LIC of India’s New insurance plan “Jeevan Tarun” (Plan No. 834)

lic-jeevan

The new policy is named as Jeevan Tarun (Plan No. 834), and it’s a non-linked, with profit, limited premium payment policy, specially designed to meet the requirement of growing children. Premium paying term is 5 years less that the policy term. In this plan, proposer can choose any of the four options for survival benefit between the 20 to 24 years of child age and the maturity at the age of 25 years of child’s age.

The four options are as follows:

OptionSurvival BenefitMaturity Benefit
Option 1No survival benefit100% of Sum Assured
Option 25% of Sum Assured every year for 5 years75% of Sum Assured
Option 310% of Sum Assured every year for 5 years50% of Sum Assured
Option 415% of Sum Assured every year for 5 years25% of Sum Assured

Benefits of Jeevan Tarun Policy:

Benefits payable to an inforce Jeevan Tarun (834)policy are as under

Death Benefit:

On death before the date of Commencement of risk:

The death benefit is paid as the 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). Where “Sum Assured on death” is defined as higher of 10 times of the¬†annualized¬†premium or absolute amount assured to be paid on death ie 125% of Basic sum assured.

Survival Benefit:

Survival benefit is paid to the life assured in last five year of the policy if he/she survives between the next policy anniversary falling after life assured complete the age of 20 and up to24 years of age, amount of the survival benefit will depend on upon the option chosen by the proposer at the proposal stage. There are four options to choose from to get the survival benefit. Once the option is chosen at proposal stage it cannot be altered later on.

Policy Anniversary coinciding with/following completion of agesPercentage (%) of Sum assured to be paid as Survival Benefit
Option 1Option 2 Option 3Option 4
20 to 24 years Nil 5% each year10% each year15% each year

Maturity Benefit:

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 is chosen by the policyholder. If Policyholder opts for any of the four options then the maturity benefits given to policyholder are as follows.

Option 1: 100% of Basic Sum Assured

Option 2: 75% of Basic Sum Assured

Option 3: 50% of Basic Sum Assured

Option 4: 25% of Basic Sum Assured

Jeevan Tarun Policy will participate in the profit of corporation if, in inforce stage, No final additional bonus will be paid if the policy is in reduce paid up condition.

Premium Waiver Benefit Rider

Premium waiver benefit rider is available with this plan, and can be taken at the proposal stage by paying an extra premium or it can be taken later in policy term provided at least 5 years of premium paying term is left.

Eligibility Conditions:

  1. Minimum Basic Sum Assured      :   Rs. 75000
  2. Maximum Basic Sum Assured     :   No Limit (In multiple of Rs. 5000 between 75000 to 100000 and in                                                                                multiples of Rs. 10,000/- above 100000 SA)
  3. Policy Term                                      : 25-Age at entry
  4. Premium Paying Term                   : 20-Age at entry
  5. Minimum Age at entry                  :  90 days (Completed)
  6. Maximum Age at entry                  :  12 years (Last Birthday)
  7. Maximum Maturity Age                :  25 years (Last Birthday)

Date of commencement of risk under the plan: In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, the risk will commence immediately.

Date of vesting under the plan: The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

Eligibility Conditions of Premium Waiver Benefit Rider (Optional)

  1. Minimum age at entry:  18 years (LBD)
  2. Maximum age at entry:  55 years (NBD)
  3. Policy term:    20-age at entry of child at the time of opting the rider
  4. Cover ceasing age:  70 years

This plan is best suitable for the planning of higher education child.  To know more about Jeevan Tarun Please Visit the official website of LIC of India.

16 Comments on "LIC of India’s New insurance plan “Jeevan Tarun” (Plan No. 834)"

  1. ashoksharmalic1@gmail.com' ashok kumar sharma | May 18, 2015 at 8:27 am | Reply

    premium and tabular tarm

  2. call me on 09050115230

  3. shaheenlic@yahoo.com' shaheen begum | May 18, 2015 at 5:07 pm | Reply

    plz send the data of jeevan tarun plan no:834 premium chart and maturity amount

  4. please send the data of jeevan tarun plan no:834 premium chart and maturity amount

  5. sansubsrijani1972@gmail.com' SANJIT KUMAR PAL | May 19, 2015 at 3:39 pm | Reply

    please send the data of jeevan tarun plan no:834 premium chart and maturity amount

    Reply

  6. s.dhumal21@yahoo.com' sagar dhumal | May 21, 2015 at 1:51 pm | Reply

    i am insurance advisor.any help about LIC pls send cell no and i will call u.
    i will help u my cell no.is 9167378026-Sagar Dhumal

  7. Im LIC Advisor If u want any Query policy related please call Us 7598419686

  8. Thank you for sharing such great information. It is informative, can you help me in finding out more detail on Chlid plan, i am very new to this field and wanted to understand the basics of Chlid plan.

  9. Sir Pl details understand jivan tarun plan briefly.

  10. deepakpandeyrack@gmail.com' Deepak pandey | June 6, 2015 at 12:36 pm | Reply

    Pls send full detail about jeevan tarun policy

  11. This plan is best suitable for parents who’s child age is between 0-2 yrs. Contact us for this plan

    http://www.licpcmc.com/contact.html

  12. Nice Information.. Download Maturity value of LIC policies calculator from Our LIC

  13. vigkar99@gmail.com' A.Balakrishnan. | August 3, 2016 at 11:52 am | Reply

    My son age is 8years.Insured minimum 10year term policy.I can choose what type of policy from lic

  14. Please give premium terms and sum assured

  15. i am insurance advisor any help about LIC pls send cell no and i will call u.
    i will help u my cell no.is 9004100354-Machhindra Shete

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