LIC Jeevan Tarun Policy (Plan No.834) Review

By | April 25, 2016
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Jeevan-Tarun-Child-PlanLIC Jeevan Tarun Policy (Plan No. 834)

An Introduction to the LIC Jeevan Tarun Policy (Plan No. 834) :

LIC Jeevan Tarun Policy (Plan No.834) is a not obligatory money back policy initiated by the LIC of India.

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A non – linked, with profits plan, the LIC Jeevan Tarun Money back policy is particularly intended for children to meet their financial problems & their educational requirements.

LIC Jeevan Tarun Policy (Plan No.834) is a limited premium payment money back plan. LIC Jeevan Tarun money back Plan No.834 is a flexible plan which offers all kinds of advantages such as Death advantages, Maturity advantages, Survival advantages. Under this LIC Jeevan Tarun Policy 834, LIC’s Premium Waiver advantage rider is also obtainable by paying additional premium.

Under this LIC Jeevan Tarun Money back plan, Maturity Advantage is Payable at the age of 25 years only & Survival advantages are payable for the last five years only i.e., at the age of 20 to 24 years. If the policy holder has selected for Survival Advantages then the Policy holder can opt for any of the 4 alternatives given by LIC Jeevan Tarun Plan which are tabulated below : 

Option Name Survival Advantages Maturity Advantages
Option 1 : No Survival Advantage 100 percent of Sum Assured
Option 2 : 5 percent of Sum Assured every year for 5 years 75 percent of Sum Assured
Option 3 : 10 percent of Sum Assured every year for 5 years 50 percent of Sum Assured
Option 4 : 15 percent of Sum Assured every year for 5 years 25 percent of Sum Assured

The Eligibility Conditions under the LIC Jeevan Tarun Policy (Plan No.834) :

Entry Age (in Years) : ·         Minimum – 90 days (Completed)

·         Maximum – 12 years (last birthday)

Maximum Maturity Age : ·         Maximum – 25 Years (last birthday)
Policy Tenure : ·         (25 – Entry Age ) (in years)
Sum Assured (SA) : ·         Minimum – Rs. 75, 000

·         Maximum – No limit

      Note: 

·         (From Rs. 75, 000  –  1, 00, 000) – SA (in multiples of Rs. 5, 000)

·         Above Rs. 1, 00, 000 – SA (in multiples of Rs. 10, 000)

Premium Paying tenure (PPT) : ·         (20 – Entry Age) (in years)

The Advantages of the LIC Jeevan Tarun Policy (Plan No.834) :

In this LIC Jeevan Tarun optional Money back policy 834,  survival advantages, maturity advantages, death advantages, rider advantages are  obtainable. Detailed description about advantages of LIC Jeevan Tarun Plan 834 is mentioned as under :

Demise Advantages: 

  • On demise prior to the date of beginning of risk: Demise advantage is paid as total amount of Premiums paid exclusive of taxes, extra premium & rider Premiums(if any).
  • On demise after the date of beginning of risk: Death advantage is paid as Sum Assured on death + Vested Simple Reversionary bonuses & Final Additional Bonus (if any).

Note: 

  • Sum Assured on deathdefined as higher of ten times AP (Annualized premium) or absolute amount assured to be paid on death i.e., 125 percent of Sum assured.
  • This demise advantage shall not be less than 105 percent of total premiums paid as on date of death.

Survival Advantages: 

Survival advantages are payable for the last 5 years of Policy tenure. A fixed percentage of Sum assured is payable to the Policy holder every year. The fixed percentage of sum assured depends on the option selected by the policy holder. In this LIC Jeevan Tarun optional Money back plan 834 there are 4 alternatives are obtainable to select from. 4 choices of Survival advantages are mentioned below :

Policy Anniversary coinciding with / following completion of ages Percentage (percent) of Sum assured to be paid as Survival Advantage
Option 1 Option 2  Option 3 Option 4
20 to 24 years  Nil  5 percent each year 10 percent each year 15 percent each year

 

Maturity Advantages:

  • Under Maturity advantage, the policy holder will be given the Sum Assured on Maturity + Vested Simple Reversionary bonuses & Final Additional Bonus (if any). 
  • Sum Assured on maturity depends on survival advantage in which the alternative selected by the policy holder. If the Policy holder selects any of the 4 options then the maturity advantages given to policy holder are as given under :
Option Name Maturity Advantage
Option 1 : 100 percent of Sum Assured
Option 2 : 75 percent of Sum Assured
Option 3 : 50 percent of Sum Assured
Option 4 : 25 percent of Sum Assured

 

Premium Waiver Advantage Rider:

On the Payment of additional Premium LIC’s Premium Waiver Advantage Rider is given to the policy holder. This Premium Waiver Advantage Rider is an Optional rider which can be chosen together with basic plan. Terms & Eligibility Conditions of LIC’s Premium Waiver Advantage Rider are tabulated as under :

Entry Age ·         Minimum – 18 years (Completed)

·         Maximum – 55 years (Nearest birthday)

Tenure of rider ·         20 –  Age of child at the time of opting the rider
Maximum Cover ceasing age ·         70 years (Nearest birthday)

The Premium Calculator for the LIC Jeevan Tarun Policy (Plan No.834) :

LIC Jeevan Tarun Policy No.834 Premium Calculator will aid you in calculating your premium very easily together with the Maturity advantages, Death advantages, Survival advantages & Waiver Rider advantages.

Premium Rates LIC Jeevan Tarun Policy (Plan No.834) :

The Jeevan Tarun Lic Premium rates are exclusive of any service tax.

 

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