Are you interested in securing your child’s financial future? Do you want to save a big lump sum for your daughter’s wedding or higher education? If so, the LIC Jeevan Tarun policy might be the right option for you.
This policy is designed to provide financial security for special children between the ages of 9 months and 12 years.
Parents can purchase this policy and make regular savings investments until the child reaches 20 years of age. After that, there is a lock-in period of 5 years, during which you do not need to pay premiums.
The policy offers a basic sum assured of at least Rs. 75000, with the option to choose higher amounts. Your returns are based on the premiums you pay, and you can choose from various premium payment options such as monthly, quarterly, semi-annually, or annually, based on your convenience.
Let’s consider an example: if a person starts a Jeevan Tarun plan for his 12-year-old daughter and invests Rs. 150 per month, the total investment over 8 years will be Rs. 4.38 lakhs, with an available bonus of Rs. 2.47 lakh. By the time the child turns 25, the total amount available will be Rs. 7 lakhs.
Alternatively, if the same person starts investing Rs. 171 per day when the child is 2 years old, the total investment over 18 years would be Rs. 10.89 lakhs, with a chance to receive a total of Rs. 28.24 lakhs, including bonus and other benefits.
However, it is important to understand all the details of the Jeevan Tarun policy before making a decision due to potential conflicts with your needs.