This is non-linked, with profits, limited premium plan for children education needs.
Features & Conditions JEEVAN TARUN PLAN:
Minimum age at entry : 90 days
Maximum age at entry : 12 years Ibd
Age at maturity : 25 years Ibd
Policy term: 25-Age at Entry
Premium Paying term: 20 – Age at Entry
Minimum S.A. : Rs. 75,000/-& in multiples of Rs. 5,000 up to Rs. 1,00,000 thereafter in multiples of 10,000.
Maximum S.A. : No limit
Available Riders: Premium Waiver Benefit Rider.
DATE OF COMMENCEMENT OF RISK:
For entry age less than 8 years LBD : One day before completion of 2 years from DOC or one day before Policy Anniversary after completion of age of 8 years LBD, whichever is earlier.
For entry age 8 years LBD or more: Risk will commence immediately.
Before Commencement of Risk: Refund of Premiums paid Excluding GST.
After Commencement of Risk: Sum Assured on Death + Vested Bonus + FAB if any.
SURVIVAL AND MATURITY BENEFIT OPTIONS: To be chosen at proposal stage.
|Option||Survival Benefit from Age 20 to 24||Maturity Benefit at Age 25|
|1||No Survival Benefit||100% of S.A.|
|2||5% of S.A. every year for 5 years||75% of S.A.|
|3||10% of S.A. every year for 5 years||50% of S.A.|
|4||15% of S.A. every year for 5 years||25% of S.A.|
Grace Period: 15 Days for monthly mode and 30 days for other modes.
Claim Concessions: Available under Base Plan only. Not apply to Riders & Death due to Suicide.
Paid up/ Surrender/Policy Loan: After payment of 2 full years premium.
Revivals: Within 5 years of FUP.
Back Dating: Allowed with lean Month’s benefits.
Proposal Form: 360 along with Addendum for option & 300 if opted for PWB Rider.
Tax Benefits :
- On Basic Premiums : u/s 80C
- SB/Maturity/Death claim : u/s 10(10D)
Actual Sum Assured (ASA) for SUC:
For NM, Juvenile FMR, Special Reports, MHR & TRSA:
1.25 times of Basic S.A. only.
- Age 0-9 Ibd : SUC-40 lakhs
- Age 10 -12 Ibd : SUC-15 lakhs.
Age Proofs: Only Standard age proofs Allowed.
Sub standard Minor lives: Proposals with BMI beyond standard range will be decided at ZUS/CUS
with MM’s recommendation.
Grand Parents as Proposer: Allowed without PWB with consent of parents.
On lives of parents and Siblings is insisted.
Same is not required:
Up to 10 lakhs TRSA – If PWB is not opted.
Up to 25 Lakhs TRSA – If PWB is opted.
Rating up Factor for Residence Extra:
Outstanding Policy Term:
- Up to 6 years : 6.5625
- 10 years: 2.1875
- 15 years: 1.6875
- 20 years: 1.50
- 25 years: 1.4375
NRIs & FNIOs Residence Group:
- Group 1 to III : Not Allowed.
- Group IV : Allowed with extra.
- Group V : Allowed without extra.
- Mail order : Only NRIs of Group V