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 and money back plan. Market risk – it means that this plan is not related with the share market, your investment is fully safe.
LIC’s Jeevan Tarun Plan 734 is a money back plan, which is especially designed for child’s higher education and marriage.LIC Jeevan Tarun Policy 734 gives options to choose many benefit and helps to ensure financial requirements of child education and carrier from 20 to 25 years of child age.
“LIC Jeevan Tarun Plan 734” can be purchased by parent and grandparent for their 0-12 year old child and very useful with premium waiver benefit which provides premium waiver in case of death of guardian (proposer) during the policy term.
Age of Entry | 30 days to 12 years |
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Premium Paying Mode |
Yearly, Half Yearly, Quarterly and Monthly (E-Nach Only) |
Policy Term | 25 - Age at Entry |
Premium Paying Term | 20 - Age at Entry |
Sum Assured |
200000 and above (in multiples of 5,000. 50,000. and 1,00,000 acording Sum assured) |
Premium Mode Rebate |
2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly |
High Sum assured Rebate (per Thousand of SA) | Rs. Nil on 2,00,000 to 5,00,000 2.5 on 5,00,000 to 10,,00,000 Rs. 4 on SA on 10,00,000 and above |
Loan | After 1 Years |
Surrender | After 1 Years |
Revival | Within 5 Years from FUP |
Read This - LIC New Children’s Money Back Plan 932
The percentages for various options are given below.
Option | Money Back at age 20 to 24 years |
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Option 1 | No money |
Option 2 | 5% of Sum Assured for 5 years. |
Option 3 | 10% of Sum Assured for 5 years. |
Option 4 | 15% of Sum Assured for 5 years. |
There are 4 options available to take the maturity on survival which gives as under.
Option | From 20 -24 year of age | At 25 Year of Age |
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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 buy with Premium waiver benefit against life of proposer (Parents or Grandparents) with additional premium. In case of death of proposer, further premiums will not be required to pay. This waiver benefit must be included with this policy to get a complete child plan.
Read also : LIC Jeevan Umang Plan 945 for lifetime
To Illustrate the benefits of LIC Jeevan Tarun plan 734, Let's take an example Mr. Suresh whose age is 35 years old and who is purchasing this plan for his 2 year old child.
Father (Proposer) Age | 35 Years |
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Child Age | 2 Years |
Sum Assured | Rs. 5,00,000 |
Policy Term | 18 (20-2) Year |
Option choose | 15% Money Back of SA |
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CALCULATION DETAILS |
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Sum Assured: 500000 | Age: 2 | Risk Covered: 625000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policy Term: 23 | Premium Paying Term: 18 | Premium Waiver Rider: Yes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Death Sum Assured is higher of 125% of Basic Sum assured (625000) or 7 times of Annualised Premium (185801). So Death Sum Assured or Sum Assured on Death in this case will be 625000. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium Details |
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*Premium specified at the time of purchase remains same for entire policy term. However, Goods and Services Tax (GST) rate is subject to change as per government. At present, GST rates for first policy and from second policy year till completion of premium paying term are 4.5 % and 2.25% respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MATURITY DETAILS |
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Money Back and Maturity Details |
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This policy provides three Money Backs equals to 20% of Basic Sum Assured when child policyholder attains 18, 20 and 22 years of age and 40% of Basic Sum Assured (BSA) + Simple Reversionary Bonus (Bonus) + Final Additional Bonus (FAB) when policyholder attains 25 years age. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Maturity of New Endowment plan is available after completion of Policy Term and maturity will be equal to Basic Sum Assured + Accumulated Simple Reversionary Bonus (Bonus) during policy term + Final Additional Bonus (if any) (FAB). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
YEAR-WISE POLICY DETAILS |
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Death Benefit: In case of death of the policyholder during policy term, nominee of the policy holder gets Basic Sum Assured + Accrued Bonus + FAB as death claim (Risk Cover), the same is illustrated in the following table. To understand death claim (risk cover), let's assume that unfortunate death of the policy holder occurs in year 2041 when policy holder is 20 years of age, then then total premium paid will be Rs. 494030 and death claim (risk cover) amount will be 1077500. Please refer highlighted row in following table. PWB Rider Benefit: Since Premium Waiver Benefit (PWB) Rider has been opted for, so in case of death of the guardian (father/proposer) at any time during policy term, remaining premium will be waived-off and all benefits will be paid to the child policyholder without payment of any further premium. |
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Risk Coverage: Till end of Term of the Policy.
Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or 8 years old which is earlier.
Locking period : 1 years.
Loan Facility: Loan after 1 years
Income Tax Deduction: Available under Section 80C for premiums paid and Section 10 (10D) for Maturity.
Riders available: PWB rider is available
Proposal Forms: Proposal Form no. 300 and 340 will be used under this plan.
Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 30 days from the date of receipt of the policy.
Backdating interest: The policies can be dated back within the same financial year Assignments/Nominations: Assignment and nominations is possible under this plan.