Learn how LIC Jeevan Tarun Policy 934 can give your child ₹26 lakh maturity by investing just ₹125 per day. Features, benefits, eligibility, and detailed example with calculations.
In today’s competitive world, securing your child’s education, marriage, and future expenses has become a priority for every parent. The LIC Jeevan Tarun Policy (Plan No. 934) is specially designed to provide financial support for your child at important milestones of life.
It is a participating, non-linked, limited premium payment child plan that offers annual survival benefits from age 20 to 24 and maturity benefits at age 25, along with life cover throughout the term.
Key Highlights of LIC Jeevan Tarun
- Specially designed for children aged 0–12 years.
- Premium Payment Term (PPT) is lesser than the policy term.
- Option to choose how much maturity benefit you want as periodic payments or lump sum.
- Life cover for the child after the risk commencement age.
- Participates in LIC’s profits through bonuses.
- Loan facility available.
Eligibility Criteria
| Parameter | Details |
|---|---|
| Minimum Age at Entry (Child) | 90 days |
| Maximum Age at Entry (Child) | 12 years |
| Minimum Age at Maturity | 25 years |
| Policy Term | 25 minus age at entry |
| Premium Payment Term (PPT) | Policy Term – 5 years |
| Minimum Sum Assured | ₹75,000 |
| Maximum Sum Assured | No Limit |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly (ECS/NACH) |
How LIC Jeevan Tarun Works
- Parent takes the policy in the name of the child.
- Premiums are paid till PPT ends (5 years before maturity).
- From the child’s 20th birthday till 24th birthday, you get Survival Benefits.
- At the child’s 25th birthday, you get Maturity Benefit (Sum Assured + Bonuses).
- In case of the unfortunate death of the child after risk commencement, the death sum assured + bonuses are paid.
Survival Benefit Options
At the time of taking the policy, you can choose one of four options for survival benefit payouts:
- Option 1: No survival benefit, full maturity at 25 years.
- Option 2: 5% of Sum Assured every year from age 20–24.
- Option 3: 10% of Sum Assured every year from age 20–24.
- Option 4: 15% of Sum Assured every year from age 20–24.
For higher lump sum at 25 years, parents usually choose Option 1.
Example – If You Invest ₹125 Per Day
Let’s understand with a real-life example:
- Child’s Age at Policy Start: 5 years
- Sum Assured: ₹5,00,000
- Policy Term: 20 years (matures when child turns 25)
- Premium Payment Term: 15 years (till child turns 20)
- Premium: ₹125/day (approx. ₹3,750/month)
Step-by-Step Calculation
- Total Premium Paid
- ₹125/day × 365 days × 15 years = ₹6,84,375
- Bonuses + Final Addition Bonus (FAB)
- LIC declares yearly bonuses (let’s assume ₹45 per ₹1,000 Sum Assured average).
- Over 20 years, this can add up to ₹6,50,000 – ₹7,00,000.
- Maturity Value at Age 25
- Sum Assured: ₹5,00,000
- Bonuses: ₹6,75,000 (approx.)
- Final Addition Bonus: ₹1,25,000 (approx.)
- Total Maturity at 25 years: ₹13,00,000
- Survival Benefits (if opted)
- If you take 15% Sum Assured yearly from 20 to 24: ₹75,000/year × 5 years = ₹3,75,000.
- Adding Survival Benefits + Maturity = ₹16,75,000 (approx.).
How ₹125/Day Can Become ₹26 Lakhs
If you choose a higher Sum Assured (say ₹10,00,000 instead of ₹5,00,000) and bonuses accumulate over 20 years, your payout can be much higher:
| Year | Survival Benefit | Maturity Benefit | Total |
|---|---|---|---|
| 20 | ₹1,50,000 | – | ₹1,50,000 |
| 21 | ₹1,50,000 | – | ₹1,50,000 |
| 22 | ₹1,50,000 | – | ₹1,50,000 |
| 23 | ₹1,50,000 | – | ₹1,50,000 |
| 24 | ₹1,50,000 | – | ₹1,50,000 |
| 25 | – | ₹18,50,000 | ₹18,50,000 |
| Total | ₹7,50,000 | ₹18,50,000 | ₹26,00,000 |
This means, with ₹125/day (approx. ₹3,750/month), you can accumulate around ₹26 lakh for your child’s future.
Advantages of LIC Jeevan Tarun
- Guaranteed + Bonus Earnings – Combination of fixed and profit-linked returns.
- Flexibility – Choose between annual payments or lump sum maturity.
- Loan Facility – Borrow against the policy if needed.
- Tax Benefits – Under Sections 80C & 10(10D) of the Income Tax Act.
- Life Cover – Ensures financial protection.
Disadvantages / Things to Keep in Mind
- Returns depend on LIC bonus rates, which may vary.
- You need to maintain premium payment for full PPT.
- Policy benefits start after risk commencement age for the child.
Documents Required
- Child’s birth certificate.
- Parent’s ID and address proof.
- Recent passport-size photographs.
- Duly filled proposal form.
FAQs on LIC Jeevan Tarun Policy
1. Who can buy LIC Jeevan Tarun?
Parents or grandparents for a child aged 0–12 years.
2. Can I change the survival benefit option later?
No, once chosen at the start, it cannot be changed.
3. Is loan facility available?
Yes, after policy acquires surrender value.
4. How much minimum I can invest?
Premiums depend on the Sum Assured, but can start around ₹500/month.
5. Can I surrender the policy before maturity?
Yes, after 3 years of premium payment.
Final Thoughts
The LIC Jeevan Tarun Policy (934) is an excellent long-term plan to secure your child’s education, marriage, and career needs. The flexibility in payouts, coupled with the safety of LIC and potential for bonuses, makes it one of the most preferred child insurance-cum-investment plans in India.
By investing just ₹125/day, you can aim to build a corpus of around ₹26 lakh by the time your child turns 25 — ensuring they have a strong financial start in life.
