LIC policy! Check out Jeevan Tarun 934 policy - all you need to know

LIC of India: In this LIC policy, an investor can accumulate around Rs 7.5 lakh by investing Rs 150 per day means around Rs 4,500 per month. 

ZeeBiz WebTeam | May 09, 2020, 05:07 PM IST

LIC of India: The Life Insurance Corporation (LIC) Jeevan Tarun 934 is a participating endowment LIC policy with limited pay option. This LIC Jeevan Tarun Plan can be an option for your child up to 12 years of age. In this LIC policy, an investor can accumulate around Rs 7.5 lakh by investing Rs 150 per day means around Rs 4,500 per month. Apart from this, LIC Jeevan Tarun Plan 934 gives bonus benefit to the investor as well. This LIC of India term policy has been designed keeping in mind provision of funds for higher studies and to ensure a financially secure future for the child. Most importantly, this LIC policy plan is a non-linked, which means it keeps your money insulated from the volatility of the stock market. Photo: PTI

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LIC Jeevan Tarun 934

LIC Jeevan Tarun 934

Speaking on this LIC policy, Manikaran Singhal, a SEBI registered tax and investment expert said, "Every parent aims to provide the best environment for their children, ensuring that nothing comes between their growth. LIC Jeevan Tarun Plan is a special plan, which combines savings with protection, offering unique solutions to secure the future of your children. With rising costs associated with raising children, this LIC policy provides a financial platform through which the dreams of both parents and children can be realised." 

He said that parents can buy this LIC policy for their child whose age is between 90 days to 12 years, and the maturity of this LIC plan will take place when the child reaches age 25. Minimum sum assured in this LIC of India plan is Rs 75,000. Photo: PTI

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LIC Jeevan Tarun Plan Features

LIC Jeevan Tarun Plan Features

Elaborating upon the features of LIC Jeevan Tarun Plan, SEBI registered tax and investment expert Jitendra Solanki said, "This LIC policy is a with profit plan that means LIC shares its profit with the policy holders. This policy is a limited premium payment plan in which the holder of this policy will stop paying LIC premium five years before the maturity of the policy." Solanki said that LIC Jeevan Tarun Plan gives liberty to the investor to design their plan on their own as there are four options available to the investor — no survival benefit 100 per cent of the sum assured, 5 per cent survival benefit and 75 per cent of the sum assured, 10 per cent survival benefits and 50 per cent of the sum assured and 15 per cent of the survival benefits and 25 per cent of the sum assured. Photo: Reuters

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LIC Payment in Jeevan Tarun 934

LIC Payment in Jeevan Tarun 934

Assuming the child is 12 years, an investor opting for the LIC Jeevan Tarun Plan will have to invest for a period of 8 years and the maturity period of the policy will be after 13 years. If the investor selects first option of no survival benefit 100 per cent of the sum assured, his or her sum assured amount will be Rs 5 lakh. Photo: PTI

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LIC Jeevan Tarun Premium calculator

LIC Jeevan Tarun Premium calculator

LIC Jeevan Tarun Premium calculator for first year with 4.5 per cent tax is as follows:

Annual Premium: Rs 56,141 (Rs 53,723 + Rs 2,418)

Half-yearly Premium: Rs 28,365 (Rs 27,144 + Rs 1,221)  

Quarterly Premium: Rs 14,330 (Rs 13,713 + Rs 617)

Monthly Premium: Rs 4,777 (Rs 4,571 + Rs 206)

Per Day Premium: Rs 153. Photo: Reuters

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LIC Jeevan Tarun Premium from second years onward

LIC Jeevan Tarun Premium from second years onward

LIC Jeevan Tarun Premium calculator from second year onwards:

Annual Premium: Rs 54,932 (Rs 53,723 + Rs 1,209)

Half-yearly Premium: Rs 27,755 (Rs 27,144 + Rs 611)  

Quarterly Premium: Rs 14,022 (Rs 13,713 + Rs 309)

Monthly Premium: Rs 4,674 (Rs 4,571 + Rs 103)

Per Day Premium: Rs 150. Photo: Reuters

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LIC Jeevan Tarun Plan maturity Calculator

LIC Jeevan Tarun Plan maturity Calculator

In this entire 8-year period, net investment is around Rs 4,40,665

Bonus: Rs 2,47,000

Sum Assured: Rs 5 lakh

Loyalty benefit: Rs 97,500 (given during the pre-maturity policy period)

After maturity, one will be eligible for the maturity amount of 100 per cent sum assured and the Bonus that means Rs 7,47,000 and it is apart from the time to time loyalty bonus that gets accumulated which can be of around Rs 97,500 at the end of this LIC policy. Photo: Reuters