LIC starts scheme for education & children’s needs
Life Insurance Corporation of India (LIC) Zonal Manager (North) <g data-gr-id="40">T T</g> <g data-gr-id="37">Kabui</g> has launched LIC’s new Jeevan Tarun plan. Speaking on the occasion, he said that this is a non-linked with-profits, <g data-gr-id="39">limited</g> premium payment plan specially designed to meet the educational and other needs of growing children.
The plan is available from the age of 90 days to 12 years, with a minimum Sum Assured of Rs 75,000. The plan is flexible as depending on the requirement, the proposer can choose any of four options for Survival Benefit payments from the ages of 20 to 24 years.
The Maturity Benefit is payable at the age of 25 years. The four options are No survival benefit and 100 per cent of Sum Assured, 5 per cent of Sum Assured every year for five years and 75 <g data-gr-id="36">per cent</g> of Sum Assured, 10 per cent of Sum Assured every year for five years and 50 <g data-gr-id="35">per cent</g> of Sum Assured, and 15 per cent of Sum Assured every year for 5 years and 25 per cent of Sum Assured.
The option needs to be chosen by the proposer at proposal stage only.
The policy would participate in profits of the Corporation and would be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force. Final Additional Bonus may also be declared under the policy which will be payable on the expiry of the policy term or on earlier death.
The Plan also has the option for availing Premium Waiver Benefit for the <g data-gr-id="32">proposer</g>. Life Insurance Corporation of India’s Jeevan Tarun is excellent for financial and career planning of the children for a successful and stress-free future.
The company was founded in 1956 when Parliament passed the Life Insurance of India Ac,t which nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the <g data-gr-id="33">state owned</g> Life Insurance Corporation.