LIC Jeevan Tarun Plan 734
Child Insurance Plan Calculator - Secure Your Child's Future
Policy Details
Calculated Results
Year-wise Benefit Illustration
| Policy Year | Child's Age | Premium (₹) | Survival Benefit (₹) | Cumulative Benefits (₹) | Death Benefit (₹) |
|---|
Important Disclaimer
Note: This calculator provides approximate values based on standard LIC Jeevan Tarun Plan 734 features. Actual premiums and benefits may vary based on medical underwriting, bonus declarations, and LIC's terms and conditions. The calculations assume current rates and do not include GST on premiums. Bonuses are non-guaranteed and subject to LIC's performance. Please consult with an authorized LIC agent or visit the nearest LIC branch for accurate premium quotes and complete policy terms.
Features: SB = Survival Benefit (ages 20-24), Maturity at age 25, Death benefit = Higher of 125% Sum Assured or 7 times annual premium, Premium Waiver Benefit available, Tax benefits under Section 80C and 10(10D).
Planning your child’s future financial security is a top priority for many parents. LIC Jeevan Tarun Plan 734 is a specially designed savings and insurance plan aimed at helping parents save for their child’s higher education, marriage, and other important milestones. This article explains the key features of this plan and how the LIC Jeevan Tarun Plan 734 Calculator can help you understand the benefits and premium commitments clearly.
What is LIC Jeevan Tarun Plan 734?
LIC Jeevan Tarun Plan 734 is a non-linked, limited premium payment, participating money-back plan. It is created exclusively for children aged 30 days to 12 years and offers financial protection along with periodic survival benefits to support the child’s life goals.
Key Purpose of the Plan
- To provide a safety net and savings for your child’s higher education, marriage, or career start.
- To provide annual survival benefits starting from age 20 to 24 years.
- To pay a maturity benefit at age 25, which can be used for any major financial need.
Who Can Buy This Plan?
- Parents or grandparents can purchase this plan for children aged from one month (30 days) to 12 years.
- It is a child-centric plan that ensures financial stability for the beneficiary child once they grow up.
Salient Features of LIC Jeevan Tarun Plan 734
- Minimum Basic Sum Assured: ₹2,00,000 (up from ₹75,000 in the earlier version)
- Premium Payment Term: Limited period as chosen at the beginning
- Survival Benefits: Paid annually from age 20 to age 24
- Maturity Benefit: Paid at age 25
- Policy Term: Extends up to the child’s 25th birthday
- Market Risk: The plan is market-risk free, meaning your investment is safe and not linked to stock markets
- Premium Waiver Benefit Rider (Optional): Ensures the policy continues even if the proposer dies, by waiving future premiums
How Does the LIC Jeevan Tarun Plan 734 Work?
Under this plan, you pay premiums for a limited period. There are several benefit options regarding how the survival benefits and maturity benefits are structured:
Survival Benefits Options
At the time of buying the plan, the proposer can choose from four survival benefit options:
| Option | Annual Survival Benefit (Ages 20-24) | Maturity Benefit (At age 25) |
|---|---|---|
| 1 | No Survival Benefit | 100% of Sum Assured |
| 2 | 5% of the sum assured every year | 75% of Sum Assured |
| 3 | 10% of Sum Assured every year | 50% of Sum Assured |
| 4 | 15% of Sum Assured every year | 25% of Sum Assured |
Example: If the sum assured is ₹10,00,000 and Option 3 is chosen, the child receives ₹1,00,000 each year from ages 20 to 24, and ₹5,00,000 at maturity.
Death Benefit
If the proposer or life assured dies during the policy term, the nominee gets the sum assured plus vested bonuses or total premiums paid till that date, whichever is higher.
Bonuses
Besides survival and maturity benefits, the plan includes Simple Reversionary Bonuses and a Final Additional Bonus (if any), which add to the final payout.
What is the LIC Jeevan Tarun Plan 734 Calculator?
The LIC Jeevan Tarun Plan 734 Calculator is an online tool or a digital calculator provided by LIC or third-party websites that allows prospective buyers or existing policyholders to:
- Estimate premium amounts based on the child’s age, policy term, sum assured, and other parameters.
- Calculate survival benefits, maturity benefits, including bonuses.
- Understand the total financial commitment and potential returns.
- Compare different survival benefit options and payment terms.
This calculator simplifies the complex calculations behind LIC Jeevan Tarun Plan 734 and enables informed decision-making.
Why Use the LIC Jeevan Tarun Plan 734 Calculator?
Here are the key benefits of using this calculator:
- Customized Estimations: Enter your child’s age, premium payment term, and sum assured to get a tailor-made plan estimate.
- Easy Comparison: Quickly compare different survival benefit options or premium payment terms to see which suits your budget and financial goal.
- Financial Planning: Helps plan your finances better by knowing exact premiums and expected maturity values.
- Save Time: Automatically calculates benefits, avoiding manual errors.
- Transparency: Offers clear visibility into all benefits, including bonuses and death benefits.
How to Use the LIC Jeevan Tarun Plan 734 Calculator?
Using the calculator is simple:
- Enter Child’s Age: Must be between 30 days to 12 years.
- Select Sum Assured: Minimum ₹2,00,000, typically in multiples of this amount.
- Choose Policy Term: Typically up to the child’s 25th birthday.
- Choose Premium Payment Term: Limited period (e.g., 5, 10, or 15 years).
- Pick Survival Benefit Option: Select from one of the four survival benefit choices.
The calculator will then display:
- Annual premium amount payable
- Survival benefits payable from age 20 to 24
- Maturity benefit at age 25
- Total benefits and bonuses expected
Example Calculation
Suppose you have a child aged 3 years and wish to buy the LIC Jeevan Tarun Plan with the following inputs:
- Sum Assured: ₹10,00,000
- Policy Term: 22 years (until child turns 25)
- Premium Payment Term: 10 years
- Survival Benefit Option: 3 (10% survival benefit annually)
The calculator estimates your annual premium, survival payouts starting at age 20 (₹1,00,000 yearly for 5 years), and maturity benefits around ₹5,00,000 plus bonuses at age 25.
Benefits of Choosing LIC Jeevan Tarun Plan 734
- Safe and Secure: Money invested is safe with LIC’s guarantee, as it is a non-linked plan.
- Regular Payouts: Survival benefits are paid as regular income after the child turns 20 to support education or other needs.
- Flexible Options: Four survival benefit options allow customization based on your financial planning style.
- Long-Term Savings: Encourages disciplined savings for children’s crucial milestones.
- Bonuses: Participation in profits through bonuses increases the final maturity benefit.
- Policy Loan Facility: Loan can be availed after first policy year.
- Premium Waiver Rider: Ensures the policy continues if the proposer dies by waiving off future premiums.
Important Terms to Understand
- Sum Assured: The guaranteed minimum amount payable on maturity or death.
- Survival Benefit: The amount paid annually after the child reaches 20 years.
- Maturity Benefit: The final lump sum paid at the end of the policy term.
- Premium Payment Term: Number of years premiums must be paid.
- Policy Term: Total length of the policy until maturity.
- Bonus: Additional profits added to the policy over and above the sum assured.
How to Decide the Right Premium Payment and Survival Benefit Option?
Choosing the survival benefit option depends on your financial needs and risk preference:
- If you want higher maturity amount at age 25, choose Option 1 (no survival benefits, full payout at maturity).
- If you want steady income during early adulthood, select Options 2, 3, or 4 depending on how much regular income you prefer.
- Premium payment term should align with your current financial capacity to pay premiums without stress.
The LIC Jeevan Tarun Plan 734 Calculator helps compare these options side by side.
Where to Find the LIC Jeevan Tarun Plan 734 Calculator?
- LIC India official website might provide the calculator during policy purchase.
- Trusted third-party websites like LICCalculators.net offer free and reliable online calculators.
- Financial advisory sites and insurance portals also host calculator tools.
- Mobile apps like Smart—All In One Calculator also support LIC policy calculations.
Using these tools reduces guesswork and helps plan real premiums and benefits.
FAQs About LIC Jeevan Tarun Plan 734 Calculator
What is the minimum age to buy LIC Jeevan Tarun Plan 734?
The minimum age of the child to buy this plan is 30 days (1 month), and the maximum age is 12 years.
What is the minimum sum assured under this plan?
The minimum basic sum assured is ₹2,00,000, which can be increased in multiples as per the policyholder’s preference.
Can I choose the premium payment term?
Yes, the premium payment term is flexible and limited, typically from 5 to 15 years, depending on your choice.
How many survival benefit options are available, and what do they mean?
There are four survival benefit options offering different percentages of the sum assured paid annually from age 20 to 24, along with corresponding maturity amounts.
What happens if the proposer dies before maturity?
In case of death, the nominee receives the sum assured plus bonuses or the total premiums paid, whichever is higher. The premium waiver rider (if taken) ensures continuation of the policy.
How does the LIC Jeevan Tarun Plan 734 Calculator help in planning?
The calculator helps estimate premium amounts, survival benefits, and maturity values and compare different options to make informed decisions.
Can I take a loan against the policy?
Yes, policy loans are available after payment of at least one full year’s premium and one policy year’s completion.
Conclusion
The LIC Jeevan Tarun Plan 734 is a valuable long-term savings and insurance plan designed especially for children aged up to 12 years. It offers a mix of protection, planned savings, and timely payouts to help parents secure their child’s education, marriage, and financial needs.
Using the LIC Jeevan Tarun Plan 734 Calculator before buying the plan empowers parents to make informed decisions on premium amounts, survival benefit choices, and expected maturity values. It is an essential tool for transparent and hassle-free financial planning.