LIC Jeevan Tarun Policy Review
LIC Jeevan Tarun Plan 834 is a Non-linked, with-profits, optional money back plan which was introduced by LIC (Life Insurance Corporation of India) on May 2015. It is a limited premium plan specially designed to meet the specific expenses such as children education, marriage and other needs in the future. It is for Children Protection and saving.
LIC Jeevan Tarun 834 Policy Offers four options
- Depending on the requirement, the proposer can choose any of the 4 options for SB (Survival Benefit) payments from 20 to 24 yearsof age.
- Proposer needs to select the option at the proposal stage only.
- Under Jeevan Tarun Lic PolicyMaturity Benefit is payable at the age of 25 years only.
Four options under Lic Jeevan Tarun Policy 834 are given below,
| Option | Survival Benefit | Maturity Benefit |
| Option 1 | No Survival Benefit | 100% of Sum Assured |
| Option 2 | 5% of Sum Assured every year for 5 years | 75% of Sum Assured |
| Option 3 | 10% of Sum Assured every year for 5 years | 50% of Sum Assured |
| Option 4 | 15% of Sum Assured every year for 5 years | 25% of Sum Assured |
LIC Jeevan Tarun 834 Plan Conditions
Eligibility conditions and other parameters of LIC Jeevan Tarun plan 834 are given below,
| Entry Age: | · Minimum: 90 days.
· Maximum: 12 years. |
| Minimum/Maximum Maturity Age: | · 25 years. |
| Policy term: | · 25 years – Age at entry (years). |
| Premium Paying Term: | · 20 years – Age at entry (years). |
| Sum Assured (SA): | · Minimum: Rs. 75,000/-.
· Maximum: No limit. (SA shall be in multiples of · 5,000/- from SA 75,000/- to 1,00,000/-. · 10,000/- for SA above 1,00,000/-). |
Jeevan Tarun Lic Policy 834 Benefits
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).
- On Death after the Date of commencement of risk:Death benefit = ‘Sum Assured on Death’ + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.
Survival Benefit:
On survival of the life assured on each of the respective policy anniversaries, a fixed percentage of sum assured shall be payable as survival benefit. It shall be payable every year starting from policy anniversary coinciding with/following the completion of 20 years the of age and after that on each of next 4 policy anniversaries. These percentages depend on the option chosen by the proposed at the proposal stage. The rates for various options are given below.
| Policy Anniversary coinciding with/following the completion of ages | Percentage of Sum Assured to be paid as SB (Survival Benefit) | |||
| Option 1 | Option 2 | Option 3 | Option 4 | |
| 20 to 24 years | Nil | 5% each year | 10% each year | 15% each year |
Maturity Benefit:
- On Survival of the life assured till the end of the policy term,
- Maturity Benefit = Sum Assured on Maturity + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.
Sum Assured on Maturity for various options is given below,
| Options | Maturity Benefit |
| Option 1 | 100% of Sum Assured. |
| Option 2 | 75% of Sum Assured. |
| Option 3 | 50% of Sum Assured. |
| Option 4 | 25% of Sum Assured. |
Riders available in LIC Jeevan Tarun 834 Policy
Premium Waiver Benefit Rider:
Premium Waiver Benefit is available under LIC Jeevan Tarun Policy on payment of additional premium. This is an optional rider that can opt along with a basic plan. In the case of death of the life assured, further premiums after the date of death shall be waived. The conditions for LIC Premium Waiver Benefit Rider are given below.
| Entry Age: | · Minimum: 18 years.
· Maximum: 55 years. |
| The term of the Rider: | · 20 – Age of the child at the time of opting the rider. |
| Maximum Cover ceasing age: | · 70 years. |