LIC Jeevan Tarun Calculator (Plan 734 / 834 / 934)
Official Table No. 734 / 834 / 934 (UIN: 512N299V02 / 512N299V03). Calculate limited premiums (Pay till Age 20), compare 4 survival options (Ages 20–24), age-25 maturity corpus, bonuses, and PWB rider security.
LIC Jeevan Tarun Plan
5 Annual Payouts (Ages 20 to 24) + Lump Sum Maturity at Age 25
Remaining 50% SA (₹5,00,000) + Reversionary Bonus (₹10,35,000) + FAB (₹4,50,000)
Year-by-Year Cashflow Simulation (Ages 2 to 25)
Scrollable table| Yr | Child Age | Premium (₹) | Survival Benefit (₹) | Accrued Bonus | Death Cover | Surrender Value |
|---|
Ready to Calculate LIC Jeevan Tarun?
Enter your child's age, choose from 4 survival payout options (ages 20 to 24), and click Calculate to view limited premium quotes and 25-year cashflow.
- Pay premiums only till child turns 20 years old
- 4 Flexible Survival Benefit options (0%, 5%, 10%, 15%)
- 5 Annual payouts from Ages 20, 21, 22, 23, to 24
- Lump sum maturity with bonuses at Age 25
- Premium Waiver Benefit (PWB) on parent's life
Complete Guide to LIC Jeevan Tarun (Plan 734 / 834 / 934)
LIC Jeevan Tarun (Table No. 734 / 834 / 934, UIN: 512N299V02 / 512N299V03) is a specialized, participating, non-linked, with-profits life assurance savings plan engineered exclusively for children from infancy (90 days) up to 12 years of age. Tailored to align with the critical transition from school to higher education and professional career launch, Jeevan Tarun combines a **shortened premium paying window (premiums cease when the child turns 20)** with **four customizable annual survival benefit options (payable across ages 20, 21, 22, 23, and 24)** and a substantial lump sum maturity at age 25.
As education costs outpace general inflation, college tuition fees, specialized professional courses (Engineering, Medicine, Law, Design, Data Science), and postgraduate studies demand continuous liquidity during the child’s early twenties. LIC Jeevan Tarun empowers parents to design a bespoke payout structure that matches their family’s financial strategy while shielding the child against unforeseen tragedies through the sovereign-backed **Premium Waiver Benefit (PWB) Rider**.
Core Parameters & Eligibility Criteria for Plan 734
LIC Plan 734 operates under clearly defined eligibility boundaries:
| Parameter | Official Rule / Specification (Plan 734) | Strategic Significance & Notes |
|---|---|---|
| Plan Nature | Participating, Non-Linked, Individual Life Assurance | Eligible for annual Simple Reversionary Bonuses and Final Additional Bonus |
| Entry Age of Child | Min: 90 Days Completed | Max: 12 Years (LBD) | Can be started for newborns, toddlers, or primary school students |
| Maturity Age | Fixed at 25 Years (Last Birthday) | Policy terminates upon the policy anniversary on or after age 25 |
| Policy Term (PT) | 25 - Entry Age of Child (13 to 25 Years) |
E.g., for a 2-year-old child, PT is 23 years; for a 5-year-old, PT is 20 years |
| Premium Paying Term (PPT) | 20 - Entry Age of Child (8 to 20 Years) |
Pay only till age 20! 5 years shorter than the total policy term |
| Minimum Basic Sum Assured | ₹75,000 | Multiples of ₹5k up to ₹1L; multiples of ₹10k thereafter |
| Maximum Basic Sum Assured | No Upper Limit | Subject to financial underwriting and parent’s matching cover |
| Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly (NACH/SSS) | Yearly mode offers 2% rebate; Half-Yearly offers 1% rebate |
| Survival Payout Period | 5 Annual Payouts at Ages 20, 21, 22, 23, and 24 | Choice of 4 customizable survival options at policy proposal |
| Risk Commencement on Child | Age 8 or 2 years from inception (whichever earlier) | Immediate if entry age is >= 8 years |
| Policy Vesting | Automatic at Age 18 | Child becomes the legal policyholder upon turning 18 |
| Premium Waiver Benefit (PWB) | Optional Rider for Proposer (Ages 18 to 55) | Waives all future premiums if the proposer passes away |
Comprehensive Breakdown of the 4 Survival Benefit Options
The hallmark feature of LIC Jeevan Tarun is the flexibility to select one of **four distinct survival benefit options** at the time of proposal. This enables parents to tailor the timing of cashflows based on whether they anticipate major educational expenses between ages 20–24 or prefer a massive single maturity corpus at age 25:
| Option Name | Annual Survival Benefit (Ages 20 to 24 - 5 Payouts) | Total Survival Payout | Maturity Benefit at Age 25 | Best Suited For |
|---|---|---|---|---|
| Option 1 | Nil (0% per year) | 0% of Sum Assured | 100% Basic SA + Bonus + FAB | Parents wanting maximum wealth accumulation at age 25 for marriage or post-graduation. |
| Option 2 | 5% of Basic SA / year for 5 years | 25% of Sum Assured | 75% Basic SA + Bonus + FAB | Parents needing light annual pocket money / exam fee support during graduation. |
| Option 3 (Popular) | 10% of Basic SA / year for 5 years | 50% of Sum Assured | 50% Basic SA + Bonus + FAB | Parents seeking balanced cashflows: 50% for college tuition fees + 50% maturity corpus. |
| Option 4 | 15% of Basic SA / year for 5 years | 75% of Sum Assured | 25% Basic SA + Bonus + FAB | Parents funding expensive professional degrees (MBBS, overseas study) requiring heavy annual cashflow. |
Understanding Risk Commencement and Policy Vesting Rules
For minor children, risk commencement follows LIC’s standard child underwriting framework:
- Child Entry Age Less Than 8 Years: Life risk cover commences either **2 years from the date of policy commencement** OR on the policy anniversary coinciding with or immediately following the completion of **8 years of age**, whichever is earlier. For instance, if you enroll a 1-year-old child, risk cover starts at age 3. If you enroll a 7-year-old child, risk cover starts at age 8.
- Child Entry Age 8 Years or Above: Life risk cover starts **immediately from day one** of policy issuance.
- Death Prior to Risk Commencement: Return of 100% of basic premiums paid (excluding taxes, extra underwriting load, and rider premiums) without interest.
- Death After Risk Commencement: Nominees receive the full **Sum Assured on Death** (Higher of 105% of premiums paid, 10x annualized premium, or Basic SA) + **Accrued Simple Reversionary Bonuses + Final Additional Bonus**. Any past survival payouts paid between ages 20 to 24 are **never deducted**.
- Policy Vesting at Age 18: When the child attains 18 years of age, the policy automatically vests in the child. The child becomes the official policyholder and receives all annual survival payouts and maturity benefits directly into their bank account.
The Premium Waiver Benefit (PWB) Rider: Essential Shield for Parents
When insuring a child's future, the greatest financial vulnerability is the potential loss of the earning parent. The **LIC Premium Waiver Benefit (PWB) Rider (UIN: 512B204V03)** solves this vulnerability permanently:
🛡️ 100% Premium Waiver
In the event of the proposer's (parent's) death during the premium paying term, all future premiums due under the policy are completely waived by LIC.
📈 Undisrupted Bonus Accrual
The policy remains 100% active with full benefits. LIC continues to credit full annual Reversionary Bonuses every single year as if premiums were being paid.
🎓 Payouts on Schedule
The child receives all 5 annual survival payouts at ages 20, 21, 22, 23, and 24, followed by the complete maturity corpus at age 25, guaranteeing their education.
💰 Nominal Premium Addition
The PWB rider costs only a few hundred rupees per year and can be opted by parents aged 18 to 55 years at the time of proposal.
Comprehensive Comparison: Jeevan Tarun vs Children's Money Back vs Amritbaal vs Sukanya Samriddhi Yojana
Examine how LIC Jeevan Tarun compares against other leading child financial solutions:
| Feature / Parameter | LIC Jeevan Tarun (Plan 734) | Children's Money Back (Plan 732) | LIC Amritbaal (Plan 874) | Sukanya Samriddhi Yojana (SSY) |
|---|---|---|---|---|
| Eligible Child | Boys & Girls (Age 0 to 12) | Boys & Girls (Age 0 to 12) | Boys & Girls (Age 0 to 13) | Girl Child Only (Age 0 to 10) |
| Premium Paying Term | Pay till Age 20 (Short PPT) | Pay till Age 25 (Full Term) | 5, 6, 7 Yrs or Single Pay | Pay for 15 Years |
| Survival Payout Timing | 5 Annual Payouts (Ages 20 to 24) | 3 Payouts at Ages 18, 20, 22 | Lump sum or Guaranteed additions | 50% withdrawal after age 18 |
| Survival Customization | 4 Options (0%, 5%, 10%, 15%) | Fixed 20% at ages 18, 20, 22 | Guaranteed Additions (₹80/1k) | Govt declared interest rate |
| Life Risk Cover | Yes (Full Sum Assured + Bonus) | Yes (Full Sum Assured + Bonus) | Yes (7x or 10x Sum Assured) | No Life Cover |
| Parent Death Waiver | Yes (PWB Rider) | Yes (PWB Rider) | Yes (PWB Rider) | No Waiver |
| Tax Exemption | 100% Tax-Free u/s 10(10D) | 100% Tax-Free u/s 10(10D) | 100% Tax-Free u/s 10(10D) | 100% Tax-Free (EEE) |
In-Depth Case Study: 23-Year Roadmap for a 2-Year-Old Child
Case Profile: Ananya (Child Age: 2 Years) | Mother: Sneha (Age: 30)
- Basic Sum Assured: ₹10,00,000 (10 Lakhs)
- Chosen Survival Option: Option 3 (10% Annual Payout from Ages 20 to 24)
- Policy Term: 23 Years (Matures at Age 25)
- Premium Paying Term: 18 Years (Premiums stop when Ananya turns 20!)
- PWB Rider: Included on Mother's life
- Annual Premium (Year 2 onwards): ~₹51,712/year (incl. 2.25% GST)
- Total Premiums Paid across 18 Years: ~₹9,31,954
Financial Payouts Received by Ananya:
- At Age 20 (Year 18): ₹1,00,000 (10% of SA) for College Year 2 fees. (Premiums cease forever!)
- At Age 21 (Year 19): ₹1,00,000 (10% of SA) for College Year 3 fees / Certifications.
- At Age 22 (Year 20): ₹1,00,000 (10% of SA) for Final Year Project & Career Coaching.
- At Age 23 (Year 21): ₹1,00,000 (10% of SA) for Post-Graduate Entrance / Travel.
- At Age 24 (Year 22): ₹1,00,000 (10% of SA) for Masters Degree Year 1 Tuition.
- At Age 25 (Year 23 - Final Maturity):
Remaining 50% Basic Sum Assured: ₹5,00,000
Accrued Reversionary Bonuses (₹45/1k for 23 Yrs): ₹10,35,000
Final Additional Bonus (FAB ~₹450/1k): ₹4,50,000
Total Maturity Payout at Age 25: ₹19,85,000 - Grand Total Returns Received: ₹5,00,000 (Survival Payouts) + ₹19,85,000 (Maturity) = ₹24,85,000 (100% Tax-Free) against a total premium outflow of ~₹9.32 Lakhs!
Tax Benefits Under Section 80C and Section 10(10D)
LIC Jeevan Tarun delivers complete tax shelter benefits under the Indian Income Tax Act:
- Section 80C Deduction: Annual premiums paid qualify for tax deduction up to ₹1,50,000 per financial year under Section 80C (under the Old Tax Regime).
- Section 10(10D) Full Exemption: All 5 annual survival payouts between ages 20 to 24, the final maturity corpus at age 25, and any death benefit claim settlements are **100% Tax-Free**.
- Zero TDS: No Tax Deducted at Source (TDS) applies to survival or maturity payouts under Section 10(10D).
100% Digital Policy Setup with Authorized LIC Advisor
Securing your child’s educational roadmap with LIC Jeevan Tarun (Plan 734 / 834 / 934) can be completed online within minutes:
- Select Your Child's Parameters: Use the calculator above to choose your child’s age, sum assured, and preferred survival option (Option 1, 2, 3, or 4).
- Connect with Licensed LIC Advisor: Contact licensed LIC Agent Code `LIC10031212` (Lalkuan Branch, Uttarakhand) directly on WhatsApp at `+91 8419943250`.
- Digital e-KYC Verification: Submit child’s birth certificate and parent’s Aadhaar/PAN cards digitally.
- Direct Online Payment: Pay the premium directly to LIC of India through UPI, Net Banking, or Debit Card.
- Instant Digital Policy Issuance: Receive the official e-Policy Bond directly in your email and DigiLocker within 24 to 48 hours.