LIC Jeevan Tarun 934

By | May 1, 2020

LIC Jeevan Tarun Plan 934, Benefits, Features, Parameters full details with Example


LIC of India new plan launched on 1st. February 2020 which name is LIC Jeevan Tarun 934 (Table No 934). This is a market risk free, limited premium payment, money back plan. Market risk – it means that this plan is not related with the share market, your investment is fully safe.

LIC Jeevan Tarun Policy 934
LIC Jeevan Tarun Plan 934

LIC’s Jeevan Tarun Plan 934 is a money back plan, which is especially designed for child’s higher education and marriage.LIC Jeevan Tarun Policy 934 gives options to choose many benefit and helps to ensure financial requirements of child education and carrier from 20 to 25 years of child age.

“LIC Jeevan Tarun Plan 934” can be purchased by parent and grandparent for their 0-12 year old child and very useful with premium waiver benefit which provides premium waiver in case of death of guardian (proposer) during the policy term.

Key Features


  • This plan to fulfill requirement of child education and carrier
  • 4 Option to select required amount from 20 to 25 year age of child
  • Premium waiver option which is important for child education and carrier
  • Paid premiums are exempted from income tax under sec 80C
  • Money Back and Maturity amount is tax free under sec 10(10D)

Eligibility/Parameters of LIC Jeevan Tarun Plan 934


Age of Entry 90 days to 12 years
Premium Paying Mode

Yearly, Half Yearly, Quarterly, Monthly (ECS Only)

Policy Term 25 – Age at Entry
Premium Paying Term 20 – Age at Entry
Sum Assured

75000 and above (in multiples of 10000)

Premium Mode Rebate

2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

High Sum assured Rebate (per Thousand of SA) Rs. 0 on 75,000 to 1,90,000
Rs. 2 on 2,00,000 to 4,90,000
Rs. 3 on SA on 5,00,000 and above
Loan After 2 Years
Surrender After 2 Years
Revival Within 5 Years of Lapse

Read ThisLIC New Children’s Money Back Plan

Benefits


Commencement of Risk

  • In case, the child is less than 8 year old, then, life cover will be start 2 year after policy buying or completion of 8 year of age, whichever is earlier.

Death Benefit

  • On Death before the Date of commencement of risk: Death benefit = Total no. of premiums paid – taxes, extra premium and rider premium (if any) will be paid to proposer.
  • On Death after the Date of commencement of risk: Death benefit = ‘Sum Assured on death’ + vested Simple Reversionary Bonuses + Final Additional Bonus(if any) will be paid to the proposer.

Read this : LIC’s Best Lifetime Money Back plan

Survival Benefit

The percentages for various options are given below.

Option Money Back at age 20 to 24 years
Option 1 No money
Option 2 5% of Sum Assured for 5 years.
Option 3 10% of Sum Assured for 5 years.
Option 4 15% of Sum Assured for 5 years.

Maturity benefit

There are 4 options available to take the maturity on survival which gives as under.

Option From 20 -24 year of age At 25 Year of Age
1 0 100% of SA + Bonus + FAB
2 5% of SA 75% of SA + Bonus + FAB
3 10% of SA 50% of SA + Bonus + FAB
4 15% of SA 25% of SA + Bonus + FAB

Premium Waiver Benefit Rider (PWB)

This plan can be buy with Premium waiver benefit against life of proposer (Parents or Grandparents) with additional premium. In case of death of proposer, further premiums will not be required to pay. This waiver benefit must be included with this policy to get a complete child plan.

Read also : LIC new Jeevan Anand plan 915 lifetime plan

LIC Jeevan Tarun Plan 934 with an Example


To Illustrate the benefits of LIC Jeevan Tarun plan 934, Let’s take an example Mr. Sandeep whose age is 30 years old and who is purchasing this plan for his 1 year old child.

Father (Proposer) Age 30 Years
Child Age 1 Years
Sum Assured Rs. 5,00,000
Policy Term 24 (25-1) Years
Premium Paying Term 19 (20-1) Years
First Year Premium
Mode Premium GST (@4.5%) Total
Yearly 23217 1045 24261
Half Yearly 11738 528 12266
Quarterly 5934 267 6201
Monthly 1978 89 2067
Second Year Premium onward
Mode Premium GST (@2.25%) Total
Yearly 23217 521 23738
Half Yearly 11738 264 12002
Quarterly 5934 133 6067
Monthly 1978 44 2022

Year-wise Death Claims – option 3

AGE RISK NORMAL PREMIUM RETURNS
1 22608 24261 0
2 45216 23738 0
3 697000 23738 0
4 721000 23738 0
5 745000 23738 0
6 769000 23738 0
7 793000 23738 0
8 817000 23738 0
9 841000 23738 0
10 865000 23738 0
11 889000 23738 0
12 913000 23738 0
13 937000 23738 0
14 961000 23738 0
15 995000 23738 0
16 1021500 23738 0
17 1048000 23738 0
18 1074500 23738 0
19 1106000 23738 0
20 1140000 0 50000
21 1179000 0 50000
22 1228000 0 50000
23 1302000 0 50000
24 1376000 0 50000
25 0 0 1001000 (Maturity)
Total 1251000

With the help of above illustration, we can understand that LIC Jeevan Tarun Plan 934 allows to plan, children education and marriage needs from 20 to 25 year age.

LIC New Plans in 2020

FOR MORE INFORMATION PLEASE CONTACT

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संपर्क सूत्र-: 9891009400
Email-basupancholi@gmail.com
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