Jeevan Tarun Insurance – Age, Eligibility, Term, Sum Assured
Jeevan Tarun policy has a minimum sum assured of ₹75,000. But no maximum amount is fixed. Sum Assured up to ₹1,00,000 can be increased in increments of ₹5000. Above ₹1,00,000, the sum assured can be increased in increments of ₹10,000.
Minimum age for joining the insurance plan – 90 days
Maximum age for joining the insurance plan – 12 years
Maturity of Sum Assured – 25 years old
Maximum tenure of the policy – 25 years
Maximum premium payment period – 20 years
For children from birth to 12 years of age, anyone can buy this policy, be it father, mother, grandfather or grandmother.
Survival Features and Benefits of Jeevan Tarun Insurance
Jeevan Tarun insurance works as a life insurance for the buyers and an education insurance that provides financial security for the future of the buyer’s child. So if the policyholder dies unexpectedly while using life insurance, the benefits of the insurance will be available to the children. Apart from that there are survival features as well. This means that if the insured is still alive after the maturity of the policy, the benefits will also be available. So unlike a term policy, the benefits are available whether the insured is alive or not.
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Survival Features:
In case the insured is alive, there are four options of survival benefits.
In an optional test, there is no survival advantage. But the policy holders will be paid the full amount for which the policy is taken.
In the second option, the rate of 5% per annum is calculated on the policy sum for five years. 75% will be paid after five years as maturity benefit.
In the third option, for five years, the rate of 10% per annum is calculated on the policy sum. 50% as maturity benefit will be paid after five years.
In the fourth option, for five years, the rate of 15% per annum will be calculated from the policy sum. Maturity benefit of 25% will be paid after five years.
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Benefits on death of policyholder:
If the policyholder dies before the policy maturity, the premium will be paid based on the following calculations and the maturity amount will be paid.
If the policyholder dies before the start of the risk refund period for the premium paid, the entire premium paid by the policyholder will be refunded, net of tax.
If the policyholder dies after the commencement of the risk, the sum assured and the corresponding bonus and additional bonus will be paid by the insurance company.
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The settlement amount should not be less than 105 percent of the total premium paid. In case of death of the policyholder, the amount to be settled is seven times the annual premium or 125% of the sum assured, whichever is higher.
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