HYDERABAD: Life Insurance Corporation of India (LIC) launched -- Jeevan Tarun -- a non-linked, with-profits, limited premium payment plan designed to meet educational and other needs of growing children.
The plan is available for children aged between 90 days and 12 years with minimum assured sum of Rs 75,000. This is a flexible plan wherein depending on the requirement, the proposer can choose any of the four options for survival benefit payment between 20 and 24 years. Maturity benefit is payable after 25 years only and the option need to be chosen by the proposer at proposal stage only.
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 proposer.