LIC This Policy Advantage & Rs 150 tax investment will get 19 lakh LIC
LIC is the most trusted insurance company in the country. Consumers are greatly benefited by investing in this government-run company policy. In this age of rising inflation, it is imperative for each of us to save a certain percentage of our hard earned money and invest it in a policy. Everyone dreams of a better future for their children. The Life Insurance Corporation of India has a similar scheme which has been designed keeping in view the needs of the children. We are talking about LIC’s LIC NEW CHILDREN’S MONEY BACK PLAN
Here are the highlights of this policy
The minimum age for taking out this insurance is 0 years
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The maximum age for taking insurance is 12 years
The minimum sum insured is Rs. 1,00,00.
There is no limit to the maximum sum insured.
Premium Weaver Benefit Rider- Option available
Money back installment
The policyholder will get 20% of the sum assured on completion of 18, 20 and 22 years of age.
Maturity Benefit :
At the time of policy maturity (in case the insured does not die during the term of the policy) the policyholder will get an increased portion of the sum insured with a bonus of 40 per cent
Death Benefit :
In case of death of the policyholder at the time of the policy term, in addition to the sum insured, a simple reversionary bonus check and a final maximum bonus are given. Death Benefit shall not be less than 105% of the total premium payment
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How does LIC Jeevan Tarun Work?
LIC Jeevan Tarun works by securing your child till 25 years of age for premiums paid till 20 years of age. This plan offers survival and maturity benefit options under which you can choose for your child to receive survival benefits of 5% to 15% of the sum assured, each year after the end of the premium paying term.
For example, if you purchased this policy for your 12-year-old son, then the policy term will be for 13 years while the premium paying term will be 8 years. For a sum assured of Rs. 5 Lacs, the annual premium will be Rs. 53,723, which is approximately Rs. 150 daily. At the maturity of the plan, your son will receive a total of Rs. 5 Lacs as guaranteed benefits and Rs. 1,95,000 as revisionary benefits under option 1 of the survival benefits.
Benefits of LIC Jeevan Tarun
There are several benefits available under LIC Jeevan Tarun, some of them are as follows:
- Survival Benefits: You can opt to receive survival benefits as 5%, 10%, or 15% of the sum assured, each year after the end of the premium paying term until the end of the policy term.
- Maturity Benefits: Your child will receive the sum assured on maturity at the end of the policy term. This maturity benefit can be 100%, 75%, 50%, or 25% of the total sum assured, depending on the policy option chosen.
- Participation in Profits: Under this plan you will be eligible to receive a portion of the profits declared by the company.
- Rider Benefits: This policy only offers LIC’s Waiver of Premium Rider, through which in case of your unfortunate death, the remaining premiums will be waived off.
- Tax Benefits: You can avail of tax benefits under Section 80C and 10(10D) of the Income Tax Act.
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