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Money Back Policy-25 year

Jeevan Tarun LIFE INSURANCE POLICY BY LIC

(Plan No. 834)

Features of Jeevan Tarun

LIC Jeevan Tarun Policy (Plan No.834) is an optional money back policy introduced by LIC of India. LIC Jeevan Tarun Money back policy is a non-linked, with profits plan which is specially designed for children to meet their financial problems and their educational needs. 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 provides all types of benefits such as Death benefits, Maturity benefits, Survival benefits. Under this LIC Jeevan Tarun Policy 834, LIC’s Premium Waiver benefit rider is also available by paying additional premium.

Under this LIC Jeevan Tarun Money back plan, Maturity Benefit is Payable at the age of 25 years only and Survival benefits are payable for the last five years only i.e., at the age of 20 to 24 years. If the policyholder has chosen for Survival Benefits then the Policyholder can opt for any of the four options provided by LIC Jeevan Tarun Plan which is tabulated below.

Option Name Survival Benefits Maturity Benefits
Option 1 No Survival Benefit 100% of Sum Assured
Option 2 5% of Sum Assured every year for 5 years 75% of Sum Assured
Option 3 10% of Sum Assured every year for 5 years 50% of Sum Assured
Option 4 15% of Sum Assured every year for 5 years 25% of Sum Assured

LIC Jeevan Tarun Policy (Plan No.834) Eligibility Conditions

Entry Age (in Years)
  • Minimum – 90 days (Completed)
  • Maximum – 12 years (last birthday)
Maximum Maturity Age
  • Maximum – 25 Years (last birthday)
Policy Term
  • (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. 5000)
  • Above Rs. 1,00,000 – SA (in multiples of Rs. 10,000)
Premium Paying term (PPT)
  • (20 – Entry Age) (in years)

LIC Jeevan Tarun Policy (Plan No.834) Benefits

Under this LIC Jeevan Tarun optional Money back policy 834 survival benefits, maturity benefits, death benefits, rider benefits are  available. Detailed explanation about benefits of LIC Jeevan Tarun Plan 834 are given below.

Death Benefits: 

  • On death before the date of Commencement of risk: Death benefit is paid as total amount of Premiums paid excluding taxes, extra premium and rider Premiums (if any).
  • On death after the date of Commencement of risk: Death benefit is paid as Sum Assured on death + Vested Simple Reversionary bonuses and Final Additional Bonus (if any).

Note: 

  • Sum Assured on death defined  as higher of 10 times AP (Annualized premium) or absolute amount assured to be paid on death i.e., 125% of Sum assured.
  • This death benefit shall not be less than 105% of total premiums paid as on date of death.

Survival Benefits: 

Survival benefits are payable for the last five years of Policy term. A fixed percentage of Sum assured is payable to the Policyholder every year. The fixed percentage of sum assured depends on the option chosen by the policyholder. Under this LIC Jeevan Tarun optional Money back plan 834 there are four options are available to choose. Four options of Survival benefits are given below.

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

Maturity Benefits:

  • Under Maturity benefit, the policyholder will receive the Sum Assured on Maturity + Vested Simple Reversionary bonuses and Final Additional Bonus (if any). 
  • Sum Assured on maturity depends on survival benefit in which the option chosen by policyholder. If Policyholder opt for any of the four options then the maturity benefits given to policyholder are as follows.
Option Name Maturity Benefit
Option 1 100% of Sum Assured
Option 2 75% of Sum Assured
Option 3 50% of Sum Assured
Option 4 25% of Sum Assured

Premium Waiver Benefit Rider:

On Payment of additional Premium LIC’s Premium Waiver Benefit Rider is provided to the policyholder. This Premium Waiver Benefit Rider is an Optional rider which can be opted along with basic plan. Terms and Eligibility Conditions of LIC’s Premium Waiver Benefit Rider are tabulated below.

Entry Age
  • Minimum – 18 years(Completed)
  • Maximum – 55 years(Nearest birthday)
Term of rider
  • 20 – Age of child at the time of opting the rider
Maximum Cover ceasing age
  • 70 years (Nearest birthday)

LIC Jeevan Tarun Policy (Plan No.834) Premium Calculator

LIC Jeevan Tarun Policy No.834 Premium Calculator helps you to calculate your premium along with the Maturity benefits, Death benefits, Survival benefits and Waiver Rider benefits.

 

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