LIC Jeevan Tarun Plan 934, launched by LIC of India on 1st February 2020, is a Non-Linked, Participating, Limited Premium, Money Back Life Insurance Plan specially designed for children’s higher education and career needs.
This plan offers guaranteed returns, flexible money-back options, and a premium waiver benefit in case of the death of the proposer (parent/guardian). It ensures your child’s future is financially secure even if you’re not around. Best of all, it’s completely market risk-free, meaning your investment is safe and secure regardless of stock market fluctuations.
🌟 Key Highlights of LIC Jeevan Tarun 934
- ✅ Tailor-made for child education and marriage
- ✅ Choose from 4 money-back options (ages 20 to 24)
- ✅ Premium waiver rider available for complete protection
- ✅ Market-risk-free traditional insurance plan
- ✅ Tax benefits under Section 80C & 10(10D)
- ✅ Plan available for children aged 90 days to 12 years
📋 Eligibility Criteria & Plan Parameters
| Parameter | Details |
|---|---|
| Entry Age | 90 days (completed) to 12 years |
| Policy Term | 25 – Age at Entry |
| Premium Paying Term | 20 – Age at Entry |
| Minimum Sum Assured | ₹75,000 (in multiples of ₹10,000) |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly (E-NACH only) |
| Loan Availability | After 3 years |
| Surrender | After 2 policy years |
| Revival Period | Within 5 years from FUP (First Unpaid Premium) |
💸 Premium & Sum Assured Rebates
| Premium Mode | Rebate |
|---|---|
| Yearly | 2% |
| Half-Yearly | 1% |
| Quarterly/Monthly | NIL |
| Sum Assured Range | Rebate per ₹1000 SA |
|---|---|
| ₹75,000 – ₹1,90,000 | ₹0 |
| ₹2,00,000 – ₹4,90,000 | ₹2 |
| ₹5,00,000 & above | ₹3 |
🧾 LIC Jeevan Tarun – Benefits Breakdown
🔹 Death Benefit
- Before Commencement of Risk (for children under 8):
👉 Refund of premiums paid (excluding taxes, rider premiums, extra charges) - After Commencement of Risk:
👉 Sum Assured on Death + Accrued Bonuses + Final Additional Bonus (FAB)
Sum Assured on Death = Higher of:
- 125% of Basic Sum Assured
- 7 times of annualized premium
🔹 Survival Benefit (Money Back)
You can choose from 4 money-back options based on how much payout you want from age 20 to 24:
| Option | Annual Money Back (Age 20-24) | Payout at 25 Years |
|---|---|---|
| Option 1 | NIL | 100% SA + Bonus + FAB |
| Option 2 | 5% SA each year | 75% SA + Bonus + FAB |
| Option 3 | 10% SA each year | 50% SA + Bonus + FAB |
| Option 4 | 15% SA each year | 25% SA + Bonus + FAB |
🔹 Maturity Benefit
At age 25, policyholder receives:
👉 Remaining portion of Sum Assured (based on option chosen)
- Simple Reversionary Bonus
- Final Additional Bonus (FAB)
🔒 Premium Waiver Benefit (PWB)
If the proposer (parent/guardian) passes away during the policy term, all future premiums are waived, and the policy continues for the child with full benefits.
👶 LIC Jeevan Tarun Example – Real Case
Let’s understand with an example:
| Detail | Value |
|---|---|
| Proposer | Mr. Suresh (35 years) |
| Child’s Age | 2 years |
| Sum Assured | ₹5,00,000 |
| Premium Paying Term | 18 years |
| Policy Term | 23 years |
| Option Chosen | 15% Money Back (Option 4) |
| Rider | PWB (Yes) |
💰 Premium Details (Yearly Mode)
| Year | Premium (With GST) |
|---|---|
| 1st Year | ₹26,543 |
| 2nd Year onwards | ₹25,972 |
📆 Money Back & Maturity Schedule
| Age | Year | Type | Amount |
|---|---|---|---|
| 20 | 2041 | 1st Money Back (15%) | ₹75,000 |
| 21 | 2042 | 2nd Money Back | ₹75,000 |
| 22 | 2043 | 3rd Money Back | ₹75,000 |
| 23 | 2044 | 4th Money Back | ₹75,000 |
| 24 | 2045 | 5th Money Back | ₹75,000 |
| 25 | 2046 | Maturity (25% SA + Bonus + FAB) | ₹7,67,500 |
Total Benefits: ₹11,42,500
Total Premium Paid: ₹4,94,039
Net Returns: More than double the investment!
💀 Death Benefit Illustration
In case of unfortunate death of child in 2041 (age 20):
| Component | Amount |
|---|---|
| Sum Assured on Death | ₹6,25,000 |
| Bonus (Approx.) | ₹4,27,500 |
| Final Additional Bonus | ₹25,000 |
| Total Death Benefit | ₹10,77,500 |
| Already Paid Money Backs | ₹75,000 |
| Total Benefit | ₹11,52,500 |
Thanks to the Premium Waiver Rider, if proposer dies, all future premiums are waived, and full benefits are paid to the child.
📄 LIC Jeevan Tarun 934 – Quick Glance at Other Features
| Feature | Description |
|---|---|
| Risk Coverage | Up to end of policy term |
| Commencement of Risk | Earlier of: 8 years of age or 2 years after policy start |
| Lock-in Period | 2 years |
| Loan Facility | After 3 years |
| Income Tax Benefits | Section 80C & 10(10D) |
| Proposal Forms | Form 300 / 340 |
| Cooling-off Period | 15 days from policy receipt |
| Backdating | Allowed within same financial year |
| Assignment/Nomination | Available |
✅ Why Choose LIC Jeevan Tarun Plan 934?
- Best suited for Child’s Future Planning
- Flexibility to receive money-back during key education years
- Ensures child’s protection even in case of proposer’s death
- One of the most trusted savings plans for education + marriage
- Tax-free maturity returns
