LIC Jeevan Tarun Plan 934
Maturity & Premium Child Plan Offline Calculator
LIC Jeevan Tarun Plan 934 Overview
LIC Jeevan Tarun Plan 934 is a participating, limited premium payment child plan. It replaces the older Plan 734, providing flexible options for survival benefits at ages 20 to 24 to cover educational costs, while maturing at age 25.
Eligibility & Rules
- Entry Age: 90 Days to 12 Years
- Maturity Age: 25 Years
- Premium Paying Term: Till child turns 20
- Minimum Sum Assured: ₹75,000
Key Plan Benefits
- Survival Benefit: Flexible options to receive 5%, 10%, or 15% of SA annually from age 20 to 24.
- Maturity Benefit: Remaining balance of SA (100%, 75%, 50%, or 25%) + Vested Bonus + FAB at age 25.
- Death Benefit: Sum Assured on Death + Vested Bonus + FAB.
Detailed Maturity Benefit
Balance of Sum Assured (which can be 100%, 75%, 50%, or 25% depending on the chosen survival benefit option) + Vested Bonuses + Final Additional Bonus at age 25.
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹2,00,000 |
| Child Entry Age | 5 Years |
| Survival Option | Option 3 (10% SA) |
| Yearly Premium (Approx) | ₹10,800 |
| Total Paid Premium (20 Yrs) | ₹2,16,000 |
| Total Survival Benefit Paid | ₹1,00,000 |
| Maturity Payout | ₹2,82,000 |
Calculating…