When it comes to planning for a child’s future—especially important milestones like education and marriage—financial security is a top priority for parents and grandparents. The LIC Jeevan Tarun Plan 734 is one such insurance plan designed exclusively for children’s future needs, offering a balance of protection and savings. To help make informed decisions about this policy, LIC provides a detailed Jeevan Tarun Plan 734 Calculator.

What is LIC Jeevan Tarun Plan 734?

LIC Jeevan Tarun Plan 734 (UIN: 512N299V03) is a non-linked, participating savings plan designed specifically with children’s future financial needs in mind. It is primarily aimed at securing funds for important life events such as higher education and marriage through a limited premium payment method.

• The plan is available for children between 30 days and 12 years of age.
• It offers protection plus savings, where the policyholder can choose different survival benefit options.
• This plan is a money back plan, meaning periodic survival benefits are paid during the policy term, along with a maturity amount at the end.
• It is a market risk-free plan, where investments are secure and not linked to the stock market.

Key Features of LIC Jeevan Tarun Plan 734

Understanding the plan’s features will help users make better use of the calculator and understand the benefits they can expect.

Eligibility Criteria

• The life assured (child) must be between 30 days and 12 years old at the time of entry.
• The proposer can be a parent or grandparent.

Premium Payment Term

• The plan requires limited premiums to be paid. The premium paying term depends on the option selected.
• After completion, the policy provides survival benefits and maturity sums.

Sum Assured

• Minimum Basic Sum Assured has been increased to ₹2,00,000.
• Sum Assured multiples and higher sum assured rebates are available, encouraging larger coverage at discounted premiums.

Policy Term and Benefits Payment Options

• Policy terms vary, generally linked to the age of the child or term selected.
• Two benefit options are available:
  • Option 1: No survival benefit; 100% Sum Assured is paid on maturity.
  • Option 2: Survival benefits are paid during the policy term (typically 25%, 50%, 75% of sum assured at various intervals), with the balance at maturity.

Death Benefit

• On unfortunate death during the policy term, the higher of the following is paid:
  • 125% of Basic Sum Assured,
  • 7 times the annualized premium,
  • Or 105% of total premiums paid till date.
• Bonuses declared by LIC are paid in addition to the death benefit.

Bonuses

• The plan participates in profits and receives bonuses declared by LIC.

Loan and Surrender Facility

• Policyholders can avail of loans against the policy after acquiring surrender value.
• Surrender value is payable after premiums have been paid for at least 2 full years.

Riders

• Premium Waiver Benefit Rider: In case of the proposer’s death, future premiums under the plan are waived, ensuring continued financial support.

Understanding the LIC Jeevan Tarun Plan 734 Calculator

The LIC Jeevan Tarun Plan 734 Calculator is a digital tool designed to estimate the necessary premium payments and maturity benefits based on user inputs. It helps policy buyers and advisors plan finances effectively by providing instant calculations.

What Does the Calculator Do?

• Calculates Premium: Based on child’s age, sum assured, policy term, and premium payment frequency.
• Estimates Maturity Benefit: Shows projected maturity amount considering bonuses and survival benefits.
• Estimates Death Benefit: Helps users understand the financial benefits payable on the untimely death of the life assured.
• Comparison and Customization: Allows adjusting different parameters to see how changes affect premium and benefits.
• Financial Planning: Enables prospective policyholders to budget and plan better for long-term goals.

How to Use the LIC Jeevan Tarun Plan 734 Calculator?

Using the calculator is simple and requires just a few details:

1. Enter Child’s Age: Input the age of the child (between 30 days and 12 years).
2. Set Sum Assured: Choose the amount you want to insure, starting from ₹2,00,000 upwards.
3. Select Policy Term: Choose the desired term period for the policy.
4. Choose Premium Payment Mode: Select yearly, half-yearly, quarterly, or monthly premium payment.
5. Select Benefit Option: Choose either Option 1 (no survival benefits) or Option 2 (survival benefits during the policy term).
6. Calculate: Click the calculate button to view premium amounts, maturity benefit projections, and death benefits.

The tool will instantly generate:

• The exact premium amount to be paid,
• Maturity benefit projections including expected bonuses,
• Survival benefits (if opted),
• Death benefit amount,
• Surrender value details.

Benefits of LIC Jeevan Tarun Plan 734 Calculator

• Convenience: No need for manual complex calculations. Instant results save time and avoid errors.
• Customization: Adjust inputs like sum assured and policy term to see various scenarios.
• Financial Awareness: Helps parents and guardians understand premium commitments and expected returns.
• Helps in Decision Making: Compare different premium and benefit options side-by-side.
• Transparency: Clear indication of survival, maturity, and death benefits increases confidence in the plan.

Advantages of LIC Jeevan Tarun Plan 734

This plan offers several unique advantages tailored to children’s future needs:

• Tailored for Children: Only children up to 12 years can be insured, ensuring the plan is child-specific.
• Limited Premium Payment: Pay premiums for a limited period but enjoy benefits for long-term.
• Dual Benefit of Protection and Savings: Plan gives insurance cover and also acts as a savings plan.
• Money Back Feature: Survival benefits paid during policy term offer liquidity.
• Bonuses Add Wealth: Participate in LIC’s profit through bonuses, increasing the corpus.
• Life Cover for Proposer: Death benefit ensures family gets protected from financial distress.
• Loan Facility: Borrow against policy if needed, providing financial flexibility.
• Premium Waiver Rider: In case of the proposer’s demise, future premiums are waived ensuring continuity.

Why Choose LIC Jeevan Tarun Plan 734?

1. Secured Investment: The plan is market risk-free, providing safe investment.
2. Plan for Milestones: Specifically designed to meet educational and marriage expenses.
3. Financial Discipline: Limited premium payment encourages disciplined savings.
4. Flexibility: Options to choose survival benefits or lump sum at maturity.
5. Trusted Institution: LIC’s long-standing reputation adds trustworthiness.

Important Terms to Know

• Basic Sum Assured (BSA): The guaranteed amount insured.
• Survival Benefit: Periodic payouts during the policy term.
• Maturity Benefit: Amount payable on policy maturity.
• Bonus: Additional amounts from LIC’s profits that increase the payout.
• Premium Payment Term: Duration for which premiums must be paid.
• Policy Term: Total duration of the policy.
• Premium Waiver Rider: An add-on to waive future premiums in case of proposer’s death.

Step-by-Step Example Using the LIC Jeevan Tarun Plan Calculator

Suppose you have a child aged 3 years, and you want to choose a sum assured of ₹5,00,000 with a policy term of 15 years, and pay premiums yearly under Option 2 (survival benefits).

• Enter the child’s age as 3 years.
• Select ₹5,00,000 as sum assured.
• Policy term as 15 years.
• Premium mode: Yearly.
• Option 2 for survival benefits.

On calculation, the premium payable yearly will be shown, along with expected maturity and survival benefits. The death benefit payout will also be displayed.

This instant estimation helps you decide if the premium fits your budget or if you want to alter sum assured or policy term.

Practical Tips for Using LIC Jeevan Tarun Plan and Calculator

• Buy Early: Starting early when your child is younger reduces premium amounts.
• Choose Appropriate Sum Assured: Align sum assured with estimated educational and marriage expenses.
• Understand Benefit Options: Decide between survival benefits or lump SUM at maturity based on liquidity needs.
• Consider Riders: Avail premium waiver rider for added security.
• Use the Calculator Multiple Times: Try different inputs to find the best plan suited to your financial goals.

How to Buy LIC Jeevan Tarun Plan 734?

• Visit LIC branch or their official website.
• Consult LIC agents or financial advisors.
• Use online platforms to get online quotes and apply easily.
• Ensure to provide correct child age and proposer details.
• Ask for the policy document and read the terms carefully.

For more official information, visit LIC India’s official page for child plans LIC Plans for Children.

FAQs About LIC Jeevan Tarun Plan 734 Calculator

Conclusion

The LIC Jeevan Tarun Plan 734 is a comprehensive and flexible savings-cum-insurance plan designed to secure your child’s future financial needs, such as education and marriage. The accompanying Jeevan Tarun Plan 734 Calculator makes planning easy by providing instant, transparent estimates of premiums, maturity, and death benefits.