LIC Jeevan Tarun 934

LIC Jeevan Tarun 934 - Premium and Maturity Calculator










LIC Jeevan Tarun 934

LIC Jeevan Tarun 934

LIC Jeevan Tarun 934

Description


LIC of India new plan launched on 1st. February 2020 which name is LIC Jeevan Tarun 934 (Table No 934). This is a market risk free, limited premium payment and money back plan. Market risk – it means that this plan is not related with the share market, your investment is fully safe.

LIC’s Jeevan Tarun Plan 934 is a money back plan, which is especially designed for child’s higher education and marriage.LIC Jeevan Tarun Policy 934 gives options to choose many benefit and helps to ensure financial requirements of child education and carrier from 20 to 25 years of child age.

“LIC Jeevan Tarun Plan 934” can be purchased by parent and grandparent for their 0-12 year old child and very useful with premium waiver benefit which provides premium waiver in case of death of guardian (proposer) during the policy term.

Please Note: You can now buy online LIC Jeevan Tarun plan 934 through credit card/debit card, net banking, upi and wallets on our LIC's New Business Platform.

Key Features


  • This plan to fulfill requirement of child education and carrier
  • 4 Option to select required amount from 20 to 25 year age of child
  • Premium waiver option is available which is important for child education and carrier
  • Paid premiums are exempted from income tax under sec - 80C
  • Money Back and Maturity amount is tax free under sec 10(10D)

Eligibility/Parameters


Age of Entry 90 days to 12 years
Premium Paying Mode

Yearly, Half Yearly, Quarterly and Monthly (E-Nach Only)

Policy Term 25 - Age at Entry
Premium Paying Term 20 - Age at Entry
Sum Assured

75000 and above (in multiples of 10000)

Premium Mode Rebate

2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

High Sum assured Rebate (per Thousand of SA) Rs. 0 on 75,000 to 1,90,000
Rs. 2 on 2,00,000 to 4,90,000
Rs. 3 on SA on 5,00,000 and above
Loan After 3 Years
Surrender After 2 Years
Revival Within 5 Years from FUP

Read This - LIC New Children’s Money Back Plan 932

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) will be paid to proposer.
  • On Death after the Date of commencement of risk: Death benefit = ‘Sum Assured on death’ + vested Simple Reversionary Bonuses + Final Additional Bonus (if any) will be paid to the proposer.

    Survival Benefit (Money Back)

    The percentages for various options are given below.

    Option Money Back at age 20 to 24 years
    Option 1 No money
    Option 2 5% of Sum Assured for 5 years.
    Option 3 10% of Sum Assured for 5 years.
    Option 4 15% of Sum Assured for 5 years.

    Maturity benefit

    There are 4 options available to take the maturity on survival which gives as under.

    Option From 20 -24 year of age At 25 Year of Age
    1 0 100% of SA + Bonus + FAB
    2 5% of SA 75% of SA + Bonus + FAB
    3 10% of SA 50% of SA + Bonus + FAB
    4 15% of SA 25% of SA + Bonus + FAB

    Premium Waiver Benefit Rider (PWB)

    This plan can be buy with Premium waiver benefit against life of proposer (Parents or Grandparents) with additional premium. In case of death of proposer, further premiums will not be required to pay. This waiver benefit must be included with this policy to get a complete child plan.

    Read also : LIC Jeevan Umang Plan 945 for lifetime

    LIC Jeevan Tarun Plan 934 with an Example


    To Illustrate the benefits of LIC Jeevan Tarun plan 934, Let's take an example Mr. Suresh whose age is 35 years old and who is purchasing this plan for his 2 year old child.

    Father (Proposer) Age 35 Years
    Child Age 2 Years
    Sum Assured Rs. 5,00,000
    Policy Term 18 (20-2) Year
    Option choose 15% Money Back of SA 

    CALCULATION DETAILS

    Sum Assured: 500000 Age: 2 Risk Covered: 625000
    Policy Term: 23 Premium Paying Term: 18 Premium Waiver Rider: Yes
    Death Sum Assured is higher of 125% of Basic Sum assured (625000) or 7 times of Annualised Premium (185801). So Death Sum Assured or Sum Assured on Death in this case will be 625000.

    Premium Details

    Mode Premium Premium with GST (*)
    For First Year From Second Year
    Yearly 25400 26543 25972
    Half-Yearly 12842 13420 13131
    Quarterly 6492 6784 6638
    Monthly 2164 2261 2213
    *Premium specified at the time of purchase remains same for entire policy term. However, Goods and Services Tax (GST) rate is subject to change as per government. At present, GST rates for first policy and from second policy year till completion of premium paying term are 4.5 % and 2.25% respectively.

    MATURITY DETAILS

    25% BSA Bonus (approx.) FAB (approx.) Total (approx.)
    125000 517500 125000 767500

    Money Back and Maturity Details

    This policy provides three Money Backs equals to 20% of Basic Sum Assured when child policyholder attains 18, 20 and 22 years of age and 40% of Basic Sum Assured (BSA) + Simple Reversionary Bonus (Bonus) + Final Additional Bonus (FAB) when policyholder attains 25 years age.
    Child Age Year Details Amount
    20 Years 2041 1st Money Back (15% of BSA) 75000
    21 Years 2042 2nd Money Back (15% of BSA) 75000
    22 Years 2043 3rd Money Back (15% of BSA) 75000
    23 Years 2044 4th Money Back (15% of BSA) 75000
    24 Years 2045 5th Money Back (15% of BSA) 75000
    25 Years 2046 Maturity (25% of BSA + Bonus +FAB) (approx.) 767500
    Total Benefits 1142500
    Maturity of New Endowment plan is available after completion of Policy Term and maturity will be equal to Basic Sum Assured + Accumulated Simple Reversionary Bonus (Bonus) during policy term + Final Additional Bonus (if any) (FAB).

    YEAR-WISE POLICY DETAILS

    Year Age Paid Premium

    Normal Life Cover

    (Approx.)

    Money Back Bonus

    (Approx.)

    2023 2 26543 0 0
    2024 3 25972 0 0
    2025 4 25972 692500 0
    2026 5 25972 715000 0
    2027 6 25972 737500 0
    2028 7 25972 760000 0
    2029 8 25972 782500 0
    2030 9 25972 805000 0
    2031 10 25972 827500 0
    2032 11 25972 850000 0
    2033 12 25972 872500 0
    2034 13 25972 895000 0
    2035 14 25972 917500 0
    2036 15 25972 940000 0
    2037 16 25972 972500 0
    2038 17 25972 997500 0
    2039 18 25972 1022500 0
    2040 19 25972 1047500 0
    2041 20 25972 1077500 75000
    2042 21 0 1110000 75000
    2043 22 0 1147500 75000
    2044 23 0 1195000 75000
    2045 24 0 1267500 75000
    2046 25 0 Maturity Amount 767500
    Total 494039 Total Benefits 1142500
    Death Benefit: In case of death of the policyholder during policy term, nominee of the policy holder gets Basic Sum Assured + Accrued Bonus + FAB as death claim (Risk Cover), the same is illustrated in the following table.

    To understand death claim (risk cover), let's assume that unfortunate death of the policy holder occurs in year 2041 when policy holder is 20 years of age, then then total premium paid will be Rs. 494030 and death claim (risk cover) amount will be 1077500. Please refer highlighted row in following table.

    PWB Rider Benefit: Since Premium Waiver Benefit (PWB) Rider has been opted for, so in case of death of the guardian (father/proposer) at any time during policy term, remaining premium will be waived-off and all benefits will be paid to the child policyholder without payment of any further premium.
    Plan Benefits for You Amount ()
    25% Of BSA 125000
    Bonus (If any) 517500
    FAB (If any) 125000
    Maturity Returns 767500
    Total Money back 375000
    Total Benefits 1142500
    Plan Benefits for Nominee/Family After You Amount ()
    On Death Before Maturity (Guaranteed Sum Assured) 625000
    Bonus (if any) 427500
    FAB (If Any) 25000
    Total Payable to Nominee (Tax Free) 1077500
    Total Money back paid 75000
    Total Benefits with Money Back 1152500

LIC Policy 934 - Additional Information


Risk Coverage: Till end of Term of the Policy.

Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement  starts  either from 2 years of taking the policy or 8 years old which is earlier.

Locking period : 2 years.

Loan Facility: Loan after 3 years

Income Tax Deduction: Available under Section 80C for premiums paid and Section 10 (10D) for Maturity.

Riders available: PWB rider is available

Proposal Forms: Proposal Form no. 300 and 340 will be used under this plan.

Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.

Backdating interest: The policies can be dated back within the same financial year Assignments/Nominations: Assignment and nominations is possible under this plan.



Comments & Reviews

Abhishek Dutta gupta Wrote:

2024-01-17 18:57:49

I want to buy Jeevan Tarun. Can we get lic contact>

Admin Wrote:

2024-01-17 23:57:53

We will contact you as soon as possible.

Write New Comment

Write Your Reply

Name

Email

Phone

Your Comments & Reviews

Kkpahwa Wrote:

2023-08-20 16:17:58

I think it is best policy for kids. I want to purchase this policy for my grand son.suggest me should I do it.

Write New Comment

Write Your Reply

Name

Email

Phone

Your Comments & Reviews

Write Comment & Reviews

Name

Email

Phone

Your Comments & Reviews

Copyright © 2023 Insurance | All rights reserved. Designed By Maya Techno Soft