LIC Jeevan Tarun Plan 734

Read on to know more about the LIC Tarun plan: 

LIC Jeevan Tarun - Key Features

• The LIC Jeevan Tarun policy is a participating and non-linked, limited premium paying policy.

• It provides a combination of protection and savings.

• This is a money-back plan, which means periodic survival benefits are paid during the policy term along with the maturity benefit.

• This is a risk-free plan where investments are safe and not associated to the stock market.

• The LIC Tarun plan offers flexibility in the following:

  • Choose the survival benefit option

  • Choose the death/maturity benefit payment in instalments

  • Choose the premium payment frequency as per need

• This LIC plan for child has the option to enhance coverage by adding the Premium Waiver Benefit Rider, available at an additional premium.

• The LIC Jeevan Tarun 734 (previously Jeevan Tarun 934) also provides attractive rebates on a High sum assured, starting with Rs 5 Lakhs.

• The LIC Tarun plan also provides a loan facility to take care of the liquidity needs.

Eligibility Criteria for LIC Jeevan Tarun Plan 734

LIC Jeevan Tarun Plan Benefits

1. Death Benefit

   In case of the policyholder's sudden demise during the policy's tenure, the Sum Assured at the time of Death and the acquired Bonuses are paid to the person nominated by the policyholder. This does not depend on the amount paid as a survival benefit. Sum Assured is the higher of:

   • 125% of the Sum Assured was chosen while taking the policy.

   • 7 times of annualized premium as being paid.

   Subject to a minimum of 105% of the total premiums paid as on date of death.

2. Participation in Profits as Bonus

   This LIC plan for child is a participating policy as the policyholder gets Final Additional Bonus and Simple Reversionary Bonuses once they are declared by LIC of India.

3. Survival Benefit

   If the policyholder survives till the maturity age, then a certain % of the Sum Assured is given to the policyholder as Survival Benefit in the last 5 years, and the policy remains active as per the schedule was chosen at the policy inception.

4. Maturity Benefit

   If the policyholder survives the complete tenure of the policy, then the amount leftover of the Basic SA plus the bonuses acquired are paid to the policyholder as per Maturity Benefit, and thus the policy gets terminated.

   Options	Survival Benefit	Maturity Benefit
   Option 1	No Survival Benefit	100% of Sum Assured + vested Bonuses
   Option 2	5% of Sum Assured paid every year for the last 5 policy years	The remaining 75% of the Sum Assured is paid + vested Bonuses
   Option 3	10% of Sum Assured paid every year for the last 5 policy years	The remaining 50% of the Sum Assured is paid + vested Bonuses
   Option 4	15% of Sum Assured paid every year for the last 5 policy years	The remaining 25% of the Sum Assured is paid + vested Bonuses

5. Instalment and Settlement Options

   The LIC Tarun Plan offers an option to receive Death or Maturity Benefits in instalments for 5, 10, or 15 years, instead of a lump sum. This option can be availed under both in-force and paid-up policies for the full or partial benefit amount. The Policyholder can exercise it during the minority of the Life Assured or by the Life Assured aged 18 years and above. Instalments are paid in advance yearly, half-yearly, quarterly, or monthly.

   Mode of Instalment Payment	Minimum instalment amount (Rs)
   Monthly	5,000
   Quarterly	15,000
   Half-Yearly	25,000
   Yearly	50,000

6. Tax Benefits

   The LIC Jeevan Tarun plan 734 (previously 934) offers attractive tax advantages. You can claim deductions on the premiums paid under Section 80C of the Income Tax Act, helping reduce your taxable income. Moreover, the benefits received on maturity or in case of the policyholder’s death are usually tax-exempt, making the Jeevan Tarun LIC plan a tax-efficient way to plan for your child’s future.

Riders Available With Jeevan Tarun Policy 734

LIC’s Premium Waiver Benefit Rider: Under the LIC’s Premium Waiver Benefit Rider, future payments of the premiums are waived off in case of unforeseen demise of the subscriber (the one who makes payments of the premiums).

LIC Jeevan Tarun Policy Details

1. Grace Period

   To pay the premium, the policyholders have the leverage of 30 days to pay the premium (yearly/half-yearly/quarterly modes). For the monthly premium paying mode, the grace period is 15 days. If the policyholder does not pay within these days, then the policy lapses. 

2. Free Look Period

   This plan gives the policyholder a period of 30 days to think about whether they wish to continue the plan or not. This gives you an option to cancel the policy within this period if the policyholder has made no claim.

3. Revival

   If premiums aren’t paid within the grace period, the policy lapses. It can be revived within 5 years by paying all overdue premiums with interest and meeting LIC’s health requirements. Revival is subject to approval and may be accepted on original or modified terms, or declined. Riders, if any, can only be revived along with the main policy.

4. Paid-Up Policy

   If less than one full year’s premium is paid and a due premium is missed, the Jeevan Tarun LIC policy lapses with no benefits. After paying at least one full year’s premium, the policy becomes paid-up if future premiums aren't paid. In that case, reduced Death and Maturity Benefits apply. No future bonuses, survival benefits, or rider benefits are available under a paid-up policy.

5. Surrender

   The policy can be surrendered after one full year’s premium is paid. It acquires a Guaranteed Surrender Value after two full years’ premiums and a Special Surrender Value after one. On surrender, the higher of the two values is paid. Guaranteed Surrender Value is based on total premiums paid, adjusted for policy term, surrender year, and any Survival Benefits already paid.

6. Loan

   Under this LIC plan for child, loans are available after one full year’s premium is paid. Loan amounts depend on policy status and premiums paid, up to 75% of surrender value for in-force policies. Interest is charged at rates declared annually.

7. Policy Termination 

   The policy will automatically end when any of the following happens:

   1. The lump sum or last instalment of the death benefit is paid;

   2. The surrender value is paid out;

   3. The policy reaches maturity and no settlement option is chosen;

   4. The last instalment under the settlement option is paid;

   5. Loan interest is not paid on time (as explained in Section 11);

   6. The policy isn’t revived within the revival period and hasn’t become paid-up;

   7. The policy is cancelled during the free look period;

   8. The policy is forfeited.

8. Rebates

   Mode Rebate
   Yearly mode	2% of Tabular Premium
   Half-yearly mode	1% of Tabular premium
   Quarterly, Monthly mode	NIL
   High Sum Assured Rebate (on Premium)
   Basic Sum Assured (BSA)	Rebate (Rs.)
   Rs. 2,00,000 to less than Rs. 5,00,000	Nil
   Rs. 5,00,000 to less than Rs. 10,00,000	2.5 per thousand BSA
   Rs. 10,00,000 and above	4 per thousand BSA

Exclusions

If the policyholder commits suicide within 12 months of taking up the policy, then the nominee receives around 80% of the premium. If the policyholder commits suicide within 12 months of the revival period, then the Surrender Value or 80% of the premiums paid by the policyholder is received.

LIC Jeevan Tarun Policy Premium Chart

The following chart illustrates annual premiums (in Rs.) under different Options for Sum Assured of 2 lakhs for standard lives are as under:

The above premium is exclusive of taxes and no survival benefit is opted. For those looking for information in Hindi, LIC Tarun Plan in Hindi is also available.

Documents Required for Purchasing LIC Jeevan Tarun Policy 734

To purchase the policy, you need proper documents supporting your application. Following are the documents you require:

• Photo ID Proof: Passport/Aadhar card/PAN card/Driving license.

• Age Proof: Passport/Aadhar card/PAN card/Driving license.

• Address Proof: Passport/voter ID/ration card/Electricity bill.

• Income Proof: Bank statement/last three months' salary slips (if you are salaried).

• Medical history (if requested)

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