LIC Jeevan Tarun Plan 934, Benefits, Features, Parameters full details with Example
Table of Contents
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’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.
Also Read this : Invest 10K per month & Get Rs 1 Cr returns
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 3 Years |
| Surrender | After 2 Years |
| Revival | Within 5 Years of Lapse |
Read This – LIC 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.
Also Read this : Invest 10K per month & Get Rs 1 Cr returns
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