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LIC’s Jeevan Tarun Plan (Table No: 834)

LIC’s Jeevan Tarun (Table No: 834) is children money back plan which is specially designed for securing children education.

This plan gives options to choose survival benefit and helps to ensure financial requirements of child education from 20 to 25 years of child age.

This plan can be purchased by parent or grand parent for their 0-12 year old child and very useful with premium waiver rider which provides premium waiver in case of death of guardian (proposer) during policy term.
Key Features

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


Starting of Risk

    In case, the child is less than 8 year old, then, life cover will start 2 year after policy purchase or completion of 8 year of age, whichever is earlier.
    Example, if child is 2 year old, then life cover (risk) will start after 2 year i.e. when child will become 4 year old and if child is 7 year old then, risk will start when child becomes 8 year old i.e. that is one year after purchasing policy.
    If child is 8 year old at the time of buying policy then, risk will start immediately.

Death benefits

    If death happens before start of risk, all premiums paid excluding taxes will be paid.
    If death happens after start of risk, then Sum Assured on death (125% of sum assured) + Bonus + FAB will be payable.

Maturity benefit

There are four options available to take the maturity on survival which gives the flexibility to plan and secure future requirements from 20 year of age to 25 year of age child. The four option are explained in following table.

Options         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 bought with Premium waiver benefit against life of proposer (Parents or Grand Parents) with additional premium. In case of death of Parents, further premiums will not be required to pay. This rider must be included with this policy to get a complete child plan.
Benefit Illustrations with Example

To Illustrate the benefits of Jeevan Tarun plan, Lets take an example of a who is 32 year old and who is purchasing this plan for his 3 year old child.
Father (Proposer) Age : 33 Years
Child Age: 3 Years
Sum Assured: Rs. 5,00,000
Policy Term: 23 (25-3) Years
Premium Paying Term: 17 (20-3) Years
Policy Purchase Year: 2015

Following table explains approximate premium to be paid and money back amounts along with maturity which will be available from 20 to 25 year age of child.

Options     Premium (yearly)     From 20 -24 year of age     At 25 Year of Age
1                 25451                                 0                         1103000
2                 26145                     25000 Each year                 978000
3                 26865                     50000 Each year                 853000
4                 27560                     75000 Each year                 728000

With the help of above example, we can understand that Jeevan Tarun plan allows to plan children education and marriage needs from 20 to 25 year age.