LIC Jeevan Tarun 934

By | June 4, 2021

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.

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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.

OptionMoney Back at age 20 to 24 years
Option 1No money
Option 25% of Sum Assured for 5 years.
Option 310% of Sum Assured for 5 years.
Option 415% of Sum Assured for 5 years.

Maturity benefit

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

OptionFrom 20 -24 year of ageAt 25 Year of Age
10100% of SA + Bonus + FAB
25% of SA75% of SA + Bonus + FAB
310% of SA50% of SA + Bonus + FAB
415% of SA25% of SA + Bonus + FAB
Jeevan tarun maturity benefit

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) Age30 Years
Child Age1 Years
Sum AssuredRs. 5,00,000
Policy Term24 (25-1) Years
Premium Paying Term19 (20-1) Years
First Year Premium
ModePremiumGST (@4.5%)Total
Yearly23217104524261
Half Yearly1173852812266
Quarterly59342676201
Monthly1978892067
Second Year Premium onward
ModePremiumGST (@2.25%)Total
Yearly2321752123738
Half Yearly1173826412002
Quarterly59341336067
Monthly1978442022

Year-wise Death Claims – option 3

AGERISK
NORMAL
PREMIUMRETURNS
122608242610
245216237380
3697000237380
4721000237380
5745000237380
6769000237380
7793000237380
8817000237380
9841000237380
10865000237380
11889000237380
12913000237380
13937000237380
14961000237380
15995000237380
161021500237380
171048000237380
181074500237380
191106000237380
201140000050000
211179000050000
221228000050000
231302000050000
241376000050000
25001001000

(Maturity)

Total1251000

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.

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FOR MORE INFORMATION PLEASE CONTACT

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