LIC policy! Here is a great chance to safeguard yourself and earn money; check out how
LIC of India: Life Insurance Corporation (LIC)'s Jeevan Tarun Plan is a plan with limited pay option that can be a good choice for your child up to 12 years of age.
LIC of India: Life Insurance Corporation (LIC)'s Jeevan Tarun Plan is a plan with limited pay option that can be a good choice for your child up to 12 years of age. In this LIC policy, an investor can accumulate around Rs 7.5 lakh by investing Rs 150 per day means around Rs 4,500 per month. Apart from this, this LIC of India plan gives bonus benefit to the investor as well. This LIC Jeevan Tarun Plan has been designed in keeping the studies expenses and secured future of your child. It is a non-linked LIC policy means it keeps your money insulated from the volatility of the equity market.
Speaking on this LIC policy Manikaran Singhal, a SEBI registered tax and investment expert said, "Every parent aims to provide the best environment for their children, ensuring that nothing comes between their growth. LIC Jeevan Tarun Plan is a special plan, which combines savings with protection, offering unique solutions to secure the future of your children. With rising costs associated with raising children, this LIC policy provides a financial platform through which the dreams of both parents and children can be realised."
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He said that one can buy this LIC policy for one's child whose age is between 90 days to 12 years, but the maturity of this LIC plan will take place when the child becomes 25 years of age. Minimum sum assured in this LIC of India plan is Rs 75,000.
Elaborating upon the features of LIC Jeevan Tarun Plan; another SEBI registered tax and investment expert Jitendra Solanki said, "This LIC policy is a profit plan that means LIC of India shares its profit with the policy holders of this LIC policy. This LIC policy is a limited premium payment plan in which the LIC of India plan holder will stop paying LIC premium five years before the maturity of the policy." Solanki said that LIC Jeevan Tarun Plan gives liberty to the investor to design their plan on their own as there are four designs available for the investor — no survival benefit 100 per cent of the sum assured, 5 per cent survival benefit and 75 per cent of the sum assured, 10 per cent survival benefits and 50 per cent of the sum assured and 15 per cent of the survival benefits and 25 per cent of the sum assured.
Assuming the child age at 12 years, an investor opting for the LIC Jeevan Tarun Plan will have to invest for the period of 8 years and the maturity period of the LIC policy will be 13 years. If the investor selects first option of no survival benefit 100 per cent of the sum assured, his or her sum assured amount will be Rs 5 lakh.
LIC Jeevan Tarun Premium calculator for first year with 4.5 per cent tax is as follows:
Annual Premium: Rs 56,141 (Rs 53,723 + Rs 2,418)
Half-yearly Premium: Rs 28,365 (Rs 27,144 + Rs 1,221)
Quarterly Premium: Rs 14,330 (Rs 13,713 + Rs 617)
Monthly Premium: Rs 4,777 (Rs 4,571 + Rs 206)
LIC Jeevan Tarun Premium calculator from second year onwards:
Annual Premium: Rs 54,932 (Rs 53,723 + Rs 1,209)
Half-yearly Premium: Rs 27,755 (Rs 27,144 + Rs 611)
Quarterly Premium: Rs 14,022 (Rs 13,713 + Rs 309)
Monthly Premium: Rs 4,674 (Rs 4,571 + Rs 103)
LIC Jeevan Tarun Plan maturity Calculator
In 8 years, net investment is around Rs 4,40,665
Bonus: Rs 2,47,000
Sum Assured: Rs 5 lakh
Loyalty benefit: Rs 97,500
After maturity, one will be eligible for the maturity amount of 100 per cent sum assured and the Bonus that means Rs 7,47,000 and it is apart from the time to time loyalty bonus that gets accumulated into Rs 97,500 at the end of this LIC policy.
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