LIC Jeevan Tarun Plan

LIC Jeevan Tarun Plan 834

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 Education Plan
LIC Jeevan Tarun Plan

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 Entry90 days to 12 years
Premium Paying ModeYearly, Half Yearly, Quarterly, Monthly (ECS Only)
Policy Term25 – Age at Entry (20 years in case of 5 year old child)
Premium Paying Term20 – Age at Entry (15 years in case of 5 year old child)
Sum Assured75000 and above (multiples of 10000)
Premium Payment Mode rebate2% 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
LoanAfter 2 Years for less than 10 year term & 3 years for more than 10 year term
SurrenderAfter 2 Years for less than 10 year term & 3 years for more than 10 year term
RevivalWithin 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 agesPercentage of Sum Assured to be paid as Survival Benefit
Option 1Option 2Option 3Option 4
20 to 24 yearsNil5% each year10% each year15% each year

Maturity benefit

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

OptionsFrom 20 -24 year of ageAt 25 Year of Age
10100% of SA + Bonus + FAB (if any)
25% of SA75% of SA + Bonus + FAB (if any)
310% of SA50% of SA + Bonus + FAB (if any)
415% of SA25% 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.

OptionsPremium (yearly)From 20 -24 year of ageAt 25 Year of Age
13207601785000
23287935000 Each year1610000
33368370000 Each year1435000
434486105000 Each year1260000

Year-wise Death Claims-option 1.

YearAgeRisk Cover NormalRisk Cover AccidentalPremiumTax SavedNet PremiumAmount Received
201613014230142320769286227900
201726028460284315159286222290
20183980000980000315159286222290
2019410150001015000315159286222290
2020510500001050000315159286222290
2021610850001085000315159286222290
2022711200001120000315159286222290
2023811550001155000315159286222290
2024911900001190000315159286222290
20251012250001225000315159286222290
20261112600001260000315159286222290
20271212950001295000315159286222290
20281313300001330000315159286222290
20291413650001365000315159286222290
20301514140001414000315159286222290
20311614525001452500315159286222290
20321714910001491000315159286222290
20331815295001529500315159286222290
20341915750001575000315159286222290
203520162400016240000000
203621168000016800000000
203722175000017500000000
203823185500018550000000
203924196000019600000000
204025000001785000

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

Emailbasupancholi@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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