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LIC Jeevan Tarun Details Table
LIC Jeevan Tarun 934 is a flexible plan that allows the proposer to select from one of the four alternatives for the percentage of Survival Benefits to be used over the policy’s term. Following are the LIC Jeevan Tarun policy details:
| Type | Survival Benefit | Maturity Benefit |
| I | NA | 100% sum assured |
| II | 5% for the assured sum till 5 years | 75% sum assured |
| III | 10% for the assured sum till 5 years | 50% sum assured |
| IV | 15% for the assured sum till 5 years | 20% sum assured |
LIC Jeevan Tarun Eligibility Criteria
LIC Jeevan Tarun plan is an insurance for a child which can be started very soon just after the child is born. Following are the eligibility criterias for LIC Jeevan Tarun plan:
| Sum Assured (Minimum) | Rs. 75,000 |
| Sum Assured (Maximum) | No Limit |
| Age (Minimum) | 90 Days |
| Age (Maximum) | 12 Years |
| Maturity Age | 25 Years |
| Policy Maturity | 25 Years |
LIC Jeevan Tarun Key Features
Following is the list of features of LIC Jeevan Tarun plan:
| Type of Plan | Participating premium scheme (non-linked) |
| Basis of the Plan | Individual |
| Premium Payment Terms | 20 excluding the age of entry |
| Term of Policy | 25 excluding the age of entry |
| Benefits of Maturity | A certain percentage of the sum assured will be paid at the time of maturity |
| Frequency of the Premium’s Payment | Annually, Half-Yearly, Monthly, and Quarterly |
| Loan | Loan can be availed under certain conditions |
| Grace Period | 30 days for annual, half-year, and quarter basis15 days for monthly basis |
| Look Period (Free) | An individual has a 15-day free look time in which he/she gets to decide whether to keep the coverage or return it. |
| Revival of Plan | Within two years of the first unpaid payment, expired insurance for which the premium has not been paid after the due date may be reinstated. This can be accomplished by paying all required fees, including premiums and any relevant fines. |
| Plan Variants | There are 4 variants to choose from |
| Assured Sum | Min – Rs. 75000Max – NA |
| Coverage | Death, Survival, and Maturity Benefits |
LIC Jeevan Tarun Benefits
Some of the major LIC Jeevan Tarun 934 benefits are listed below:
Loan
Once the policy has reached its surrender value, policyholders can obtain a loan through it.
Flexibility
The policy offers four plan alternatives, each offering a distinct survival and maturity benefit.
Survival Benefit
After turning 20 years old, the life assured is entitled to a survival bonus equal to a share of the Sum Assured. Up until the age of 24, this sum will be paid.
Death Benefit
The payment assured on death will be paid in the tragic event of the life-assured person’s death (if death occurs after the risk period has commenced). The premiums will be refunded if death occurs before risk cover kicks in.
Maturity Benefit
A maturity benefit equal to a specific percentage of the sum guaranteed will be given when the policy reaches maturity.
Profit Share
Policyholders are qualified to share in the LIC’s profits, which will be distributed as bonuses.
Surrender Benefit
A surrender benefit will be provided if a person wants to cancel the insurance after considering certain circumstances.
Customization
People can tailor their policy, choosing how they want to receive the maturity and survival benefits.
Rebates
People that choose a high sum assured are qualified for premium rebates.
LIC Jeevan Tarun Working
The Jeevan Tarun 934 from LIC was created with the demands of the present time in mind, and LIC made sure it was quick and easy to use. One may say that implementing this plan is simple. Let’s use Mrs. and Mr. Sharma as an example. They are both teachers. By investing in Jeevan Tarun, they hope to protect the financial future of their 5-year-old son, Ajay.
His age causes the policy term to increase to 20 years, while the term for paying the premiums is 15 years. The amount guaranteed is Rs. 1 lakh. Mr. and Mrs. Sharma select option 4 out of the four possibilities, offering Ajay a 15% survival bonus each year from when he is 20 until he turns 24. also, be given a LIC Jeevan Tarun maturity reward at the age of 25 that is equal to 25% of the sum insured plus any extra bonuses accumulated under this option.
They choose to pay their premiums annually at about Rs. 7000. After 15 years, the sum of all premium payments is around Rs 1,05,000. Upon turning 20 years old, Ajay will receive 15% of the sum assured, in accordance with the plan chosen. This sum will be paid up until the time he turns 24. The remaining amount of the money insured will be given to him on his 25th birthday.
Premium Payments
The sum assured and the selected payment option determine how much of a premium an individual is anticipated to pay; different combinations have varying premium expectations. The payment option for this premium is SSS or on a monthly, quarterly, half-yearly, or yearly basis.
Riders
LIC provides an optional rider for LIC Jeevan Tarun policy to give policyholders more advantages. Future premium payments are waived under this Premium Waiver Benefit Rider if the subscriber (the person who pays the premium) passes away.
If something unfortunate occurs and you are not available to care for your children, LIC Jeevan Tarun’s plan allows you to protect your children. Do you recall the saying, “A stitch in time saves nine”? Your children’s dreams can come true thanks to this small stitch in time.
FAQ’s
Is Jeevan Tarun 934 a good policy?
When a child is 20 to 25 years old, the LIC Jeevan Tarun Plan 934 is very helpful for paying for their education and other costs. For the sake of your child’s future requirements, you can set aside the money.
Is Jeevan Tarun a good policy?
Undoubtedly, Jeevan Tarun is a great policy if someone wants to secure and save their child’s future.
Can we take a loan on the Jeevan Tarun policy?
Yes, we can take a loan on the Jeevan Tarun policy after it reaches its surrender value.
Is Jeevan Tarun a money-back policy?
When a child is 20 to 25 years old, the LIC Jeevan Tarun Plan 934 is beneficial for paying for their education and other costs. For the sake of your child’s future requirements, you can set aside the money.
