Introduction to LIC Jeevan Tarun Plan 934
LIC Jeevan Tarun Plan 934 was one of LIC’s well-known child insurance plans created to support a child’s future financial requirements. The plan was specially designed to help parents build a secure fund for expenses like higher education, career planning, and marriage.
What is LIC Jeevan Tarun Plan 934?
LIC Jeevan Tarun Plan 934 was a non-linked, participating endowment insurance policy that combined savings and life protection benefits. The plan offered insurance coverage along with maturity benefits, making it a complete financial solution for children.
Parents or guardians could invest in this policy to ensure financial support was available during important stages of the child’s life.
LIC Jeevan Tarun Plan 934
Launch and Withdrawal Dates
- Launch Date: 1 February 2020
- Withdrawal Date: 18 November 2024
LIC introduced Jeevan Tarun Plan 934 as a dedicated child insurance solution. Although the plan was withdrawn from new sales on 18 November 2024, existing policyholders continue to receive all policy benefits according to the original terms and conditions.
Main Purpose and Benefits of LIC Jeevan Tarun Plan 934
The main objective of Jeevan Tarun Plan 934 was to provide both insurance protection and long-term savings for a child’s future financial needs.
Life Insurance Protection
The policy provided financial security to the family in case of the unfortunate death of the policyholder during the policy term.
Maturity Benefit
If the policy remained active till maturity, LIC paid the Basic Sum Assured along with accumulated bonuses, helping meet future expenses such as education or marriage.
Bonus Benefits
Since it was a participating plan, the policy earned annual bonuses declared by LIC based on company profits. These bonuses increased the overall maturity value.
Flexible Policy Term
The policy term ranged from 15 to 21 years, allowing parents to choose a suitable duration according to the child’s age and financial planning goals.
Loan Facility
Policyholders could avail loans against the policy once it acquired surrender value, helping during financial emergencies.
Optional Rider Benefits
Additional protection could be added through riders such as:
- Accidental Death and Disability Benefit Rider (Rider 42)
These riders enhanced the insurance coverage by paying extra benefits under specific conditions.
Eligibility Criteria
To purchase LIC Jeevan Tarun Plan 934, the following eligibility conditions had to be fulfilled:
- Child’s Entry Age: Minimum 3 months and maximum 12 years
- Policyholder Age: Parent or guardian should be an adult eligible to own the policy
- Policy Term: Minimum 15 years and maximum 21 years
- Minimum Basic Sum Assured: ₹1,00,000
- Maximum Sum Assured: Subject to LIC underwriting rules
How LIC Jeevan Tarun Plan 934 Worked
LIC Jeevan Tarun Plan 934 operated as a combination of savings and life insurance protection for children. Parents or guardians paid premiums regularly throughout the policy term, and the plan provided financial benefits either at maturity or in case of an unfortunate event during the policy period.
Premium Payment
Premiums could be paid in yearly, half-yearly, or quarterly modes based on the policyholder’s preference.
Maturity Benefit
If the policy continued till maturity, the child received the Basic Sum Assured along with accumulated bonuses declared by LIC over the policy duration.
Death Benefit
If the life assured passed away during the policy term, the nominee received the higher of:
- Sum Assured on Death
- Total premiums paid
- Minimum guaranteed death benefit
along with accrued bonuses as per policy conditions.
Rider Benefits
If optional riders were added to the policy, additional benefits became payable for covered situations such as accidental death or disability.
LIC Jeevan Tarun Plan 934 Premium Calculation Explained
The premium for LIC Jeevan Tarun Plan 934 depended on several important factors, including the child’s age, chosen policy term, sum assured, and payment frequency. Calculating all these manually could be difficult, which is why the LIC Jeevan Tarun Plan 934 Calculator was useful for premium estimation and financial planning.
Factors That Affect Premium Amount
Child’s Age
Lower entry age generally resulted in lower premium rates.
Policy Term
A longer policy term usually spread the premium over more years, reducing the yearly premium burden.
Sum Assured
Selecting a higher sum assured increased the premium amount payable.
Bonus Rates
Bonuses declared by LIC every year affected the estimated maturity value.
Rider Selection
Adding optional riders increased the overall premium because of extra coverage benefits.
How to Use LIC Jeevan Tarun Plan 934 Calculator
The calculator generally required the following inputs:
- Child’s age
- Policy term
- Basic Sum Assured
- Premium payment mode
Based on these details, the calculator estimated:
- Yearly or periodic premium amount
- Estimated maturity value with bonuses
- Death benefit projections
This calculator helped parents compare benefits, estimate costs, and plan future financial goals more effectively.
Official premium calculators and trusted insurance websites were commonly used for accurate calculations and benefit estimates.
Example Premium Calculation (Illustrative)
Suppose a child aged 5 years is enrolled in LIC Jeevan Tarun Plan 934 with a policy term of 18 years and a Basic Sum Assured of ₹5,00,000. In this case, the estimated annual premium could be approximately ₹25,000.
If average LIC bonus rates are considered during the policy period, the estimated maturity amount may reach around ₹10 lakh at the end of the term. However, these figures are only illustrative, and the actual maturity value depends on LIC’s declared bonus rates and policy conditions.
Important Features of LIC Jeevan Tarun Plan 934
| Feature | Details |
|---|---|
| Plan Type | Non-linked, participating endowment plan |
| Policy Term | 15 to 21 years |
| Premium Payment Modes | Yearly, Half-yearly, Quarterly |
| Minimum Sum Assured | ₹1,00,000 |
| Maximum Sum Assured | According to LIC underwriting rules |
| Child Entry Age | 3 months to 12 years |
| Maturity Benefit | Basic Sum Assured along with accrued bonuses |
| Death Benefit | Higher of Sum Assured on Death, total premiums paid, or minimum death benefit plus bonuses |
| Loan Facility | Available after acquiring surrender value |
| Optional Rider | Accidental Death and Disability Rider |
Why Choose LIC Jeevan Tarun Plan 934?
Financial Support for Child’s Future
The plan was created to help parents build a financial corpus for important milestones such as higher education, career planning, or marriage.
Savings Along with Insurance Protection
It offered the combined advantage of disciplined savings and life insurance coverage under one policy.
Trusted LIC Brand Value
Policyholders benefited from LIC’s strong reputation, reliable claim settlement record, and regular bonus additions.
Flexible Policy Options
The policy term could be selected according to the child’s age and future financial goals.
Loan Facility
Once the policy acquired surrender value, loans could be taken against the policy to meet urgent financial needs without surrendering the plan.
Important Points to Remember
- LIC Jeevan Tarun Plan 934 was withdrawn from new sales from 18 November 2024. However, existing policyholders continue to receive all policy benefits as per the original terms and conditions.
- Bonus rates under the plan were not fixed and depended on LIC’s yearly financial performance.
- Timely premium payment was necessary to keep the policy active and avoid lapsation.
- Optional riders were available for enhanced protection and additional financial security.
- It was advisable to review the policy regularly according to changing financial goals and future requirements.
How to Buy and Use LIC Jeevan Tarun Plan 934 Calculator?
When the plan was active, it could be purchased through LIC branch offices, authorised LIC agents, or LIC’s official website. Even after withdrawal, existing policyholders and users comparing similar child plans can still use the LIC Jeevan Tarun Plan 934 Calculator for premium estimation and benefit projections.
Most online calculators for LIC Jeevan Tarun Plan 934 require the following details:
- Child’s age
- Basic Sum Assured
- Policy term
- Premium payment frequency
After entering these details, the calculator provides:
- Estimated premium amount
- Maturity value projections
- Death benefit estimates
- Bonus-based return calculations
Using the calculator helps parents understand the financial commitment and future benefits before planning long-term investments for their child.
Frequently Asked Questions
What is LIC Jeevan Tarun Plan 934?
LIC Jeevan Tarun Plan 934 was a child insurance and savings plan that offered life protection along with maturity benefits to support a child’s future financial needs.
When was LIC Jeevan Tarun Plan 934 launched?
The plan was launched by LIC on 1 February 2020.
Is LIC Jeevan Tarun Plan 934 still available for purchase?
No, LIC discontinued new sales of this plan on 18 November 2024. Existing policyholders continue to receive benefits according to their policy conditions.
What is the minimum and maximum entry age for the child?
The child’s entry age could range from 3 months to 12 years.
What was the policy term under LIC Jeevan Tarun Plan?
The available policy term ranged from 15 years to 21 years.
Conclusion
LIC Jeevan Tarun Plan 934 was created to help parents build a secure financial future for their children through a combination of insurance protection and long-term savings. Although the plan is no longer available for new buyers after its withdrawal in November 2024, it still remains valuable for existing policyholders. Using the LIC Jeevan Tarun Plan 934 Calculator makes it easier to estimate premiums, maturity benefits, and overall returns for better financial planning.
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