4 | 15% of Sum Assured annually for 5 years | 25% of Sum Assured |
Choose the option that best fits your financial goals and your child’s future needs.
Why Choose LIC Jeevan Tarun?
- Tailored for Children: Specifically designed to meet the educational and other needs of growing children.
- Flexible Payout Options: Choose how you want to receive benefits based on your family’s needs.
- Long-term Security: Provides financial support from age 20 to 25, covering crucial years of higher education.
- Participation in Profits: Benefit from LIC’s performance through bonuses.
- Loan Facility: Access to policy loans for unforeseen expenses.
Real-Life Scenario
Let’s say you start a Jeevan Tarun policy for your 5-year-old daughter with a Sum Assured of ₹10,00,000 under Option 3. Here’s how it might play out:
- You pay premiums for 15 years.
- When she turns 20, she starts receiving ₹1,00,000 annually for 5 years (perfect for college expenses).
- At 25, she receives a lump sum of ₹5,00,000 plus bonuses (great for higher studies or starting a business).
This scenario illustrates how LIC Jeevan Tarun can align with your child’s life stages and financial needs.
Tax Benefits
While tax laws can change, currently, the premiums you pay for LIC Jeevan Tarun may be eligible for tax deductions under Section 80C of the Income Tax Act. The maturity benefits are also tax-free under Section 10(10D). However, always consult a tax advisor for the most up-to-date information.
“The best time to plant a tree was 20 years ago. The second best time is now.” – Chinese Proverb
This wisdom applies perfectly to starting a savings plan for your child. The earlier you begin, the more secure their future becomes.
How to Get Started
Getting an LIC Jeevan Tarun policy is easier than you might think. Here’s a simple step-by-step guide:
- Contact an LIC Agent: Reach out to a trusted LIC agent in your area.
- Discuss Your Needs: Share your financial goals and your child’s future plans.
- Choose Your Option: Select from the four available options based on your preferences.
- Complete the Paperwork: Fill out the necessary forms and provide required documents.
- Pay the First Premium: Start your policy by paying the initial premium.
Remember, I’m always here to help guide you through this process. As an LIC agent in Kolkata, I can provide personalized advice tailored to your family’s needs.
In conclusion, LIC Jeevan Tarun is more than just a policy; it’s a promise of a secure future for your child. As your trusted LIC agent in Kolkata, I’m here to help you navigate this journey of securing your child’s dreams. Remember, every premium you pay is a step towards a brighter tomorrow for your little one.
Ready to give your child the gift of financial security? Let’s talk! Call me at 7980031260, and let’s craft a perfect Jeevan Tarun plan for your family’s future.
Frequently Asked Questions
Can I change the option I’ve chosen after starting the policy?
No, the option you choose at the start becomes a part of the policy contract and cannot be changed later.
What happens if I can’t pay premiums for some time?
If you’ve paid premiums for at least two years, your policy becomes paid-up with reduced benefits. It’s best to keep the policy in force by paying premiums regularly.
Is there a medical examination required for my child?
In most cases, for children, medical examinations are not required. However, this can depend on the Sum Assured and other factors.
Can I take a loan against this policy?
Yes, you can avail a loan against the policy after paying premiums for at least two years, subject to LIC’s terms and conditions.
What if I need to surrender the policy?
You can surrender the policy after paying premiums for at least two years. However, it’s advisable to continue the policy for the full term to get maximum benefits.
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