How to safeguard your child’s education?

Education is the most important aspect of every child’s life. Isn’t it the objective of every parent to give the best education to their kids? However, the cost of education is growing exponentially high every year. If you have not planned and saved ahead, then, you will not be prepared to meet the huge educational expenses of your child. You might even fall short of funds and your child could even end up losing a desired or promising educational choice.

So, it is mandatory that as a parent you start planning and saving for your child’s education as early as possible. If you start as early as the baby is born or at least from the day your child starts his/ her preschool, you can definitely accumulate the desired corpus. Irrespective of what your child might wish to study, if you start investing regularly over a long period of time, also taking into account the inflation factor, you are sure to achieve the goal.

Now, LIC can help you reach your children’s educational goals effortlessly through the LIC’s Jeevan Tarun policy. This policy will help you to secure your children’s future with a limited pay option. This is the best investment option for securing your child’s education and future. LIC Jeevan Tarun with its choice of a couple of different cash back and maturity benefits will help you safeguard not only your children’s education but also other expenses such as marriage. This will guarantee that your children will not face any financial problems.

Features of LIC Jeevan Tarun:

  • Limited premium payment: You will have to pay premiums only till your child reaches the age of 20. The policy is considered developed when your child reaches 25 years.
  • Survival Benefits: Your child gets to profit rare survival benefits during the past five strategy development term. This benefit sum depends on the choice of advantages made at the time of the beginning of the policy.
  • Maturity benefits: This plan provides basic reversionary rewards all through the policy maturity term as well as the last bonus at the time of maturity. Additionally, there is a demise benefit where the nominee of the policy is given a basic sum assured amount plus the bonuses.

The 4 options to secure the maturity benefits:

  1. Option 1: If you opt for “No survival benefit” you will get 100% of Sum Assured + Bonus on Maturity.
  2. Option 2: If you opt for “5% of Sum Assured every year for the last 5 years” you will get 75% of Sum Assured + Bonus on Maturity.
  3. Option 3: If you opt for “10% of Sum Assured every year for the last 5 years” you will get 50% of Sum Assured + Bonus on Maturity.
  4. Option 4: If you opt for “15% of Sum Assured every year for the last 5 years” you will get 25% of Sum Assured + Bonus on Maturity.

Benefits of LIC Jeevan Tarun:

  • The plan offers long term bonuses along with survival and development benefits.
  • If the premium payer dies, then there is no need to pay any more premiums for the rest of the period of the policy. However, the policy will still cover the candidate till the maturity and after maturity, the basic sum assured and the bonuses will be given to the candidate.
  • The risk coverage in LIC Jeevan Tarun starts from when the child is 8 years old, or 2 years from the plan’s start date.
  • If the event of the death of the insured person, the sum assured along with the incurred bonuses, that will be around 10 times that of the premium or 125% of the sum assured will be paid. This amount will be at least 105% of the total premium paid to that date.
  • Waiver Benefit Rider can be opted along with this plan.

Thus LIC’s Jeevan Tarun policy is your best option that will help you to secure your children’s future; that covers their education as well as marriage expenses. It is vital to be systematic, consistent and continue investing until you reach the goal. Invest in LIC Jeevan Tarun today to meet the growing educational expenses.


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About the Author: Anant G Bhatavadeka

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