| Plan | Entry age | Maximum age at maturity | Policy term | Sum assured | Premium payment | Premium payment frequency | Money Back |
| Lic’s New Children’s Money Back Plan | 0 – 12 Years | 25 Years | 25 Years | 1L Maxium – No Limits | 25 Years | All | 18/20/22/25 |
| LIC’s Jeevan Tarun | 0-12 Years | 25 Years | 25 Years | 1L Maxium – No Limits | 20 Years | All | 20, 21, 22, 23, 24, 25 |
Listed below are the key benefits offered by LIC’s New Children’s Money Back Plan:
The sum insured on death, as well as any collected bonuses, will be paid if the life assured passes away after risk beginning while the policy is in force. The higher of the basic sum assured or 7 times the yearly premium is the “Sum Assured on Death.” This death benefit must be at least 105 % of all premiums paid up to the date of death.
If the life assured survives each policy anniversary occurring with or immediately following the completion of ages 18, 20, or 22 years, 20% of the basic sum assured is payable on each occasion, providing the policy is in existence.
If the life assured survives the policy period while the plan is still in effect, the sum assured on maturity will be paid, along with the final additional bonus and vested simple revisionary bonuses, with the total assured on maturity equalling 40% of the basic sum assured.
Under the LIC’s New Children’s Money Back Plan, the following options are available to the policyholder:
The policyholder will have the option to take the survival benefit(s) at any time during the policy’s currency, whether on or after the due date. The policyholder must notify the servicing branch of the policy for this option in writing six months prior to the due date of the survival benefit.
Individuals can choose to add the “Premium Waiver Benefit Rider” to their policy, which effectively waives all future premiums in the event of the subscriber’s death (the person who pays the premium).
Under an in-force and paid-up policy, this is an option to receive the death benefit in installments over a set term of 5, 10, or 15 years rather than a lump sum payment.
LIC Jeevan Tarun Policy has come up with a sack full of benefits to cater to the needs of the children. Have a look at the advantages of the plan below.
Death Benefit:
In case of the untimely and unfortunate demise of the life assured during the policy term while the policy is active, the beneficiary or nominee is eligible to avail of the death benefit. This Death Benefit shall not be less than 105% of the total premiums paid up to date of death. What the death benefit will be under the following criteria is given in the below table.
| On death before the date of commencement of risk | On death after the date of commencement of risk |
| Under this circumstance, the Corporation will pay back the premiums that have been paid to date to the policy. But this excludes the taxes, extra premium, and rider premium, if any, without the interests. | In this scenario, the death benefit will be 7 times of annualized premium or 125% of Sum Assured, whichever is higher. And also, along with that, you are entitled to receive the vested Simple Reversionary Bonuses and Final Additional Bonus. |
Maturity Benefit:
In case of the Life Assured survives the policy term while the policy is active, you are entitled to receive the maturity benefit. Maturity benefit includes “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any. This Sum Assured on Maturity refers to a fixed percentage of Sum Assured and this varies for various Options. That percentage is mentioned below:
| Maturity age | Option 1 | Option 2 | Option 3 | Option 4 |
| 25 years | 100% | 75% | 50% | 25% |
Survival Benefit:
In case of the Life Assured survives the entire policy period, a fixed percentage of Sum Assured shall be payable as survival benefit. It is paid on each policy anniversary coinciding with or immediately following the completion of 20 years of age and thereafter on each of the next four policy anniversaries. These percentages are calculated on the basis of the Option chosen while the policy is taken and for various Options, the percentages are as mentioned below:
| Policy Anniversary coinciding with/ following completion of ages | Option 1 | Option 2 | Option 3 | Option 4 |
| 20 to 25 years | Nil | 5% each year | 10% each year | 15% each year |
Participation in Profits:
If the policy is active, it will take part in profits of the Corporation and from this the Life Assured will receive simple reversionary bonuses. But this bonus amount totally depends on the experience of the Corporation. Not only that, but you can also enjoy the Final Additional Bonus. This bonus will only be available in that year when either maturity claim or death claim will be filed by you. However, in the case of paid-up policies, Final Additional Bonus will not be payable.
Optional Rider Benefit:
Under this policy, to enhance the security of your child, you can also opt for the Rider benefit, LIC’s Premium Waiver Benefit Rider. This rider plan has to be taken on the life of the Proposer only.
Option To Take Death Benefit in Installments:
Instead of receiving the death benefit as a lump sum amount, you can also receive it in installment to generate a regular flow of income, over the chosen period of 5 or 10 or 15 years. This facility can be availed of both in case of an active policy as well as paid-up policy.
According to your chosen intervals, the installments shall be paid in advance by the Corporation. This installment is subject to minimum installment amount for different modes of payments and that is mentioned below:
| Mode of Instalment payment | Minimum installment amount | Annually | Rs. 50,000 |
| Half-yearly | Rs. 25,000 | Quarterly | Rs. 15,000 | Monthly | Rs. 5000 |
