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LIC Jeevan Tarun Policy: In today’s era, with the rate at which inflation is increasing, the biggest challenge for parents is to secure their children’s education and career. The huge college fees and expense of professional courses often give sleepless nights to parents. Many times, due to financial constraints, even talented children have to compromise on their dreams. If you are also looking for a reliable investment for the bright future of your child, then Life Insurance Corporation of India (LIC) Jeevan Tarun The policy can prove to be a game-changer for you. This scheme not only keeps your investment safe but also creates a big corpus in future.

Jeevan Tarun Yojana is special for the future of children

LIC’s Jeevan Tarun policy has been specially designed keeping in mind the needs of children and their higher education. This is a ‘Non-Linked Limited Premium’ plan, which means that your money is completely protected from stock market risks. No matter how much turmoil there is in the market, your child’s future remains secure. The main objective of this scheme is to provide financial strength to children for college fees, professional education or their own startup. In this, parents have to invest for a certain time and on maturity they get a huge amount in their hands.

Rs 26 lakh will be earned by small savings of Rs 150

Now you must be wondering how can one become a millionaire by saving just Rs 150 a day? Let us understand its mathematics. If you save only Rs 150 daily, the monthly investment is approximately Rs 4,500. If seen on annual basis, you deposit around Rs 54,000. If you take this policy when your child is 1 year old and continue it for 25 years, then at the time of maturity you can get returns of up to Rs 26 lakh. This huge amount includes your Basic Sum Assured, Annual Bonus and Final Additional Bonus, which together multiply your investment.

Who can take advantage of this policy and when?

Some eligibility conditions have been fixed for investing in this scheme. At the time of taking the policy, the minimum age of the child should be at least 90 days and the maximum age can be up to 12 years. That means, if your child is older than 12 years, you will not be able to avail the benefits of this scheme. The duration of the policy is decided according to the age of the child. Its biggest feature is its ‘money back’ option. From the time the child turns 20 till the age of 24, he gets a fixed amount back every year, so that there is no shortage of money during college studies. After this, in the 25th year the entire remaining maturity amount is given along with the bonus.

Tax exemption and loan facility also available

Apart from returns, this policy also helps you save tax. You can get exemption on premium under Section 80C of Income Tax. The best thing is that the money received on maturity or the death benefit received in case of any untoward incident is completely tax free under Section 10(10D). Not only this, if you suddenly need money, you can also take a loan against this policy. That means this scheme is a great package of security, savings and convenience.