LIC Jeevan Tarun Plan – 934 | Policy details review

LIC Jeevan Tarun Plan – 934 was launched by LIC on 1st Feb, 2020. It is a non-linked, participating, individual money back life assurance policy for securing the future of children.

This plan is designed for the educational and other needs of growing children. This plan provides two main benefits i.e. survival benefits from age 20 to 24 years and maturity benefits at 25 years age of child.

It is a flexible plan i.e. you can choose the survival benefit and maturity benefit as per your choice.

We have completely explained the policy details review of LIC Jeevan Tarun Plan – 934 in the following paragraphs.

     

    What are the benefits of LIC Jeevan Tarun Plan 934?

    Survival and Maturity Benefits

    LIC Jeevan Tarun policy provides maturity benefits into two parts as mentioned in the following table:

    Option

    Survival Benefit

    Maturity Benefit

    Option 1

    No survival benefit

    100% of sum assured

    Option 2

    5% of sum assured (every year for 5 years)

    75% of sum assured

    Option 2

    10% of sum assured (every year for 5 years)

    50% of sum assured

    Option 3

    15% of sum assured (every year for 5 years)

    25% of sum assured

     

    In the above table shows:

    • If you choose the Option 1, you will be paid 100% maturity benefit (sum assured and bonus) at the 25 years age of your child. No survival benefit will be paid.
    • If you choose the Option 2, you will be paid 5% of sum assured every year for 5 years i.e. from age 20 to 24 years and 75% maturity benefit (sum assured and bonus) at the 25 years age of your child.
      • Example: Suppose you have selected the option 2 and sum assured is Rs. 100000 and policy term 25 years of your child age.
      • In this case you have to pay premium up to age of 20 years of your child and thereafter from age 20 to 24 years (5% of sum assured for every year i.e. Rs. 5000 and for 5 years total amount Rs. 5000 * 5= Rs. 25000) will be paid by LIC. On maturity 75% of sum assured (i.e. 75000 + bonus) as a maturity benefit will be paid.
    • If you choose the Option 3, you will be paid 10% of sum assured every year for 5 years i.e. from age 20 to 24 years and 50% maturity benefit (sum assured and bonus) at the 25 years age of your child.
    • If you choose the Option 4, you will be paid 15% of the sum assured every year for 5 years i.e. from age 20 to 24 years and 25% maturity benefit (sum assured and bonus) at the 25 years age of your child.

    Death Benefit

    On death of the life assured before the commencement of risk, only premium paid excluding tax, extra premium & rider premium shall be paid.

    On death of the life assured after the commencement of risk, death benefit as per sum assured + bonus shall be paid with the following conditions:

    Sum assured on death higher of

    • 7 times of annualised premium or
    • 125 % of sum assured

    But the death benefit shall not be less than 105% of the total premium paid up to date of death.

    Bonus

    You shall be paid two types of Bonus

    Simple Reversionary Bonus will be credited to your policy account throughout the term of the policy.

    Final Additional Bonus may also be paid on maturity.

    Loan against Policy

    You can avail loan against this policy. LIC gives loan as per the IRDAI guidelines. You have to pay interest on loan as applicable.

    Tax Benefit

    You can avail benefit of tax deduction on premium paid under section 80c of Income Tax Act 1961 of LIC jeevan tarun policy.

     

    What are the eligibility conditions of LIC Jeevan Tarun Plan 934?

    Minimum Sum Assured

    Rs.75,000

    Maximum Sum Assured

    No Limit

    The Sum assured shall be in multiple of Rs.5000 from sum assured Rs. 75000 to Rs. 100000 and Rs.10000 for sum assured above Rs. 100000

    Minimum Age at entry

    90 days (last birthday)

    Maximum Age at entry

    12 years (last birthday)

    Minimum / Maximum Maturity age

    25 years (last birthday)

    Policy Term

    (25 age at entry) years

    Premium Paying Term

    (20 age at entry) years

      

    What is the premium for of LIC Jeevan Tarun Policy 934?

    You can pay premium on yearly, half yearly, quarterly or monthly by NACH mode (National Automated Clearing House) or through SSS mode i.e. salary deduction.

    The following are the Sample illustrations of annual premium as mentioned by LIC for the sum assured Rs. 1 Lac.

    Age at entry /Option

    Option 1

    Option 2

    Option 3

    Option 4

    0

    4390

    4488

    4586

    4684

    4

    5483

    5635

    5782

    5934

    8

    7414

    7644

    7879

    8109

    12

    11045

    11432

    11819

    12211


    You will be allowed a grace period of 30 days for yearly, half yearly, quarterly and 15 days of monthly payment of premium.

     

    What are the rebates under LIC Jeevan Tarun Policy 934?

    Payment Mode Rebate

    • Yearly - 2% of Tabular Premium
    • Half yearly - 1% of Tabular Premium
    • Quarterly, Monthly & SSS mode – NIL

    High Sum assured rebate

    Sum assured

    Rebates

    Rs.75000 – Rs. 190000

    NIL

    Rs. 2 Lacs – Rs. 490000

    2 per thousand of SA

    Rs. 5 Lacs and above

    3 per thousand of SA

     


    Other Information

    Free Look Period

    You will be allowed a free look period for 15 days if you are not satisfied with the “terms and conditions” of the LIC jeevan tarun policy i.e. account deposited as premium shall be refunded after deducting expense of medical examination special reports if any and stamp duty charges.

    Surrender Value

    The policy can be surrendered at any time after two years of premium paid. On surrender LIC shall pay the premium paid after deducting surrender value as per rule by IRDA.

    Revival of Policy

    If you do not pay a premium within the grace period and policy will be lapse. The lapsed policy can be revived within a period of 5 consecutive years from the date of unpaid premium. On revival you have to pay the arrears of premiums and interest as per rule by IRDA.


    Conclusion

    LIC Jeevan Tarun Plan 934 is very beneficial for the child education and other expenses at the age of 20 to 25. You can save the money for the benefit of your child for their future needs.

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