LIC Jeevan Tarun Plan 834
Table of Contents
LIC Jeevan Tarun Plan (LIC Table No 834) is children money back plan which is specially designed for children education.This plan 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 834″ 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 of LIC Jeevan Tarun Plan 834
- This plan to fulfill requirement of child education and carrier
- 4 Option to select required amount from 20-25 year age of child
- Premium waiver option which and important for child education and carrier
- Paid premiums are exempted from income tax under sec 80-C
- Maturity amount is tax free under sec 10(10D)
Eligibility Conditions
| Age of Entry | 90 days to 12 years |
| Premium Paying Mode | Yearly, Half Yearly, Quarterly, Monthly (ECS Only) |
| Policy Term | 25 – Age at Entry (20 years in case of 5 year old child) |
| Premium Paying Term | 20 – Age at Entry (15 years in case of 5 year old child) |
| Sum Assured | 75000 and above (multiples of 10000) |
| Premium Payment Mode rebate | 2% on yearly, 1% on Half Yearly, Nil on Quarterly and Monthly |
| High Sum assured Rebate (per Thousand of S umAssured) | 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 for less than 10 year term & 3 years for more than 10 year term |
| Surrender | After 2 Years for less than 10 year term & 3 years for more than 10 year term |
| Revival | Within 2 Years of Lapse |
LIC Jeevan Tarun Policy 834 Benefits
Starting 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.
Survival Benefit:
- The percentages for various options are given below.
| Policy Anniversary coinciding with / following the completion of ages | Percentage of Sum Assured to be paid as Survival Benefit | |||
| Option 1 | Option 2 | Option 3 | Option 4 | |
| 20 to 24 years | Nil | 5% each year | 10% each year | 15% each year |
Maturity benefit
There are 4 options available to take the maturity on survival which gives as under.
| Options | From 20 -24 year of age | At 25 Year of Age |
| 1 | 0 | 100% of SA + Bonus + FAB (if any) |
| 2 | 5% of SA | 75% of SA + Bonus + FAB (if any) |
| 3 | 10% of SA | 50% of SA + Bonus + FAB (if any) |
| 4 | 15% of SA | 25% of SA + Bonus + FAB (if any) |
Premium Waiver Benefit Rider (PWB)
This plan can be buy with Premium waiver benefit against life of proposer (Parents or Grand Parents) 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.
Benefit Example for LIC jeevan tarun plan 834
To Illustrate the benefits of LIC Jeevan Tarun plan 834, Let’s take an example Mr. Sandeep Meena 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. 7,00,000
Policy Term: 24 (25-1) Years
Premium Paying Term: 19 (20-1) Years
Policy Purchase Year: 2016
Following table explains approximate premium to be paid and money back amounts along with maturity which will be available from 20 to 25 year age of child.
| Options | Premium (yearly) | From 20 -24 year of age | At 25 Year of Age |
| 1 | 32076 | 0 | 1785000 |
| 2 | 32879 | 35000 Each year | 1610000 |
| 3 | 33683 | 70000 Each year | 1435000 |
| 4 | 34486 | 105000 Each year | 1260000 |
Year-wise Death Claims-option 1.
| Year | Age | Risk Cover Normal | Risk Cover Accidental | Premium | Tax Saved | Net Premium | Amount Received |
| 2016 | 1 | 30142 | 30142 | 32076 | 9286 | 22790 | 0 |
| 2017 | 2 | 60284 | 60284 | 31515 | 9286 | 22229 | 0 |
| 2018 | 3 | 980000 | 980000 | 31515 | 9286 | 22229 | 0 |
| 2019 | 4 | 1015000 | 1015000 | 31515 | 9286 | 22229 | 0 |
| 2020 | 5 | 1050000 | 1050000 | 31515 | 9286 | 22229 | 0 |
| 2021 | 6 | 1085000 | 1085000 | 31515 | 9286 | 22229 | 0 |
| 2022 | 7 | 1120000 | 1120000 | 31515 | 9286 | 22229 | 0 |
| 2023 | 8 | 1155000 | 1155000 | 31515 | 9286 | 22229 | 0 |
| 2024 | 9 | 1190000 | 1190000 | 31515 | 9286 | 22229 | 0 |
| 2025 | 10 | 1225000 | 1225000 | 31515 | 9286 | 22229 | 0 |
| 2026 | 11 | 1260000 | 1260000 | 31515 | 9286 | 22229 | 0 |
| 2027 | 12 | 1295000 | 1295000 | 31515 | 9286 | 22229 | 0 |
| 2028 | 13 | 1330000 | 1330000 | 31515 | 9286 | 22229 | 0 |
| 2029 | 14 | 1365000 | 1365000 | 31515 | 9286 | 22229 | 0 |
| 2030 | 15 | 1414000 | 1414000 | 31515 | 9286 | 22229 | 0 |
| 2031 | 16 | 1452500 | 1452500 | 31515 | 9286 | 22229 | 0 |
| 2032 | 17 | 1491000 | 1491000 | 31515 | 9286 | 22229 | 0 |
| 2033 | 18 | 1529500 | 1529500 | 31515 | 9286 | 22229 | 0 |
| 2034 | 19 | 1575000 | 1575000 | 31515 | 9286 | 22229 | 0 |
| 2035 | 20 | 1624000 | 1624000 | 0 | 0 | 0 | 0 |
| 2036 | 21 | 1680000 | 1680000 | 0 | 0 | 0 | 0 |
| 2037 | 22 | 1750000 | 1750000 | 0 | 0 | 0 | 0 |
| 2038 | 23 | 1855000 | 1855000 | 0 | 0 | 0 | 0 |
| 2039 | 24 | 1960000 | 1960000 | 0 | 0 | 0 | 0 |
| 2040 | 25 | 0 | 0 | 0 | 0 | 0 | 1785000 |
With the help of above illustration, we can understand that LIC Bima Policy 834 allows to plan,children education and marriage needs from 20 to 25 year age.
Services that I offer
- New LIC Policy Quotes and Completion
- Complete guidance
- Doorstep Premium Collection Service
- Personalized Policy Recommendations
- Renewal / Revival of Lapsed Policies
- Human Life Value Calculation
- Life Time Services
FOR MORE INFORMATION PLEASE CONTACT -:
BASPA NAND PANCHOLI
CON.9891009400
Email–basupancholi@gmail.com
Office Address:-25,KG,Marg,Jeevan Prakash Building.
LIC of India,Branch Unit-117.
3rd floor,C.P. New Delhi-110001.
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