LIC Jeevan Tarun Plan (834)

LIC Jeevan Tarun Plan (834): Features, Benefits, Review and Premium Calculator

LIC Jeevan Tarun Plan (834)


LIC Jeevan Tarun Plan (834): Features, Benefits and Premium Calculator.

LIC Jeevan Tarun Plan is limited premium paying, non-linked, with profits money back plan of LIC. This plan is also one of the   popular plan of LIC,  in which premium paying term is less than the terms of the policy. For example  if policy term is 25 than the policy holder has to pay premium for 20 years only.

This plan is specially designed to meet the educational and other needs of growing children. This Plan provide annual survival benefits from ages 20 to 24 years and maturity benefits at the age of 25 years.

This plan can be purchased by parent or grand parent for their 0 to 12 year child.

LIC Jeevan Tarun Plan is a flexible plan. The proposer can choose the proportion of Survival Benefits to be availed during the term of the policy. It has four option available as given below:

Option Survival Benefits Maturity Benefits
Option 1 No Survival Benefits 100% of Sum Assured
Option 2 5% of Sum Assured every year for 5 years 75% of Sum Assured
Option 3 10% of Sum Assured every year for 5 years 50% of Sum Assured
Option 4 15% of Sum Assured every year for 5 years 25% of Sum Assured

The chosen option shall become a part of the policy contract and no further change in option shall be allowed.

This Plan also takes care of the liquidity needs through its loan facility.

Key Features of LIC  Jeevan Tarun Plan (834):

  • Premium needs to be paid for less number of years than the policy term.
  • This is a  participating plan.
  • Provide option to choose the proportion of survival benefits.
  • Premium waiver option makes the plan attractive.
  • Rebate is also offered to policy holder if he opt for higher sum assured.
  • Premium Paid are exempted from income tax under section 80C.
  • Amount received on maturity or on death is exempted under section 10 (10D).
  • This Plan ideal for planing child’s education and other needs.

Benefits of LIC  Jeevan Tarun Plan (834):

Death Benefits:

On the death of Life Assured during policy term before the commencement of risk, premium paid (excluding taxes, extra premium and rider premium) will be returned.

On the death of Life Assured during policy term after the commencement of risk, Sum Assured on death, vested Simple Reversionary Bonuses and Final Additional Bonus if any will be payable.

Maximum Sum Assured on Death can be absolute amount assured on death i.e. basic sum assured  or 10 times of annualized premium which ever is higher i.e. 125% of the Sum Assured. The death benefit shall not be less than 105% of all the premium paid till the date of death.

Survival Benefits:

A fixed percentage of Sum Assured shall be payable on each policy anniversary coinciding with or immediately following the 20 years of age and thereafter on each of next four policy anniversary. The fixed percentage will depend on the option chosen at the proposal stage.

Maturity benefits: 

In case Life Assured survive till the date of maturity, a fixed percentage of Sum Assured will be payable depending on his option chosen at the proposal stage. In addition of the above vested Simple Reversionary Bonuses and Final Additional Bonus if any will be payable.

Participation in Profit:

The policy also participate in the profit of the corporation. The policy holder is entitled to receive bonuses declared by LIC from time to time provided the policy is in full force.

Optional Benefits:

LIC Premium Waiver Benefits Rider, on the life of the proposer may be opted for by the payment of additional premium.

Tax Benefits:

Premium paid is exempted u/c 80C and the amount received on death or maturity is also exempted u/s 10 (10D).

Loan Facility: Loan facility is also available after the completion of 3 years.

Eligibility and other restrictions:

  • Minimum age of entry   :    90 days
  • Maximum age of entry : 12 years
  • Minimum/Maximum Age of  Maturity: 25 years
  • Basic Sum Assured  :   Minimum Rs.75000 and Maximum no limit (in multiple of Rs. 5000 for Sum Assured from Rs.75000 to Rs.100000 and Rs.10000 for Sum Assured above Rs.100000).
  • Policy Term: (25- age at entry) years
  • Premium Paying Term: (20-age at entry) years

Mode of Payment of Premium:

Premium can be paid monthly, quarterly, half yearly and yearly.

Rebate on mode and high sum assured:

  • Quarterly and monthly mode  nil
  • Half yearly mode      1%
  • Yearly mode               2%

Basis sum assured rebate:

  • 75000 to 190000         Nil
  • 200000 to 490000        2% of Basic Sum Assured
  • 500000 and above       3% of Basic Sum Assured

Lapse, Revival and paid up value: If the premium is not paid within the grace period the policy will lapse. Lapsed Policy can be revived within a period of two consecutive years from the date of first unpaid premium on the payment of all the arrears of premium with interest. However if at least three full years premium have been paid and any subsequent premium be not duly  paid, this policy shall continue  as a paid up policy.

Surrender Value:

The policy can be surrendered for cash provided at least three full years premiums have been paid. The surrender value percentage will depend on the policy term and the policy year in which surrendered.

Premium Calculator: For the calculation of  premium of LIC  Jeeevan Tarun Plan (834), LIC Premium Calculator can be used. To calculate premium click on Premium Calculator

For more detail of the Plan visit LIC Jeevan Tarun Plan (834)

Also See: LIC New Jeevan Anand Plan: Features, Benefits and premium calculator

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