The plan number of the LIC Jeevan Tarun is 934. Earlier its name and plan number were LIC Jeevan Tarun Plan 834, then plan number changed to 934 and now it is 934. Yes, this plan is also an endowment plan. it provides risk cover to the customers and also contains saving components with a high yield of bonuses on deposited money. This plan is a limited premium plan. This plan is not linked to the equity market.
This plan is a limited premium plan, It means in this plan the customers have to pay for a limited time period, which is 5 years less than from the policy term. This plan is not linked to the equity market.
In this plan, the Customer pays premiums until the 20 years of Age of child and get maturity at the 25 years of age of the child.
This is a plan which provides a Risk cover equals to the Sum assured with the four options of maturity.
These surviving benefits are given from the age of 20 to 24 and maturity is on 25 years of age.
No survival benefit
100% of Sum Assured
5% of Sum Assured every year for 5 years
75% of Sum Assured
10% of Sum Assured every year for 5 years
50% of Sum Assured
15% of Sum Assured every year for 5 years
25% of Sum Assured
Maturity benefit of LIC Jeevan Tarun 934:
On completing the full policy term the policy is assumed as mature. then all the benefits of maturity are deposited in the account of customers.
These benefits include the sum assured with a simple reversionary bonus and a final additional bonus is also added in the amount of maturity.
These bonuses also depend upon the above options taken for the policy.
Participation in profit:
As mentioned this policy also participates in the profit of the company. It means the above maturity benefits will be paid with additional profit amount, and the maturity of LIC Jeevan Tarun 934 policy calculated at the time of purchase will be little more than that value shown by multiplying bonus rates in calculations.
The death benefit of LIC Jeevan Tarun 934:
In the case of death of Life assured,
Case 1: Before the commencement of risk cover, only the premium paid and rider amount are payable.
Case 2: after the commencement of risk cover, a Death claim is payable. where this claim amount contains a basic sum assured( amount of risk cover or value of insurance amount ) of the policy along with a simple reversionary bonus and final additional bonus. Death claim will be no less than 125% of all premiums paid.
7 times of the annualized premium.
In case of death claim whichever of the above condition the higher amount will be payable to the nominee.
The risk cover will start if :
Case 1: The entry age of the life assured is less than 8 Years of age, then after completing two years of the policy term or completing 8 years of age. Whichever is earlier.
Case 2: The entry age of the life assured is 8 years or more than on the acceptance of the proposal.
Who is eligible to buy LIC Jeevan Tarun 934:
The minimum age of entry is 90 days of age completed
The maximum age of entry is 12 years of age Last birthday.
The maximum maturity age is 25 years of age Last birthday.
The minimum sum assured amount is Rs 75,000 and the maximum sum assured is no Limit.
Policy term available in LIC Jeevan Tarun 934:
The policy term available is of 25 years minus age at entry, and the paying term is 20 minus age at entry.
Riders available in LIC Jeevan Tarun 934:
1: Premium waiver benefit rider.
(We advise you must add this rider benefit)
Modes of premium payment available in LIC Jeevan Tarun 934:
Monthly mode (NACH)
Grace period available in LIC Jeevan Tarun 934:
A grace period of 30 days for the payment of premium is available in modes of Yearly, half-yearly, and quarterly payments.
A grace period of 15 days is provided in monthly modes.
Revivals in LIC Jeevan Tarun 934:
if a customer does not pay his premium even after a grace period then the policy is considered as a lapsed policy. it means there is no risk cover of that customer.
In such a case a customer can revive his policy anytime within a time period of 5 years. No policy can be revived after 5 years of lapsation.
if a customer paid for his policy at least for 2 years and now he is unable to pay the premiums then the policy will not be considered as null and void. it will be considered as paid-up policy.
it means the customer will get the deposited amount with a little growth at the maturity term of that policy. But, there will be no insurance cover for the paid-up policies.
Surrender in LIC Jeevan Tarun 934:
The policy can be surrendered anytime after paying a premium for 2 years complete. The surrender value is reviewed by IRDA from time to time and updated by The Life Insurance Corporation of India.
The surrender value is always less than the premium paid by the customers. So, it is always a bad decision to surrender a policy.
Loan available in LIC Jeevan Tarun 934:
The customer can get a loan against his policy after the policy attains the paid-up value after 2 years. The loan amount will depend upon the surrender value of that policy, the loan value will be the 80% of the surrender value calculated.
Freelook period in LIC Jeevan Tarun 934:
A free look period of 15 days is available. This period is also called a cool off period and It is started from the day when the policy document is issued to the customer. If a customer is not agreed or not satisfied with the terms and conditions of the policy then he can cancel his policy and take the premiums back but within 15 days. the stamp charges and Taxes will not be returned.
The customer can claim for tax Redemption on the premium paid every year for this policy under the section of 80C of the Income Tax Department
The maturity amount is also exempted from income tax under section 10D
Conclusion and illustration:
In this plan, the customer pays very less than the sum assured and gets the bonuses on the complete sum assured. That a small more amount is GST included in the premium.
This plan is based on long term planning for child Education and for the Marriages. Bonus rates are good in this plan and a person can generate a big fund for his future needs.
Hope you all get the basic ides of the plan and about its merit and demerits. This article will make it easy to make decisions about the purchase of this plan of LIC Jeevan Tarun 934.