LIC Jeevan Tarun Plan
In today's era, the biggest concern for every parent is the good education of their children and their secure future. In this era of inflation, considering the rapid increase in the cost of education, it may be difficult to manage with simple savings alone. Often, due to financial constraints, the dreams of many promising children remain unfulfilled. If you are also worried about this, then the Jeevan Tarun policy of Life Insurance Corporation of India (LIC) has brought a relief news for you. This scheme can not only give flight to your child's dreams but also does not weigh heavily on your pocket.
LIC's Jeevan Tarun policy has been specially designed keeping in mind the changing needs of children. This is a non-linked limited premium payment plan. This simply means that in this you do not need to worry about the ups and downs of the stock market, your money remains safe. This scheme provides financial security cover for children's education, college fees or starting a business in future. In this, parents save for the child and after a certain age they get the benefit of a huge amount.
If you pledge to save only Rs 150 per day in this scheme, then this amount is not too big for any middle class family. If you understand the mathematics, at the rate of Rs 150 per day, you invest Rs 4,500 in a month. This deposit amount becomes Rs 54,000 in a year.
If you start this policy when your child is 1 year old and continue it for 25 years, you can get around Rs 26 lakh on maturity of the policy. This amount also includes your basic sum assured, annual bonus and final additional bonus.
There are some conditions which are important to know before starting investment in this scheme. To take the policy, the minimum age of the child should be 90 days and maximum 12 years. If your child is above 12 years of age, then they cannot be a part of this scheme. The duration of the policy is decided on the basis of the age of the child, i.e. the period for paying the premium is calculated by subtracting the current age of the child from 25 years.
The biggest feature of this policy is its money back feature. Usually in policies the money is received at the end, but in Jeevan Tarun, a fixed amount is given back every year from the time the child turns 20 till the age of 24. This is the time when children are in college and the need for fees is greatest. Finally, on the 25th year, the entire remaining amount is paid along with the bonus.
Apart from protection and returns, this policy is also helpful in saving tax. You can claim exemption under Section 80C of Income Tax on the premium deposited in it. Additionally, the amount received on maturity or in case of any unfortunate event, the death benefit, is completely tax free as it comes under the ambit of Section 10(10D) of the Income Tax Act. Besides, if needed, the facility of taking a loan against this policy is also available.
