LIC Jeevan Tarun 934, (UIN No. 512N299V02) is a unique participating non-linked limited premium payment plan designed to meet the financial needs of children. This plan provides a combination of insurance coverage and savings, ensuring that your child’s future needs are well taken care of. It offers the flexibility to choose the policy term and premium payment term according to your preferences.
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|No Survival Benefit
|100% of Sum Assured
|5% of Sum Assured every year for 5 years
|75% of Sum Assured
|10% of Sum Assured every year for 5 years
|50% of Sum Assured
|15% of Sum Assured every year for 5 years
|25% of Sum Assured
To avail of this plan, you need to meet certain eligibility criteria. Have a look at that below.
|Age at entry
|Minimum - 90 days Maximum - 12 years
|Minimum/maximum - 25 years
|25 years minus age at entry
|20 years minus age at entry
|Minimum – Rs. 75,000 Maximum – No upper limit (The Sum Assured shall be in multiples of ` 5,000 from Sum Assured ` 75,000 to ` 100,000 and ` 10,000/- for Sum Assured above ` 100,000)
The Jeevan Tarun 934 plan comes with several notable features that make it an ideal choice for securing your child’s future. Here are the key features:
The plan offers the flexibility of limited premium payment term, allowing you to pay premiums for a specific duration while enjoying the benefits throughout the policy term.
The plan provides survival benefits in the form of annual payouts from the end of the premium payment term until the maturity of the policy.
Upon the maturity of the policy, the policyholder receives the sum assured along with any accrued bonuses.
In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with any accrued bonuses, providing financial security for the child’s future.
Policyholders are eligible to participate in the profits of the insurance company through bonuses declared.
Jeevan Tarun 934 offers a range of benefits that cater to your child’s future financial needs. Some key benefits include:
In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with any accrued bonuses, providing financial support for the child’s future.
|On death before the date of commencement
|On date after the death of commencement of risk
|Under this circumstance, the Corporation will pay back the premiums that have been paid to date to the policy. But this excludes the taxes, extra premium, and rider premium, if any, without the interests.
|In this scenario, the death benefit will be 7 times of annualized premium or 125% of Sum Assured, whichever is higher. And also, along with that, you are entitled to receive the vested Simple Reversionary Bonuses and Final Additional Bonus.
Upon maturity of the policy, the policyholder receives the sum assured along with any accrued bonuses, ensuring a substantial corpus for your child’s future aspirations.
The plan provides annual payouts to meet your child’s education or other needs, starting from the end of the premium payment term until the maturity of the policy.
The plan offers flexibility in choosing the premium payment term and policy term according to your financial goals and requirements.
Instead of receiving the death benefit as a lump sum amount, you can also receive it in installments to generate a regular flow of income, over the chosen period of 5 or 10, or 15 years. This facility can be availed both in cases of an active policy as well as a paid-up policy.
According to your chosen intervals, the installments shall be paid in advance by the Corporation. The installment is subject to a minimum installment amount for different modes of payments and is mentioned below:
|Mode of installment payment
|Minimum installment amount
Like the death benefit, one can also choose to receive the maturity benefit in installments, instead of a whole sum amount, over the chosen period of 5 or 10, or 15 years.
The Corporation will pay the installments in advance as per your chosen intervals. For opting for different modes of payments, a certain minimum installment amount is fixed, as per your chosen intervals and that is mentioned below:
|Mode of Installment payment
|Minimum Installment amount
Mr. Sharma 36 years old purchased the Jeevan Tarun 934 plan for his 4-year-old child. He chooses an assured sum of Rs. 15,00,000 and a premium payment term of 15 years. The policy term is chosen as 21 years. Upon the completion of the premium payment term, his child will receive annual payouts starting from the 16th year until the maturity of the policy. In case of Mr. Sharma’s demise during the policy term, the sum assured along with any accrued bonuses will be paid to his child.
minus age at
entry = 20-4)
age - 36
age - 4
|Benefits for the child
|Policy maturity: Returns when a child turns 25 years:
100% of sum assured
+ Bonus + Final Additional Bonus: 2145000 + 15000
|Benefit 1: Total TAX FREE RETURNS from this plan on 22nd year Policy Maturity
Benefit 2: Approximate maximum loan available
|On life Assured's death before 22nd year of plan maturity
|Amount (in Rupees)
|1. Guaranteed life insurance will be paid
2. As on death bonus paid: Accumulated bonus + FAB
|Total payable to nominee = 1 + 2 (tax free)
Under this policy, the life assured can avail of the loan facility only if he/she has paid at least 2 years premiums and that is subject to the terms and conditions of the insurer, which the Corporation may specify from time to time. The maximum loan as a percentage of Surrender Value shall be as under:
How the rebate for the LIC Jeevan Tarun Policy is calculated, is mentioned below.
Yearly mode – 2% of Tabular Premium
Half-yearly mode – 1% of Tabular premium
Quarterly & Monthly Mode – NIL
High Sum Assured Rebate (on Premium):
|Sum Assured (In Rupees)
|Rebate (In Rupees)
|75,000 to 1,90,000
|2,00,000 to 4,90,000
|2 per thousand Sum Assured
|5,00,000 and above
|3 per thousand Sum Assured
Jeevan Tarun 934 offers flexible premium payment options to suit your financial preferences. Policyholders can choose from yearly, half-yearly, quarterly, or monthly premium payment modes. The premium amount depends on factors such as the sum assured, the age of the child, the premium payment term, and the policy term.
The Jeevan Tarun 934 plan provides both maturity and death benefits to ensure a secure future for your child. Upon maturity of the policy, the policyholder receives the sum assured along with any accrued bonuses. In the event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with any accrued bonuses, providing financial support for the child’s future.
Jeevan Tarun 934 provides policyholders with the option to enhance the coverage by adding riders or additional benefits to the base plan. These riders offer supplementary protection for specific events or circumstances. Common riders include accidental death benefit riders, critical illness riders, and waiver of premium riders. By choosing the riders, you can customize the plan according to your child’s needs.
To be eligible for the Jeevan Tarun 934 plan, the child’s age at entry typically ranges from 90 days to 12 years, depending on the insurance provider. The policy continues until the child reaches a specified age, such as 25 years or 30 years. To apply for the plan, individuals need to fill out the application form, provide the necessary documents, and undergo the required medical procedures as prescribed by the insurance company.
Premiums paid towards the Jeevan Tarun 934 plan are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Additionally, the maturity benefit and death benefit received are generally tax-exempt under Section 10(10D) of the Income Tax Act, 1961, subject to prevailing tax laws.
The Jeevan Tarun 934 plan is a comprehensive life insurance policy specially designed to secure the financial future of your child. With its unique features, benefits, and flexibility, this plan ensures that your child’s education, career, and other important milestones are well supported. Before making a purchase decision, it is advisable to assess your child’s future needs, consult with an insurance advisor, and carefully review the terms and conditions of the plan. Invest in Jeevan Tarun 934 today and pave the way for a bright future for your child.
The Jeevan Tarun 934 plan works by combining insurance coverage and savings components to secure your child’s future. Policyholders need to choose the sum assured, premium payment term, and policy term at the time of policy inception. Premiums are to be paid for a limited duration. Once the premium payment term ends, the policyholder starts receiving annual payouts until the maturity of the policy. In case of the policyholder’s demise during the policy term, the nominee receives the sum assured along with any accrued bonuses. Upon maturity, the policyholder receives the sum assured along with any accrued bonuses.
Jeevan Tarun 934 is a unique life insurance plan offered by a reputed insurance company. It is designed to meet the financial needs of children and secure their future.
Jeevan Tarun 934 offers a host of features, including flexible premium payment options, guaranteed survival benefits, optional riders for enhanced coverage, and tax benefits.
Yes, the premiums paid for Jeevan Labh 936 are eligible for tax deductions under Section 80C of the Income Tax Act, 1961.
This plan is available for children aged 0–12 years. Parents or legal guardians can purchase the policy for their children.
Jeevan Tarun 934 offers survival benefits at various stages of the policy term. These benefits are payable to the child when he or she reaches the ages of 20, 22, 24, and 26.
Yes, on the survival of the child till the end of the policy term, a maturity benefit equal to the sum assured along with accrued bonuses is payable.
Yes, you can choose the premium payment term according to your preference. The available options are 5, 7, 10, or 12 years.
Yes, Jeevan Tarun 934 offers riders such as accidental death benefits and critical illness benefits. These riders provide additional coverage against unforeseen events.
Yes, the premiums paid towards Jeevan Tarun 934 are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. The benefits received are also eligible for tax exemptions under Section 10D.
Yes, you can surrender the policy before maturity. However, the surrender value will depend on the policy’s duration and premium payment terms.
You typically have a grace period of 30 days to pay the premium. If the premium is not paid within this period, the policy may lapse and the benefits may cease.