LIC Jeevan Tarun Policy No. 834 Review

LIC Jeevan Tarun Policy, table no 834 is another child plan after New Children’s money back plan. This is the 4th policy launched by LIC of India in 2015.

LIC Jeevan Tarun Policy (Plan No.834) is typical money back plan with 4 options to choose from. This is a non-linked, with profit children insurance plan. At the same time, this is a limited premium payment money back plan.

In this article we will review LIC Jeevan Tarun Policy (Plan No.834) and also checkout all key features of this policy. Do you think your child needs an insurance policy to secure his/her education expenses? Let us see how LIC Jeevan Tarun can help you to plan your child’s future education expenses.

LIC Jeevan Tarun Policy Eligibility Details

Entry age: Min 90 days and Max 12 years.

Maturity Age: 25 years

Policy Term: 25 – entry age

Premium Paying Terms: 20 – entry age

Sum Assured: Min: 75,000 and Max: no limit. If sum assured value is above 1 lakh, then one can increase in multiples of Rs 10,000.

Mode of Payment: All modes (check out lic premium payment options)

LIC Jeevan Tarun Policy Key Highlights

The major highlight of LIC Jeevan Tarun Policy Money Back plan is various options one can choose while buying this policy. Let’s check out these options below

lic jeevan tarun policy 834 survival benefit chart

LIC Jeevan Tarun Policy (Plan No.834) Benefits

Death Benefits: Death benefit amount will depend on the date of commencement of risk. In general the death benefit will be max 10 times of annual premium or not less than 105% of total premium paid.

In case of death before the commencement of risk, policy holder’s family will get the paid premiums till date after deducting taxes, extra premium and rider Premiums (if any).

But if unfortunate death happens after commencement of risk, then nominee will get Sum Assured on death + Vested Simple Reversionary bonuses and Final Additional Bonus (if any).

Survival Benefit: Survival benefit of LIC Jeevan Tarun Policy will depend on the option opted during policy subscription. As this is a money back policy, a fixed percentage amount will be distributed to policy holder in the last 5 years of policy tenure. Let’s see how this % will vary depending on the options chosen.

If we consider that policy term is 25 years, then the survival benefit will be paid during 20 to 24 years as per below percentage.

Option 1              Nil

Option 2              5% each year

Option 3              10% each year

Option 4              15% each year

Maturity Benefit: On completion of policy tenure, policy holder will get the remaining money after money back as survival benefit. The amount of survival benefit for LIC Jeevan Tarun Policy will be as follows

Option 1              100% of Sum Assured

Option 2              75% of Sum Assured

Option 3              50% of Sum Assured

Option 4              25% of Sum Assured

This is very simple. Just you have to deduct the money back amount percentage declared in the previous point.

Premium Waiver Benefit Rider:

In case you opt for PWB, then if unfortunate death happens no further premium payment is required to continue the policy. But to avail Premium Waiver Benefit Rider, one has to pay extra premium while buying the basic policy.

LIC Jeevan Tarun Policy Premium Calculation

You can visit LIC Jeevan Tarun page of LIC of India website and check out the complete details of premium chart and maturity return benefits explained.

Which option is best for LIC Jeevan Tarun Policy?

As per the explanation above, we can see that if you choose option 1, there will be no money back concept. Entire amount will be paid as sum assured value. But if you go further, some % will be paid as maturity amount and rest will be paid in 5 years. E.g. if you choose option 4, then on maturity you will get only 25% amount. Rest 75% amount will be paid in 5 years term. Now in that 5 years, your 75% amount will not at all grow or get any interest. Then why to keep that money with them? When one can get even 6% interest from a saving account itself.

So after seeing the LIC Jeevan Tarun Policy Review, we can say that one should choose the first option only if he/she is buying this policy.

Also Read LIC Jeevan Lakshya New Policy Review

Should I buy LIC Jeevan Tarun Policy?

In simple words, think 10 times why do you need to buy an insurance policy for your kid? Do you think by purchasing this policy you will be able to beat the education expenses in future? As per my previous LIC policy reviews, I can say that this policy hardly will be able to give a return of 5-6% in long term, but our education inflation is around 9% as per history.

In that case how do you plan for your child’s education expenses with LIC Jeevan Tarun Policy?

One should buy a term plan for his/her life and invest money to get more return in long term to beat the inflation. Rest is up to you, check out the LIC Jeevan Tarun Policy brochure carefully and read all clauses before buying.

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6 Comments

  1. I am planning to take the LIC Jeevan Tarun Policy. Can you suggest any other good child policies better than this.

    1. Hi Kartick, LIC Jeevan Tarun is not an online insurance policy. You can’t buy this policy online. Contact your nearest LIC branch or any LIC agent if you know.

  2. Hello Sir,
    Seems like a good policy from LIC India. Can you please also share jeevan tarun premium calculator & chart?

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