LIC Jeevan Tarun Plan 834 Calculator
Important Information About LIC Jeevan Tarun Plan 834 Calculator
Before using the LIC Jeevan Tarun Plan 834 Calculator, it is important to understand the assumptions used in the projections:
- Premium estimates are indicative and based on LIC’s standard premium rates.
- Applicable GST is generally considered at 4.5% during the first policy year and 2.25% from the second year onward.
- Maturity calculations may include estimated bonus assumptions, which can vary depending on LIC’s future bonus declarations.
- The Premium Waiver Benefit (PWB) Rider is often considered an important add-on for child plans as it helps protect the policy in case of the proposer’s death.
- The policy term is calculated as 25 years minus the child’s age at entry.
- The premium-paying term is calculated as 20 years minus the child’s age at entry.
- Death benefit calculations are generally based on the higher of the applicable Sum Assured or 105% of the total premiums paid, subject to policy conditions.
- Tax benefits may be available under prevailing provisions of Sections 80C and 10(10D) of the Income Tax Act.
Overview of LIC Jeevan Tarun Plan 834
LIC Jeevan Tarun Plan 834 was a child-focused insurance and savings plan introduced by LIC to help parents build a financial fund for their children’s future needs. The plan was designed to provide periodic payouts during important educational years while also creating a lump-sum corpus at maturity.
The plan combines insurance protection, money-back benefits, bonus participation, and maturity proceeds, making it suitable for long-term child financial planning.
Launch and Discontinuation Details
| Particulars | Details |
|---|---|
| Launch Year | May 2015 |
| Withdrawal Date | 1 February 2020 |
Although the plan is no longer available for new purchases, existing policyholders continue to receive all benefits according to the original policy terms.
Major Features of LIC Jeevan Tarun Plan 834
Created for Child-Centric Financial Goals
The plan was specifically designed to help parents accumulate funds for important milestones such as:
- School and college education
- Professional courses
- Marriage expenses
- Early career planning
Eligibility for Young Children
Parents or grandparents could purchase the policy for children from birth up to 12 years of age, making it a flexible long-term planning solution.
Limited Premium Payment Structure
Unlike traditional plans that require premium payments throughout the policy term, Jeevan Tarun follows a limited premium payment model, allowing policyholders to complete premium payments earlier.
Flexible Money-Back Benefit Options
The plan offers multiple survival benefit options, enabling policyholders to choose a payout structure that best matches future financial requirements.
Premium Waiver Benefit Option
An optional Premium Waiver Benefit Rider can be added to the policy. If the proposer passes away during the policy term, future premiums are waived while policy benefits continue uninterrupted.
Life Insurance Protection
The plan provides life insurance coverage throughout the policy term, helping safeguard the child’s financial future.
Tax Advantages
Eligible tax benefits may be available on premium payments and policy proceeds under applicable income tax regulations.
Guaranteed Surrender Benefits
The policy acquires surrender value after satisfying the minimum premium payment conditions specified by LIC.
Participation in LIC Bonuses
Being a participating policy, Jeevan Tarun is eligible for bonus additions declared by LIC, which can substantially enhance the final policy value.
Understanding the Benefits of LIC Jeevan Tarun Plan 834
The plan combines periodic payouts and maturity benefits to support a child’s evolving financial needs.
Survival Benefits (Money-Back Payouts)
The policy provides survival benefits during the final years before maturity, generally between the child’s ages of 20 and 24 years.
These periodic payouts can be used to meet:
- College fees
- Professional training expenses
- Educational loans
- Other important financial requirements
Policyholders can select from different payout options depending on their objectives and cash-flow needs.
Maturity Benefit
Upon successful completion of the policy term, when the child reaches 25 years of age, the maturity benefit becomes payable.
The maturity payout generally includes:
- Basic Sum Assured
- Vested Simple Reversionary Bonuses
- Final Additional Bonus, if applicable
This accumulated amount can provide substantial financial support for higher education, business plans, marriage, or other long-term goals.
Death Benefit
In the unfortunate event of the child’s death during the policy term, the nominee becomes eligible to receive the applicable death benefit.
The payout generally includes:
- Sum Assured on Death
- Accrued bonus additions
- Other benefits payable according to policy conditions
This feature provides financial protection against unforeseen circumstances.
Premium Waiver Benefit
One of the most valuable features of the plan is the Premium Waiver Benefit option.
If the proposer dies during the policy term:
- Future premiums are waived.
- The policy remains active.
- Survival and maturity benefits continue as originally planned.
This ensures that the child’s future financial goals remain protected even after the loss of the premium-paying parent or guardian.
Surrender Value
The policy may be surrendered after completing the minimum required premium payments.
Upon surrender, the policyholder becomes eligible for a surrender value based on:
- Total premiums paid
- Bonus accumulation
- LIC’s prevailing surrender value provisions
This offers liquidity in situations where funds may be required before maturity.
Eligibility Conditions for LIC Jeevan Tarun Plan 834
Before purchasing LIC Jeevan Tarun Plan 834, certain eligibility requirements must be satisfied. The plan was specifically designed for children and aimed at creating a financial fund that matures when the child reaches adulthood.
Basic Eligibility Requirements
- Eligible Child Entry Age: From 90 days to 12 years (last birthday)
- Policy Maturity Age: Fixed at 25 years of age
- Minimum Basic Sum Assured: ₹75,000
- Premium Payment Period: Limited and shorter than the overall policy duration
- Proposer Eligibility: The policy must be purchased by a parent or grandparent of the child
The policy duration and premium-paying term are automatically determined based on the child’s age at entry.
LIC Jeevan Tarun Plan 834 Eligibility Table
| Criteria | Minimum | Maximum |
|---|---|---|
| Child’s Age at Entry (Last Birthday) | 90 Days | 12 Years |
| Child’s Maturity Age | 25 Years | 25 Years |
| Basic Sum Assured | ₹75,000 | No Maximum Limit |
| Policy Term | 25 − Entry Age | 25 − Entry Age |
| Premium Paying Term (PPT) | 20 − Entry Age | 20 − Entry Age |
Since both the policy term and premium-paying term are linked to the child’s age, younger children generally enjoy longer accumulation periods.
What Is the LIC Jeevan Tarun Plan 834 Calculator?
The LIC Jeevan Tarun Plan 834 Calculator is a planning tool designed to estimate premiums and policy benefits based on the information entered by the user.
The calculator helps prospective buyers and existing policyholders understand various aspects of the policy before making financial decisions.
What Can the Calculator Estimate?
The calculator can provide projections for:
- Premium amounts payable under different payment modes
- Suitable sum assured based on selected premium levels
- Estimated maturity proceeds
- Survival benefit payouts under the chosen option
- Death benefit estimates
- Approximate surrender values, where applicable
These projections help users evaluate whether the policy aligns with their financial objectives and budget.
How to Use the LIC Jeevan Tarun Plan 834 Calculator
Using the calculator is straightforward and requires only a few inputs.
Step 1: Enter the Child’s Age
Provide the child’s current age, which must be between 90 days and 12 years.
Step 2: Select the Desired Coverage
Choose the Basic Sum Assured you wish to purchase or enter the premium amount you are comfortable paying.
Step 3: Choose a Premium Payment Frequency
Select one of the available premium payment modes:
- Yearly
- Half-Yearly
- Quarterly
- Monthly
Step 4: Select a Survival Benefit Option
The plan offers multiple money-back benefit structures. Choose the option that best suits your anticipated financial needs during the child’s education years.
Step 5: Generate the Results
Once all details have been entered, click the calculate button to view the estimated policy benefits.
Information Typically Displayed by the Calculator
After processing the inputs, the calculator may provide:
Premium Breakdown
- Base premium amount
- Applicable GST or tax components
- Total premium payable
Survival Benefit Schedule
A detailed year-wise illustration showing money-back benefits payable during the policy term.
Projected Maturity Value
An estimate of the maturity proceeds, including bonus assumptions where applicable.
Death Benefit Illustration
An overview of the financial protection available under the policy in case of an unfortunate event.
Surrender Value Estimate
Approximate surrender value calculations for policyholders considering early discontinuation.
Some advanced calculators may also generate downloadable benefit illustrations for future reference.
Advantages of Using the LIC Jeevan Tarun Plan 834 Calculator
Better Budget Planning
The calculator helps determine whether the premium fits comfortably within your financial plan.
Improved Understanding of Returns
Users can estimate the total value likely to be received through survival benefits and maturity proceeds.
Clear View of Money-Back Benefits
The payout schedule becomes easier to understand, allowing parents to align benefits with future educational expenses.
Enhanced Decision-Making
By displaying death benefits and surrender values, the calculator helps users compare policy options more effectively.
Simplifies Complex Policy Features
Insurance plans often contain technical terms and calculations. The calculator presents information in a simple and user-friendly format.
Easy Accessibility
Most calculators can be accessed online, through insurance advisors, or via LIC-related planning portals, making benefit estimation quick and convenient.
Overall, the LIC Jeevan Tarun Plan 834 Calculator serves as a practical tool for evaluating premiums, estimating future benefits, and planning a child’s financial future with greater confidence.
Sample Illustration of LIC Jeevan Tarun Plan 834
To understand how the LIC Jeevan Tarun Plan 834 Calculator works, consider the following example:
Assumed Policy Details
- Child’s Age at Entry: 5 Years
- Basic Sum Assured: ₹1,00,000
Estimated Policy Benefits
Based on the above inputs:
- Premiums are determined according to the child’s entry age and the selected sum assured.
- Survival benefits become payable during the final years of the policy, generally between ages 20 and 24, depending on the selected benefit option.
- Maturity proceeds, including applicable bonus additions, are payable when the child reaches 25 years of age.
- In the unfortunate event of the child’s death during the policy term, the nominee may become eligible for the applicable death benefit together with any eligible bonus additions.
The actual figures may vary depending on the chosen survival benefit option, premium mode, bonus declarations, and other policy conditions. However, the illustration demonstrates how the calculator helps policyholders estimate future benefits and plan accordingly.
Important Facts About LIC Jeevan Tarun Plan 834
Before evaluating the policy, it is useful to understand some key aspects of the plan.
No Longer Available for New Sales
LIC Jeevan Tarun Plan 834 was withdrawn from new sales on 1 February 2020. However, policies issued before the withdrawal date continue to remain valid and provide benefits according to the original policy terms.
Premium Waiver Benefit Enhances Protection
The Premium Waiver Benefit Rider helps ensure that the child’s future financial goals remain protected even if the proposer passes away during the policy term.
Bonus Participation Increases Policy Value
Since the plan participates in LIC’s profits, bonus declarations may significantly enhance both maturity and death benefits over time.
Flexible Survival Benefit Options
Policyholders could select from multiple money-back benefit structures, allowing them to customize payouts according to future educational and financial requirements.
Tax Advantages
The plan offers tax-related benefits under prevailing income tax provisions, making it a useful tool for long-term financial planning.
Limited Premium Commitment
Premiums are payable only for a limited period, which reduces the long-term payment burden while keeping the policy active until maturity.
Early Exit Is Available
The policy may acquire surrender value after satisfying the required premium payment conditions. However, surrendering the policy before maturity may reduce the overall benefits received.
Where Can You Access the LIC Jeevan Tarun Plan 834 Calculator?
Although the plan is no longer available for purchase, calculators and benefit estimators are still available on various insurance information platforms.
Potential sources include:
- LIC-related policy information websites
- Insurance comparison portals
- Financial planning platforms
- Mobile insurance calculator applications
- Websites offering archived LIC plan information
These tools can help existing policyholders estimate premiums, maturity values, bonus projections, and survival benefit payouts.
Frequently Asked Questions (FAQs)
What is LIC Jeevan Tarun Plan 834?
LIC Jeevan Tarun Plan 834 was a child-focused money-back insurance plan designed to help parents create a financial fund for future educational, career, and marriage-related expenses while providing insurance protection.
Who was eligible to purchase this plan?
The policy could be purchased by a parent or grandparent for a child aged between 90 days and 12 years.
How long are premiums payable under this policy?
The premium-paying term is generally calculated as:
20 years − Child’s Age at Entry
For example, if a child entered the plan at age 5, premiums would generally be payable for 15 years.
Is LIC Jeevan Tarun Plan 834 still available?
No. The plan was withdrawn from sale on 1 February 2020. Existing policyholders, however, continue to receive benefits according to the policy terms.
Are tax benefits available under the plan?
Yes. Eligible premium payments may qualify for deductions under Section 80C, while qualifying maturity and death benefits may be exempt under Section 10(10D), subject to prevailing tax regulations.
Conclusion
LIC Jeevan Tarun Plan 834 was designed to help parents build a strong financial foundation for their children through a combination of insurance protection, periodic benefits, bonus participation, and maturity proceeds. Its child-centric structure made it particularly suitable for funding major milestones such as higher education, professional studies, and marriage.
Although the plan is no longer available for new purchases, it continues to be an important example of long-term child financial planning. The LIC Jeevan Tarun Plan 834 Calculator remains a valuable tool for existing policyholders, helping them estimate premiums, survival benefits, maturity values, and overall policy benefits with greater clarity and confidence.
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