LIC’s Jeevan Tarun (Table No: 834) is children money back plan which is specially designed for securing children education. This plan gives options to choose survival benefit and helps to ensure financial requirements of child education from 20 to 25 years of child age. This plan can be purchased by parent or grand parent for their 0-12 year old child and very useful with premium waiver rider which provides premium waiver in case of death of guardian (proposer) during policy term.
|Age of Entry||90 days to 12 years|
|Premium Paying Mode||Yearly, Half Yearly, Quarterly, Monthly (ECS Only)
|Policy Term||25 - Age at Entry (20 years in case of 5 year old child)|
|Premium Paying Term||20 - Age at Entry (15 years in case of 5 year old child)|
|Sum Assured||75000 and above (in multiples of 10000)|
|Premium Payment 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 2 Years for less than 10 year term & 3 years for more than 10 year term|
|Surrender||After 2 Years for less than 10 year term & 3 years for more than 10 year term|
|Revival||Within 2 Years of Lapse|
There are four options available to take the maturity on survival which gives the flexibility to plan and secure future requirements from 20 year of age to 25 year of age child. The four option are explained in following table.
|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|
This plan can be bought with Premium waiver benefit against life of proposer (Parents or Grand Parents) with additional premium. In case of death of Parents, further premiums will not be required to pay. This rider must be included with this policy to get a complete child plan.
Jeevan Tarun plan with Example
To Illustrate the benefits of Jeevan Tarun plan, Lets take an example of a who is 32 year old and who is purchasing this plan for his 3 year old child. Father (Proposer) Age : 33 Years Child Age: 3 Years Sum Assured: Rs. 5,00,000 Policy Term: 23 (25-3) Years Premium Paying Term: 17 (20-3) Years Policy Purchase Year: 2015
Following table explains approximate premium to be paid and money back amounts along with maturity which will be available from 20 to 25 year age of child.
|Options||Premium (yearly)||From 20 -24 year of age||At 25 Year of Age|
|2||26145||25000 Each year||978000|
|3||26865||50000 Each year||853000|
|4||27560||75000 Each year||728000|
With the help of above example, we can understand that Jeevan Tarun plan allows to plan children education and marriage needs from 20 to 25 year age.
Wrote : 19-07-2017 09:00:01
Thanks for this informative post. If I buy this plan with Premium Waiver Benefit Rider (PWB), where can I verify my policy has this rider benefit. Where do I need to check if this rider is included with my policy or not? Thanks!
Replied : 19-07-2017 09:51:45
You may find it on your policy document. Another way to verify is by calculating premium with and without PWB, here is link to Premium Calculator.
Wrote : 19-07-2017 10:08:23
Thank you! So, to verify it on the policy document - Do you think the UIN of the rider should be mentioned on the first premium receipt along with the plan UIN?
Replied : 19-07-2017 10:13:29
Yes, you may look Premium Waiver Benefit Rider (UIN: 512B204V01).
Wrote : 31-05-2017 21:15:21
What is the Minimum amount to be paid yearly. My Son's age is 1yr 3months. How many premium will I have to pay if I pay yearly. At maturity what amount will he get back.
Replied : 31-05-2017 22:12:38
Please use Premium calculator to calculate your premium yourself.
Wrote : 26-03-2017 12:17:14
My policy was started from last 2 years but, there is a spelling error in my daughter name. Please advice how to rectify this or any problem will come at the time of maturity?
Replied : 26-03-2017 13:24:57
You should contact your branch for correction as benefits will be transferred to her account which should in same name as printed in LIC documents. It suggested to get it corrected early.
Wrote : 29-01-2017 18:32:13
CAN YOU PLS CONFIRM THE AGE LIMIT OF THE PROPOSER FOR TAKING A POLICY OF JEEVAN TARUN(834) ALSO PLS SPECIFY IS IT POSSIBLE A PROPOSER WILL BE HUF FIRM???
Replied : 29-01-2017 18:46:58
Mother and father below 55 can be proposer for availing premium waiver benefit. Karta of HUF can also be proposer.
Wrote : 24-01-2017 08:34:55
Premium Waiver Benefit Rider (PWB) have any education band?
Replied : 24-01-2017 16:01:17
There are categories which are allowed up to certain sum assured without any medical tests. The educational qualification is also considered as basis to qualify these categories. PWB is also a risk cover, so it may require for deciding how much sum assured PWB can be given.
Wrote : 11-01-2017 15:04:56
Hi I am from uk and wanted to buy this for my daughter who is 5 year and 5 months. My age is 36 years and I am resident of UK. My husband is Indian resident and his age is 38. Can we buy this policy to secure her future?
Replied : 11-01-2017 17:23:28
NRI and Overseas Citizens of India (OCI) can buy this policy.
Wrote : 10-02-2017 10:57:29
You must start children policy lic Jiban tarun as nri but the document regarding nri is required.
Replied : 10-02-2017 16:40:43
Visa will be considered as proof of NRI.
Wrote : 05-01-2017 12:59:27
I want to please clarify details in telugu
Replied : 05-01-2017 14:35:04
I do not know telgu. Please find someone who knows telgu and english and get it explained.
Wrote : 27-01-2017 15:02:18
1.pillala age ; 90 days to 12 years poorti kavali. 2.father or mother age; 55 cross kakudadu. 3.pillala and father birth /school certificate kavali. 4.premium pillala age 20 years ninde varaku katali. 5.pillala age 25 years nindaka total amount vastundi. 6.oka vela father risk jarigite next year nundi premium kattalsna avasaram ledu . 7.pillala ki 8 years nundi leda policy chesina 2 years tarvata risk vuntundi. 8. pillala ki risk modalainaka death jarigite poorti anaga policy amount estaru. enni laxalaki policy cheste adantha estaru......i tried to explain ....
Replied : 27-01-2017 15:10:40
Thank a lot RAJA !!
Wrote : 27-01-2017 15:12:17
sir VUSHMAN VALI GARU mail vunte cheppandi lic telugu BROCHER pampistanu
Replied : 27-01-2017 15:19:10
Sorry !! I am not getting You.
Wrote : 21-11-2016 21:29:44
my brother bought this policy on 27/07/2015 he paid two premiums of 24998 rupees and sum assured was 500000/- unfortunately my brother passed away suddenly now what i should do ???
Replied : 21-11-2016 22:09:52
Please approach policy issuing branch they will assist you in completing all required formaliies. Death certificatie, original policy document and photo id and bank details of nominee will be required.
Wrote : 09-11-2016 12:36:09
Sir/madam, With an intention to get Jeevan Tarun policy for my child I submitted application form with required documents through my agent to LIC and paid Rs.1,08, 416/- by a cheque to which I got a receipt (without cheque number in it). Now I got a call from the Development Officer of LIC asking for my insurance policy details (which I had furnished earlier) with an emphasis that my policy value must be equivalent to the sum assured for my child. (25 lakhs) He is suggesting that I must invest now to meet this requirement. Affordability is a question for me and is it a requirement as per LIC? Neither this condition is reflected in the application form nor my agent knew or the officer specified before collecting cheque. Please clarifiy
Replied : 10-11-2016 15:51:15
Yes, In case of higher sum assured (above 10 Lakh) for child, father (proposer) requires to have risk cover higher than that of child. You can look for Term Insurance (Amulya Jeevan 2) which will have very low premium for this propose.
Wrote : 17-03-2017 12:46:58
Pls fwd telugu brocher sir.jeevan tarun
Replied : 17-03-2017 16:56:33
Do not have info in Telugu.
Wrote : 16-07-2016 16:48:11
SIR,can benefits of two insurance policies can be clubbed?? for ex. if i have 2 life insurance policies with sum assurity of 3lac and 2 lac.than on my death my family will recieve 5 lacs or 3 lacs or 2 lacs
Replied : 17-07-2016 19:50:35
The maturity will be received from both the policies.
Wrote : 19-06-2016 10:19:05
Sir Pl tell me whether life insurance of proposer(parent)is essential for taking jeevan tarun policy of their child with or without PWB rider. Ajay kumar seth
Replied : 19-06-2016 16:00:55
Without proposer and pwb, this policy will be of no use. Suppose if child does not have source of income and death of proposer occurs then who will pay the premiums if pwb is not opted for.
Wrote : 09-06-2016 20:33:49
meri beti ka DOB 26-12-2015 hai. Mera DOB 10-06-1983 hai. Mujhe 1500000 fifteen lacs only ka plan lena h.... 20 21 22 23 24 ki age me mujhe 75 % sum assured ka lena h.... 25 yeras ke baad lumpsum kitna amount milega ..... Monthly quarterly half yearly aur yearly ka kitna premium aayega pls bataye..... Suppose maine monthly premium plan choose kiya h aur 1 installment ke baad agar meri death ho jaye to kya agar maine PWB plan liya hua hai to kya next premium waive ho jayega aur sare benefit milega
Replied : 11-06-2016 13:23:18
Yes, premium nhi dena hoga apki beti ko.
Wrote : 13-05-2016 17:15:03
In this policy, propser have insurance or not
Replied : 13-05-2016 21:49:40
No, proposer does not have insurance, here proposer have option of premium waiver benefit (PWB) which means, in case of death of proposer during the premium payment term, then further premiums will be waived i.e. child does have to pay further premium and benefits will be paid to child as specified.
Wrote : 13-05-2016 17:38:53
please advise can be possiable father in law or my father is proposer,and take PWB on their life.
Replied : 13-05-2016 21:52:58
Your father can be proposer provided that he is less than 55 year old.
Wrote : 13-05-2016 17:41:46
what plan i take for my child she is 1 year old,for father and father in law to take Premium waiver benefit (PWB)
Replied : 13-05-2016 22:00:07
Jeevan tarun 834 is recommended.