LIC Jeevan Tarun Plan 834 Calculator

LIC Jeevan Tarun Plan 834 is a special insurance policy designed by the Life Insurance Corporation of India primarily for children’s financial security. This plan is focused on meeting the educational and marriage expenses of a child through a combination of money back benefits and a maturity payout.

Jeevan Tarun Plan is a limited premium payment plan with the added benefit of premium waiver in case of the proposer’s death, ensuring continuous security for the child even in unforeseen circumstances.

Launch and Withdrawal Dates

LIC Jeevan Tarun Plan 834 was launched in May 2015. However, this plan was withdrawn from sale on 1st February 2020, so new policies are no longer available under this plan. Existing policyholders, however, continue to enjoy benefits as per the terms of the plan till maturity or other specified events.​

Key Features of LIC Jeevan Tarun Plan 834

• Designed specifically for children’s future financial needs such as education and marriage.
• Can be purchased by parents or grandparents for children aged 0 to 12 years.
• Limited premium payment policy: premiums are payable for a limited period, unlike regular endowment plans.
• Provides options to select money back benefits during the child’s schooling age, typically from 20 to 25 years.
• Premium Waiver Benefit Rider available (optional): if the proposer (policyholder) dies during the policy term, future premiums are waived off so the policy continues without disruption.
• Death Benefit payable to the child’s guardian in case of the life assured’s death.
• Tax benefits on premiums paid under Section 80C and tax-free maturity proceeds under Section 10(10D) of the Income Tax Act.
• Money back survival benefits can be chosen from multiple alternatives as per the policyholder’s preference.
• Guaranteed surrender value after payment of premiums for a specified minimum period.
• Bonuses are declared annually by LIC and get added to the policy which increases the maturity amount.​

Understanding the Benefits of LIC Jeevan Tarun

Jeevan Tarun Plan offers a mix of benefits during the policy term as money back payouts and lumpsum maturity amount to meet the child’s financial goals. Here is a brief summary:

• Survival Benefits (Money Back): Survival benefits are paid during the last five years of the policy, typically between the ages of 20 to 24 years of the child. These are payable as periodic amounts to help meet educational or other expenses during this period. Policyholders can choose from four different options for these survival benefit payouts depending on their financial needs.
• Maturity Benefit: At the end of the policy term, i.e., when the child reaches 25 years of age, the policyholder receives the sum assured plus bonuses declared during the policy term as maturity proceeds.
• Death Benefit: If the life assured (child) dies during the policy term, the nominee receives the sum assured along with bonuses and any survival benefits paid till then.
• Premium Waiver Benefit: If the proposer passes away during the policy term, the future premiums are waived off, but the policy continues as normal.
• Surrender Value: The policy can be surrendered after payment of a minimum number of premiums and surrender value along with vested bonuses is paid based on LIC’s rules.​

Eligibility Criteria

• Entry Age of the Child: 0 to 12 years.
• Policy Term: Corresponds to the child’s age from entry up to 25 years.
• Minimum Sum Assured: Rs. 75,000 (varies as per policy terms).
• Premium Payment Term: Limited, generally fewer years than the total policy term.
• The proposer must be the parent or grandparent of the child.​

LIC Jeevan Tarun Plan 834 Calculator: What It Does

The LIC Jeevan Tarun Plan 834 Calculator is an online or offline tool designed to help potential policy buyers or existing policyholders estimate important financial figures related to the plan such as:

• Premium payable (Annual, Half-Yearly, Quarterly, Monthly).
• Sum assured amount based on premium and age.
• Expected maturity amount including bonuses.
• Money back survival benefits payout during the policy term.
• Death benefit and surrender value estimates.

The calculator requires inputs like the age of the child, premium payment option, sum assured, premium amount, and surviving benefit option. Once these inputs are entered, the calculator quickly shows the benefits in a clear structured manner. This helps users plan their finances and understand the benefits they or their children will receive from the policy.

How to Use the LIC Jeevan Tarun Plan 834 Calculator

Using the calculator is simple and useful in deciding the right plan amount and premium based on financial capability and child’s financial goals:

1. Enter the Age of the Child (0 to 12 years).
2. Choose the Sum Assured or enter the Premium amount you can pay.
3. Select the frequency of premium payment (Yearly, Half-Yearly, Quarterly, Monthly).
4. Pick one of the four available money back survival benefit options depending on when and how you want the survival benefit payouts.
5. Click on the ‘Calculate Benefits’ button.

The calculator will then display:

• The premium amount with tax (GST/Service Tax) breakup.
• Year-wise survival benefit payout chart.
• Maturity amount expected.
• Death benefit details.
• Surrender value if policy is discontinued.

Some calculators provide a downloadable or printable benefit illustration for easy reference.​

Benefits of Using a Calculator for Jeevan Tarun

• Helps plan premium payment according to budget.
• Assists in understanding the total return from the policy.
• Clear visualization of money back benefits during the policy term.
• Shows death benefit and surrender value for better decision-making.
• Removes confusion over complex insurance terminologies.
• Conveniently accessible online or through LIC agents and portals.

Example Calculation (Illustration)

Consider a child aged 5 years with a sum assured of Rs. 1,00,000 under Jeevan Tarun Plan 834:

• Premium is calculated according to the entry age and sum assured.
• Survival benefits will be paid every year from the child’s age 20 to 24.
• Maturity amount including bonuses will be payable at 25 years of age.
• Death benefit payable as sum assured plus bonuses if the child unfortunately passes away during the term.

This example will vary based on the input parameters used in the calculator, but it demonstrates the kind of financial planning help the calculator provides.​

Important Points to Remember about Jeevan Tarun Plan 834

• The plan was withdrawn from new sales on 1st February 2020, but existing policies remain active till maturity or other exit conditions.
• The plan offers financial security to children if unforeseen death of the proposer occurs through the premium waiver benefit.
• Bonuses declared annually by LIC increase the maturity and death benefits.
• Survival benefits can be customized as per user choice.
• The plan provides tax benefits on premiums paid as well as on maturity proceeds.
• Premium payment is limited in duration, making it affordable for policyholders.
• Surrender is possible, but it affects the benefits received.​

Where to Find LIC Jeevan Tarun Plan 834 Calculator

Though the plan has been withdrawn, several insurance portals and LIC-related websites still host the Jeevan Tarun Plan 834 Calculator for existing policyholders or those seeking information on past plans. LIC’s official website archives and financial insurance portals provide access to such calculators. You may also find mobile apps and independent insurance comparison websites hosting similar tools for estimate purposes.​

Frequently Asked Questions

Summary

LIC Jeevan Tarun Plan 834 is a thoughtfully designed children’s money back insurance plan aimed at securing the financial future of a child for educational and marriage needs. Though withdrawn from sale in 2020, it remains a popular case study for financial planning in child insurance.

Its key features like survival benefits, premium waiver rider, limited premium payment term, bonuses, and tax benefits make it a comprehensive plan. The LIC Jeevan Tarun Plan 834 Calculator plays a vital role in helping parents and guardians estimate premiums, maturity amounts, survival payouts, and other benefits in a simple, easy-to-understand way.