LIC Jeevan Tarun Plan 734 Premium & Maturity Calculator
Child Money Back Plan with Survival Benefits
LIC Jeevan Tarun Plan 734 Overview
LIC Jeevan Tarun Plan 734 is a participating non-linked limited premium payment plan designed to meet the educational and other needs of growing children through annual Survival Benefit payments from ages 20 to 24 and Maturity Benefit at age 25.
Eligibility & Rules
- Minimum Sum Assured: ₹75,000
- Maximum Sum Assured: No Limit
- Policy Term: 25 minus Age at Entry
- Premium Paying Term (PPT): 20 minus Age at Entry
- Entry Age: 90 Days to 12 Years
Key Plan Benefits
- Survival Benefit: Flexible options to receive 0%, 5%, 10%, or 15% of SA annually from age 20 to 24.
- Maturity Benefit: Remaining Sum Assured + Vested Bonus + FAB at age 25.
Detailed Maturity Benefit
Balance of Sum Assured (which can be 100%, 75%, 50%, or 25% depending on the chosen survival benefit option) + Vested Bonuses + Final Additional Bonus at age 25.
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹5,00,000 |
| Age / Policy Term | 5 / 20 (PPT 15) Years |
| Yearly Premium (Approx) | ₹25,000 |
| Total Paid Premium | ₹3,75,000 |
| Maturity / Total Benefits | ₹75,000/yr (ages 20-24) + ₹2.5L + Bonus at 25 |
Calculating