LIC Jeevan Tarun Policy (Plan No.834) Introduction
LIC Jeevan Tarun Policy (Plan No.834) is an optional money back policy introduced by LIC of India. LIC Jeevan Tarun Money back policy is a non-linked, with profits plan which is specially designed for children to meet their financial problems and their educational needs. LIC Jeevan Tarun Policy (Plan No.834) is a limited premium payment money back plan. LIC Jeevan Tarun money back Plan No.834 is a flexible plan which provides all types of benefits such as Death benefits, Maturity benefits, Survival benefits. Under this LIC Jeevan Tarun Policy 834, LIC’s Premium Waiver benefit rider is also available by paying additional premium.
Under this LIC Jeevan Tarun Money back plan, Maturity Benefit is Payable at the age of 25 years only and Survival benefits are payable for the last five years only i.e., at the age of 20 to 24 years. If the policyholder has chosen for Survival Benefits then the Policyholder can opt for any of the four options provided by LIC Jeevan Tarun Plan which is tabulated below.
|Option Name||Survival Benefits||Maturity Benefits|
|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 Policy (Plan No.834) Eligibility Conditions
|Entry Age (in Years)||
|Maximum Maturity Age||
|Sum Assured (SA)||
|Premium Paying term (PPT)||
LIC Jeevan Tarun Policy (Plan No.834) Benefits
Under this LIC Jeevan Tarun optional Money back policy 834 survival benefits, maturity benefits, death benefits, rider benefits are available. Detailed explanation about benefits of LIC Jeevan Tarun Plan 834 are given below.
- On death before the date of Commencement of risk: Death benefit is paid as total amount of Premiums paid excluding taxes, extra premium and rider Premiums (if any).
- On death after the date of Commencement of risk: Death benefit is paid as Sum Assured on death + Vested Simple Reversionary bonuses and Final Additional Bonus (if any).
- Sum Assured on death defined as higher of 10 times AP (Annualized premium) or absolute amount assured to be paid on death i.e., 125% of Sum assured.
- This death benefit shall not be less than 105% of total premiums paid as on date of death.
Survival benefits are payable for the last five years of Policy term. A fixed percentage of Sum assured is payable to the Policyholder every year. The fixed percentage of sum assured depends on the option chosen by the policyholder. Under this LIC Jeevan Tarun optional Money back plan 834 there are four options are available to choose. Four options of Survival benefits are given below.
|Policy Anniversary coinciding with/following completion of ages||Percentage (%) of Sum assured to be paid as Survival Benefit|
|Option 1||Option 2||Option 3||Option 4|
|20 to 24 years||Nil||5% each year||10% each year||15% each year|
- Under Maturity benefit, the policyholder will receive the Sum Assured on Maturity + Vested Simple Reversionary bonuses and Final Additional Bonus (if any).
- Sum Assured on maturity depends on survival benefit in which the option chosen by policyholder. If Policyholder opt for any of the four options then the maturity benefits given to policyholder are as follows.
|Option Name||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|
Premium Waiver Benefit Rider:
On Payment of additional Premium LIC’s Premium Waiver Benefit Rider is provided to the policyholder. This Premium Waiver Benefit Rider is an Optional rider which can be opted along with basic plan. Terms and Eligibility Conditions of LIC’s Premium Waiver Benefit Rider are tabulated below.
|Term of rider||
|Maximum Cover ceasing age||
LIC Jeevan Tarun Policy (Plan No.834) Premium Calculator
LIC Jeevan Tarun Policy No.834 Premium Calculator helps you to calculate your premium along with the Maturity benefits, Death benefits, Survival benefits and Waiver Rider benefits.
LIC Jeevan Tarun Premium Rates
The below Jeevan Tarun Lic Premium rates are exclusive of service tax.