Jeevan Tarun Plan 734
Jeevan Tarun Plan 734: LIC of India new plan launched on 18th. November 2024 which name is LIC Jeevan Tarun 734 (Table No 734). This is a market risk free, limited premium payment, money back plan. Market risk – it means that this plan is not related with the share market, your investment is fully safe. You can now buy online LIC Jeevan Tarun plan 734 children plan through credit card/debit card, net banking, upi and wallets on our LIC’s New Business Platform.
Raising a child in India today is both a joy and a financial challenge. From school admissions to college, career, and marriage, every step demands careful financial planning.
LIC, India’s most trusted life insurance company, offers a special plan for children: LIC Jeevan Tarun Plan 734 (previously known as 834 / 934 in older versions).
This plan ensures that parents can build a secure fund for their child’s future needs like education, higher studies, and marriage while also providing life insurance coverage for the child.
👉 In this article, we’ll deep dive into LIC Jeevan Tarun Plan:
- Features, Benefits & Premium Details
- Tabular Illustrations with Example
- Investor Scenarios & Expert Insights
- Comparisons with Other LIC Child Plans
- Real-Life Case Studies
- FAQs (Google-friendly)
What is LIC Jeevan Tarun Plan 734?
LIC Jeevan Tarun Plan 734 is a non-linked, participating, limited premium payment plan designed exclusively for children.
The uniqueness of this plan lies in:
- Flexible money-back payouts (between child’s age 20–24 years).
- Maturity at 25 years of child.
- Choice of survival benefit options (parents can customize).
- Life cover for the child.
👉 This makes it a hybrid child education + marriage planning solution with insurance protection.
Key Features of LIC Jeevan Tarun Plan 734
| Feature | Details |
|---|---|
| Plan Type | Non-linked, Participating, Child Plan |
| Entry Age (Child) | 90 days – 12 years |
| Maturity Age (Child) | 25 years |
| Policy Term | 25 – Age at entry |
| Premium Payment Term (PPT) | (Policy Term – 5 years) |
| Minimum Sum Assured (SA) | ₹75,000 |
| Maximum Sum Assured (SA) | No limit (multiples of ₹5,000) |
| Survival Benefits | Choice of 4 options (explained below) |
| Maturity Benefit | Balance SA + Bonuses at 25 years |
| Death Benefit | 125% of SA or 10× annual premium + Bonuses |
| Rider Option | Premium Waiver Rider (if parent dies) |
| Loan Facility | Available |
Unique Survival Benefit Options
Parents can choose one of 4 options for survival benefits (payouts during child’s age 20–24 years):
- Option 1 – No Survival Benefit: Only maturity at 25 years.
- Option 2 – 5% of SA yearly (20–24 years).
- Option 3 – 10% of SA yearly (20–24 years).
- Option 4 – 15% of SA yearly (20–24 years).
👉 Remaining SA + Bonuses paid at 25 years as Maturity Benefit.
This flexibility allows parents to decide whether they want funds during higher education or a big lump sum at maturity.
Benefits of LIC Jeevan Tarun
1. Survival Benefit
- Systematic payouts between 20–24 years of child (as per chosen option).
- Helps fund college fees, higher studies, or skill development.
2. Maturity Benefit
- At 25 years, remaining SA + Bonuses paid.
- Perfect for marriage or career establishment.
3. Death Benefit
- If child dies during term:
- 125% SA or 10× annual premium (whichever is higher) + Bonuses.
- Already paid survival benefits are not deducted.
4. Bonus Participation
- LIC Jeevan Tarun is a participating plan, so it earns:
- Simple Reversionary Bonus (annual)
- Final Additional Bonus (FAB at maturity)
5. Premium Waiver Rider
- If parent dies, future premiums waived, but policy continues.
6. Tax Benefits
- Premium under Section 80C.
- Payouts under Section 10(10D) are generally tax-free.
Example – Premium & Benefit Illustration
Case: Mr. Arjun buys Jeevan Tarun for his 5-year-old daughter.
- Sum Assured: ₹10,00,000
- Policy Term: 20 years (25 – 5 = 20)
- PPT: 15 years
- Option Chosen: Option 3 (10% SA yearly)
- Premium: ~₹42,000 annually
Expected Payouts
| Child’s Age | Event | Benefit |
|---|---|---|
| 20 | Survival | ₹1,00,000 |
| 21 | Survival | ₹1,00,000 |
| 22 | Survival | ₹1,00,000 |
| 23 | Survival | ₹1,00,000 |
| 24 | Survival | ₹1,00,000 |
| 25 | Maturity | ₹5,00,000 + Bonus (~₹6–8 lakh) |
| Total (approx.) | – | ₹15–17 lakh |
👉 These payouts perfectly match college + marriage expenses.
Investor Scenarios
Scenario 1 – Education Funding
For a son age 4, parents choose Option 3 (10% SA yearly). By ages 20–24, systematic payouts help cover engineering/medical education fees.
Scenario 2 – Marriage Planning
For a daughter age 8, parents choose Option 1 (No payout, only maturity). At 25, she receives a big corpus (~₹18–20 lakh) for marriage or setting up her career.
Scenario 3 – Dual Protection
With Premium Waiver Rider, if father dies, premiums stop, but policy continues, ensuring the child’s dreams are secured.
Analyst Insights & Expert Reviews
- Insurance Experts: “LIC Jeevan Tarun is unique for its flexible payouts. Parents can decide between steady education funding or a lump sum marriage fund.”
- Financial Planners: “The IRR is ~5.5–6.5%, not high like equity mutual funds, but risk-free and guaranteed. Ideal for conservative families.”
- Market Analysts: “Jeevan Tarun is better for education planning than LIC’s Children’s Money Back Plan since it gives customized payout options.”
Real-Life Examples
Example 1 – College Education
Mr. Sharma invests ₹12,00,000 SA for his son at age 3.
- At ages 20–24 → ₹1.2 lakh each year.
- At 25 →
₹6 lakh + Bonuses (₹10 lakh). - Total corpus = ~₹16 lakh for higher studies & career.
Example 2 – Daughter’s Marriage
Mrs. Meena invests in SA ₹15 lakh for her daughter age 6, chooses Option 1 (only maturity).
- At 25 → ~₹25–28 lakh (including bonuses).
- Enough for marriage or starting a business.
Comparison – Jeevan Tarun vs Other LIC Plans
| Plan | Target | Payouts | Best For |
|---|---|---|---|
| Jeevan Tarun 934 | Child Plan | Flexible payouts 20–24 years + maturity at 25 | Education + Marriage |
| Children’s Money Back 932 | Child Plan | 20% SA at 18, 20, 22 + maturity at 25 | Milestone funding |
| Jeevan Umang 945 | All Ages | 8% lifelong income after PPT | Lifetime income |
| New Endowment 914 | General | Lump sum maturity | Wealth building |
Strengths & Limitations
Strengths ✅
- Flexible payout structure.
- Maturity aligned with age 25 (career/marriage).
- Life cover + bonuses.
- Premium Waiver Rider ensures continuity.
- Tax benefits.
Limitations ❌
- Moderate IRR (5.5–6.5%).
- Long commitment till 25 years of child.
- Not suitable for high-growth investors.
FAQs – LIC Jeevan Tarun Plan
Q1. At what age do payouts start?
👉 From child’s age 20 years, depending on option chosen.
Q2. Can parents change survival option later?
👉 No, once chosen at policy inception, it cannot be changed.
Q3. Is loan facility available?
👉 Yes, after acquiring surrender value.
Q4. Which is better – Jeevan Tarun or Children’s Money Back?
👉 Jeevan Tarun offers flexible payouts, while Children’s Money Back offers fixed payouts.
Q5. What if parent dies?
👉 With Premium Waiver Rider, LIC waives premiums but policy continues.
Final Thoughts
The LIC Jeevan Tarun Plan 734 is a child-centric insurance + savings plan that aligns with every Indian parent’s goal:
- Education funding at the right age (20–24).
- Maturity corpus at 25 for marriage or career.
- Life cover for child + premium waiver for parent’s safety.
It’s not meant for aggressive wealth creation, but for secure, milestone-based financial planning.
👉 If you want a guaranteed, risk-free plan for your child’s education & marriage, LIC Jeevan Tarun should be on your shortlist in 2025.
