LIC of India new plan launched on 1st. February 2020 which name is LIC Jeevan Tarun 934 (Table No 934). This is a market risk free, limited premium payment and money back plan. Market risk – it means that this plan is not related with the share market, your investment is fully safe.

LIC’s Jeevan Tarun Plan 934 is a money back plan, which is especially designed for child’s higher education and marriage.LIC Jeevan Tarun Policy 934 gives options to choose many benefit and helps to ensure financial requirements of child education and carrier from 20 to 25 years of child age.

“LIC Jeevan Tarun Plan 934” can be purchased by parent and grandparent for their 0-12 year old child and very useful with premium waiver benefit which provides premium waiver in case of death of guardian (proposer) during the policy term.

Please Note: You can now buy online LIC Jeevan Tarun plan 934 through credit card/debit card, net banking, upi and wallets on our LIC's New Business Platform.

Key Features

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• This plan to fulfill requirement of child education and carrier
• 4 Option to select required amount from 20 to 25 year age of child
• Premium waiver option is available which is important for child education and carrier
• Paid premiums are exempted from income tax under sec - 80C
• Money Back and Maturity amount is tax free under sec 10(10D)

Eligibility/Parameters

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Age of Entry	90 days to 12 years
Premium Paying Mode	Yearly, Half Yearly, Quarterly and Monthly (E-Nach Only)
Policy Term	25 - Age at Entry
Premium Paying Term	20 - Age at Entry
Sum Assured	75000 and above (in multiples of 10000)
Premium Mode Rebate	2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
High Sum assured Rebate (per Thousand of SA)	Rs. 0 on 75,000 to 1,90,000 Rs. 2 on 2,00,000 to 4,90,000 Rs. 3 on SA on 5,00,000 and above
Loan	After 3 Years
Surrender	After 2 Years
Revival	Within 5 Years from FUP

Read This - LIC New Children’s Money Back Plan 932

Benefits

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Death Benefit

• On Death before the Date of commencement of risk: Death benefit = Total no. of premiums paid – taxes, extra premium and rider premium (if any) will be paid to proposer.
• On Death after the Date of commencement of risk: Death benefit = ‘Sum Assured on death’ + vested Simple Reversionary Bonuses + Final Additional Bonus (if any) will be paid to the proposer.

  Survival Benefit (Money Back)

  The percentages for various options are given below.

  Option	Money Back at age 20 to 24 years
  Option 1	No money
  Option 2	5% of Sum Assured for 5 years.
  Option 3	10% of Sum Assured for 5 years.
  Option 4	15% of Sum Assured for 5 years.

  Maturity benefit

  There are 4 options available to take the maturity on survival which gives as under.

  Option	From 20 -24 year of age	At 25 Year of Age
  1	0	100% of SA + Bonus + FAB
  2	5% of SA	75% of SA + Bonus + FAB
  3	10% of SA	50% of SA + Bonus + FAB
  4	15% of SA	25% of SA + Bonus + FAB

  Premium Waiver Benefit Rider (PWB)

  This plan can be buy with Premium waiver benefit against life of proposer (Parents or Grandparents) with additional premium. In case of death of proposer, further premiums will not be required to pay. This waiver benefit must be included with this policy to get a complete child plan.

  Read also : LIC Jeevan Umang Plan 945 for lifetime

  LIC Jeevan Tarun Plan 934 with an Example

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  To Illustrate the benefits of LIC Jeevan Tarun plan 934, Let's take an example Mr. Suresh whose age is 35 years old and who is purchasing this plan for his 2 year old child.

  Father (Proposer) Age	35 Years
  Child Age	2 Years
  Sum Assured	Rs. 5,00,000
  Policy Term	18 (20-2) Year

  Option choose	15% Money Back of SA

  CALCULATION DETAILS
  Sum Assured: 500000	Age: 2	Risk Covered: 625000
  Policy Term: 23	Premium Paying Term: 18	Premium Waiver Rider: Yes
  Death Sum Assured is higher of 125% of Basic Sum assured (625000) or 7 times of Annualised Premium (185801). So Death Sum Assured or Sum Assured on Death in this case will be 625000.
  Premium Details
  Mode Premium Premium with GST (*) For First Year From Second Year Yearly 25400 26543 25972 Half-Yearly 12842 13420 13131 Quarterly 6492 6784 6638 Monthly 2164 2261 2213
  *Premium specified at the time of purchase remains same for entire policy term. However, Goods and Services Tax (GST) rate is subject to change as per government. At present, GST rates for first policy and from second policy year till completion of premium paying term are 4.5 % and 2.25% respectively.
  MATURITY DETAILS
  25% BSA Bonus (approx.) FAB (approx.) Total (approx.) 125000 517500 125000 767500
  Money Back and Maturity Details
  This policy provides three Money Backs equals to 20% of Basic Sum Assured when child policyholder attains 18, 20 and 22 years of age and 40% of Basic Sum Assured (BSA) + Simple Reversionary Bonus (Bonus) + Final Additional Bonus (FAB) when policyholder attains 25 years age.
  Child Age Year Details Amount 20 Years 2041 1st Money Back (15% of BSA) 75000 21 Years 2042 2nd Money Back (15% of BSA) 75000 22 Years 2043 3rd Money Back (15% of BSA) 75000 23 Years 2044 4th Money Back (15% of BSA) 75000 24 Years 2045 5th Money Back (15% of BSA) 75000 25 Years 2046 Maturity (25% of BSA + Bonus +FAB) (approx.) 767500 Total Benefits 1142500
  Maturity of New Endowment plan is available after completion of Policy Term and maturity will be equal to Basic Sum Assured + Accumulated Simple Reversionary Bonus (Bonus) during policy term + Final Additional Bonus (if any) (FAB).
  YEAR-WISE POLICY DETAILS
  Year Age Paid Premium Normal Life Cover (Approx.) Money Back Bonus (Approx.) 2023 2 26543 0 0 2024 3 25972 0 0 2025 4 25972 692500 0 2026 5 25972 715000 0 2027 6 25972 737500 0 2028 7 25972 760000 0 2029 8 25972 782500 0 2030 9 25972 805000 0 2031 10 25972 827500 0 2032 11 25972 850000 0 2033 12 25972 872500 0 2034 13 25972 895000 0 2035 14 25972 917500 0 2036 15 25972 940000 0 2037 16 25972 972500 0 2038 17 25972 997500 0 2039 18 25972 1022500 0 2040 19 25972 1047500 0 2041 20 25972 1077500 75000 2042 21 0 1110000 75000 2043 22 0 1147500 75000 2044 23 0 1195000 75000 2045 24 0 1267500 75000 2046 25 0 Maturity Amount 767500 Total 494039 Total Benefits 1142500
  Death Benefit: In case of death of the policyholder during policy term, nominee of the policy holder gets Basic Sum Assured + Accrued Bonus + FAB as death claim (Risk Cover), the same is illustrated in the following table. To understand death claim (risk cover), let's assume that unfortunate death of the policy holder occurs in year 2041 when policy holder is 20 years of age, then then total premium paid will be Rs. 494030 and death claim (risk cover) amount will be 1077500. Please refer highlighted row in following table. PWB Rider Benefit: Since Premium Waiver Benefit (PWB) Rider has been opted for, so in case of death of the guardian (father/proposer) at any time during policy term, remaining premium will be waived-off and all benefits will be paid to the child policyholder without payment of any further premium.
  Plan Benefits for You Amount () 25% Of BSA 125000 Bonus (If any) 517500 FAB (If any) 125000 Maturity Returns 767500 Total Money back 375000 Total Benefits 1142500 Plan Benefits for Nominee/Family After You Amount () On Death Before Maturity (Guaranteed Sum Assured) 625000 Bonus (if any) 427500 FAB (If Any) 25000 Total Payable to Nominee (Tax Free) 1077500 Total Money back paid 75000 Total Benefits with Money Back 1152500

LIC Policy 934 - Additional Information

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Risk Coverage: Till end of Term of the Policy.

Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement  starts  either from 2 years of taking the policy or 8 years old which is earlier.

Locking period : 2 years.

Loan Facility: Loan after 3 years

Income Tax Deduction: Available under Section 80C for premiums paid and Section 10 (10D) for Maturity.

Riders available: PWB rider is available

Proposal Forms: Proposal Form no. 300 and 340 will be used under this plan.

Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.

Backdating interest: The policies can be dated back within the same financial year Assignments/Nominations: Assignment and nominations is possible under this plan.