LIC Jeevan Tarun: Special 'Child Insurance Policy' worth lakhs in maturity benefits, check details

LIC Jeevan Tarun is a child insurance plan offered by the Life Insurance Corporation of India (LIC). It is designed to provide financial protection to children in case of the untimely demise of their parents.

Benefits of LIC Jeevan Tarun Policy:

1. Death benefit: In the event of the untimely demise of the policyholder, the child will receive the sum assured as a death benefit.

2. Maturity benefit: On survival of the policyholder and the child until the policy matures, the child will receive the sum assured along with simple reversionary bonuses and terminal bonus, if any.

3. Tax benefits: Premiums paid towards the policy are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. The death and maturity benefits received are also tax-free under Section 10(10D) of the Income Tax Act.

How to apply for LIC Jeevan Tarun Policy:

1. Visit the nearest LIC branch and collect a copy of the proposal form.

2. Fill in the form with all the necessary details, including the child's name, date of birth, and the policy term.

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3. Submit the completed form along with the required documents and the premium payment to the branch.

4. The branch will process the application and issue the policy document once it is approved.

Who can apply for LIC Jeevan Tarun Policy:

1. The policy can be taken by parents or legal guardians of a child between the ages of 0 to 12 years.

2. The child should be a natural or legally adopted child of the policyholder.

3. The policy term should not extend beyond the age of 25 years of the child.

Example:

Suppose Mr. A takes a LIC Jeevan Tarun policy for his son, who is 5 years old. The policy has a sum assured of Rs. 5 lakhs and a term of 20 years. If Mr. A passes away during the policy term, his son will receive the sum assured of Rs. 5 lakhs as a death benefit. If both Mr. A and his son survive until the policy matures, the son will receive the sum assured along with any bonuses that may have accrued. Mr. A can also avail tax benefits on the premiums paid towards the policy.