What is LIC Jeevan Tarun Plan 734 Calculator

LIC Jeevan Tarun Plan 734 Calculator helps estimate the policy term, premium-paying term, survival benefits, and maturity benefit based on the child’s age, Basic Sum Assured, and selected benefit option. It makes the four benefit options easier to compare before requesting an official quotation from LIC.

This child-focused plan provides annual survival benefits between the ages of 20 and 24 under selected options. The remaining fixed benefit becomes payable at the age of 25, along with applicable bonuses. Families can therefore choose whether they need more money during the child’s higher-education years or a larger amount at maturity.

The calculator provides an illustration for financial planning. It is not an official LIC quotation, and bonus amounts should never be treated as guaranteed.

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What Is LIC Jeevan Tarun Plan 734?

LIC Jeevan Tarun Plan 734 is a participating, non-linked, individual savings life insurance plan for children. It combines long-term savings with life cover and is designed to support expenses such as higher education and other important milestones.

The plan can be purchased by a parent or grandparent for a child aged from 30 completed days to 12 years. The child is the Life Assured. The policy automatically vests in the Life Assured on the policy anniversary that coincides with or immediately follows the completion of 18 years of age.

LIC Jeevan Tarun Plan 734, with UIN 512N299V03, is the current version. It should not be confused with the withdrawn Jeevan Tarun Plan 934, which carried UIN 512N299V02. Calculations and conditions applicable to the older version should not automatically be used for Plan 734.

LIC Jeevan Tarun Plan 734 Overview

Particular	Plan detail
Plan name	LIC’s Jeevan Tarun
Plan number	734
UIN	512N299V03
Plan type	Participating, non-linked, individual savings life insurance plan
Minimum entry age	30 completed days
Maximum entry age	12 years, last birthday
Maturity age	25 years
Policy term	25 minus age at entry
Premium-paying term	20 minus age at entry
Minimum Basic Sum Assured	₹2,00,000
Maximum Basic Sum Assured	No stated limit, subject to LIC rules
Premium modes	Yearly, half-yearly, quarterly and monthly
Optional rider	LIC’s Premium Waiver Benefit Rider

Highlights of the Calculator

The calculator brings the main plan calculations into one place. It automatically works out the policy term and premium-paying term from the child’s age. It also compares the survival and maturity benefit structure under all four options.

This is useful because two families selecting the same Basic Sum Assured can receive the fixed benefits at different times. One family may prefer the full amount at age 25, while another may need yearly payments from age 20 for college or professional education expenses.

The calculator can also show an estimated premium according to the information and rate basis used in the tool. The final premium may be different because LIC can apply underwriting conditions, extra premium, rider premium, modal adjustments, or revised rates.

How to Use the LIC Jeevan Tarun Plan 734 Calculator

Enter the child’s age at entry and select a valid Basic Sum Assured. Then choose one of the four survival benefit options and select the preferred premium payment mode. If the calculator includes the Premium Waiver Benefit Rider, enter the proposer’s age and select the rider only when required.

Press the Calculate button to view the policy term, premium-paying term, estimated premium, annual survival benefit and maturity benefit. Use the Reset button to clear the entered details and begin a fresh calculation.

Compare all four options before selecting one. A larger yearly survival benefit results in a smaller fixed maturity component because the Basic Sum Assured is distributed differently. Bonuses, if declared, are payable according to the policy conditions and are not divided in the same way as the Basic Sum Assured.

Entry Age, Policy Term and Premium-Paying Term

The policy always matures when the child reaches 25 years of age. Therefore, both the policy term and premium-paying term depend on the child’s age when the policy begins.

The policy term is calculated as 25 minus the age at entry. The premium-paying term is calculated as 20 minus the age at entry.

For example, if the child is five years old at entry, the policy term will be 20 years and premiums will be payable for 15 years. Premium payments end when the child reaches 20, but the policy continues until maturity at 25, subject to its terms.

Basic Sum Assured Rules for Plan 734

The minimum Basic Sum Assured is ₹2,00,000. LIC does not state a fixed maximum, although acceptance remains subject to its underwriting and other applicable rules.

From ₹2,00,000 to ₹4,50,000, the amount must be selected in ₹5,000 multiples. Above ₹4,50,000 and up to ₹9,00,000, it must be in multiples of ₹50,000. Above ₹9,00,000, it must be in multiples of ₹1,00,000.

A calculator should validate these multiples instead of accepting an invalid amount that LIC may not allow under the plan.

Survival and Maturity Benefit Options

The proposer chooses one of four benefit options at the proposal stage. The selected option decides how much of the Basic Sum Assured is paid from ages 20 to 24 and how much remains payable at maturity.

Option	Annual survival benefit from ages 20 to 24	Fixed maturity benefit at age 25
Option 1	Nil	100% of Basic Sum Assured
Option 2	5% of Basic Sum Assured each year	75% of Basic Sum Assured
Option 3	10% of Basic Sum Assured each year	50% of Basic Sum Assured
Option 4	15% of Basic Sum Assured each year	25% of Basic Sum Assured

Option 1 may suit a goal that requires a larger lump sum at age 25. Option 2 provides a moderate annual benefit while retaining 75% of the Basic Sum Assured for maturity. Options 3 and 4 provide progressively higher annual support from ages 20 to 24 but leave a smaller fixed amount for maturity.

The option may be changed before survival benefits begin, but only to an option offering a higher percentage of survival benefit. The request must be made to LIC in writing at least three months before survival benefits start. A consideration amount based on LIC’s prescribed calculation will also be payable.

Real Calculation Example of Jeevan Tarun Plan 734 Calculator

Suppose the child is five years old, the Basic Sum Assured is ₹10,00,000 and Option 3 is selected.

The policy term will be 20 years because 25 minus 5 equals 20. The premium-paying term will be 15 years because 20 minus 5 equals 15.

Under Option 3, 10% of the Basic Sum Assured is payable annually from ages 20 to 24. Therefore, the yearly survival benefit will be ₹1,00,000. Five such payments result in total survival benefits of ₹5,00,000.

At age 25, the fixed maturity component will be 50% of the Basic Sum Assured, which is ₹5,00,000. Vested Simple Reversionary Bonuses and Final Additional Bonus, if declared and applicable, will be payable in addition.

Thus, the fixed survival and maturity components together equal ₹10,00,000, distributed across different years. This example does not include a projected bonus or an assumed investment return.

Maturity Benefit Jeevan Tarun Plan 734

If the policy remains in force and the Life Assured survives until the maturity date, LIC pays the Sum Assured on Maturity according to the selected option. Vested Simple Reversionary Bonuses and Final Additional Bonus, if any, are added according to the policy conditions.

The fixed maturity component equals 100%, 75%, 50% or 25% of the Basic Sum Assured under Options 1, 2, 3 and 4 respectively. Bonus rates are not fixed in advance. A calculator may show an illustrative bonus estimate, but it must clearly separate that estimate from guaranteed benefits.

Death Benefit

If the Life Assured dies after the commencement of risk but before maturity while the policy is in force, the death benefit is the Sum Assured on Death plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

The Sum Assured on Death is the higher of seven times the annualised premium or 125% of the Basic Sum Assured. The total death benefit cannot be less than 105% of the total premiums paid up to the date of death.

Annualised premium excludes taxes, rider premium, underwriting extra premium and modal loading. Total premiums paid also excludes extra premium and taxes collected separately.

When Does Risk Commence?

For a child aged below eight years at entry, risk starts either two years from the commencement of the policy or on the policy anniversary coinciding with or immediately following the completion of eight years of age, whichever is earlier.

For a child aged eight years or above at entry, risk starts immediately from the date of issuance of the policy.

If a child who entered below age eight dies before risk commencement, LIC returns the total premiums paid without interest. Taxes, extra premium and rider premium, if any, are excluded from this amount.

Premium, Rebates and Current GST Position

Premium depends mainly on the child’s age, Basic Sum Assured, selected benefit option, payment mode and rider selection. Medical or underwriting requirements can also affect the final amount.

LIC allows yearly, half-yearly, quarterly and monthly payment modes. Monthly payment is available through NACH or salary deduction only. The yearly mode receives a rebate of 2% of tabular premium, while the half-yearly mode receives a rebate of 1%. No mode rebate applies to quarterly or monthly payments.

For Basic Sum Assured from ₹5,00,000 to below ₹10,00,000, the high sum assured rebate is ₹2.50 per ₹1,000 of Basic Sum Assured. For ₹10,00,000 and above, it is ₹4 per ₹1,000. No such rebate applies below ₹5,00,000.

The latest official brochure currently shows GST as Nil for the first year and subsequent years because the premium is presently exempt. Tax treatment can change according to applicable government rules. Any future statutory tax will not form part of the policy benefit calculation.

LIC Premium Waiver Benefit Rider

LIC’s Premium Waiver Benefit Rider can be taken on the life of the proposer by paying an additional premium. If the proposer dies while the rider is in force, base-policy premiums falling due on or after the date of death are waived until the rider term ends.

The rider may be selected at a policy anniversary during the premium-paying term if at least five years of the base premium-paying term and rider term remain. The Life Assured must still be a minor when the rider is selected. The rider is not allowed if the proposer’s age plus the rider term exceeds 70 years.

The rider premium cannot exceed 30% of the base-plan premium. It does not acquire a paid-up value and stops applying when the policy is in a lapsed condition.

Paid-Up Policy

If less than one full year’s premium has been paid and a later premium remains unpaid after the grace period, policy benefits cease and nothing is payable under the normal lapse provisions.

If at least one full year’s premium has been paid and a later premium is missed, the policy can continue as a paid-up policy after completion of the first policy year. Death and maturity benefits are then reduced according to the proportion of the premium-paying term completed.

No future survival benefit is payable under a paid-up policy. The policy also stops participating in future profits, although previously vested Simple Reversionary Bonuses remain attached. Final Additional Bonus is not payable under a paid-up policy.

Surrender Value

The policy may be surrendered after completion of the first policy year if one full year’s premium has been paid. Special Surrender Value may become available at that stage.

Guaranteed Surrender Value is acquired only after at least two full years’ premiums have been paid. On surrender, LIC pays the higher applicable amount between Guaranteed Surrender Value and Special Surrender Value according to the policy terms.

Early surrender can produce a value much lower than the premiums paid or the expected maturity benefit. Any calculator output for surrender value should therefore be treated as an estimate unless it follows the exact factor applicable to the policy year and term.

Policy Loan Under Jeevan Tarun Plan 734

A policy loan becomes available after completion of the first policy year, provided one full year’s premium has been paid and surrender value is available.

Before two full years’ premiums have been paid, the maximum loan is 50% of surrender value for an in-force policy and 40% for a paid-up policy. After two full years’ premiums have been paid, these limits increase to 75% and 65% respectively.

Interest applies to the loan, and LIC can revise the applicable rate according to the policy terms. Outstanding loan and interest are recovered from claim proceeds when the policy exits.

Revival, Grace Period and Free-Look Period

A lapsed policy may be revived within five consecutive complete years from the date of the first unpaid premium. Revival is subject to LIC’s conditions, evidence of insurability where required and payment of outstanding premiums with applicable interest.

The grace period is 30 days for yearly, half-yearly and quarterly premiums and 15 days for monthly premiums. Risk cover continues during the grace period according to the policy conditions.

The policyholder receives a free-look period of 30 days from the date of receiving the electronic or physical policy document, whichever is earlier. Cancellation during this period is subject to permitted deductions stated in the policy.

Maturity and Death Benefits in Instalments

Instead of receiving the entire maturity benefit in one lump sum, the settlement option allows it to be taken in instalments over five, ten or fifteen years. The request must be made at least three months before the maturity date.

Death benefit may also be received fully or partly in instalments over five, ten or fifteen years. The minimum instalment is ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly or ₹50,000 yearly. If the claim amount cannot support the required minimum instalment, it is paid as a lump sum.

Who May Consider This Plan?

The plan may suit families seeking disciplined long-term savings for a child and scheduled payments around the usual higher-education years. The four benefit options provide flexibility in choosing between annual payments and a maturity lump sum.

However, this is a savings-cum-protection plan and not a pure term insurance plan or market-linked investment. Bonus is not guaranteed, and early surrender can reduce the value received. Premium affordability, expected education costs, existing insurance cover and alternative investments should be considered before making a decision.

Frequently Asked Questions

What is the maturity age under Jeevan Tarun Plan 734?

The policy matures when the Life Assured reaches 25 years of age.

When are survival benefits paid?

Depending on the selected option, survival benefits are paid annually on the policy anniversary coinciding with or immediately following the completion of age 20 and on the next four policy anniversaries.

Can the survival benefit option be changed later?

Yes, but only to an option with a higher survival benefit percentage. LIC must receive the written request at least three months before survival benefits start, and the required consideration amount must be paid.

Is bonus guaranteed?

No. Simple Reversionary Bonus and Final Additional Bonus depend on LIC declarations and applicable policy conditions. Once a Simple Reversionary Bonus is vested, it remains attached according to the policy rules.

Is a loan available?

Yes. A policy loan may be taken after completion of the first policy year if at least one full year’s premium has been paid and surrender value is available.

Is GST charged on the premium?

The latest LIC brochure currently shows GST as Nil because the premium is presently exempt. The applicable tax treatment may change in the future.

Is the calculator’s premium an official LIC quotation?

No. It is an estimate for planning and comparison. The final premium and benefit illustration must be obtained from LIC or an authorised channel.

Conclusion

LIC Jeevan Tarun Plan 734 provides a structured way to combine child-focused savings with life insurance protection. Its main feature is the choice between no annual survival benefit and annual payments of 5%, 10% or 15% of the Basic Sum Assured from ages 20 to 24. The remaining fixed benefit is paid at age 25, along with applicable bonuses.

The calculator makes these options easier to understand by showing the policy term, premium-paying term, survival benefits and maturity structure in one place. Results should be used for comparison and planning, while the official LIC benefit illustration and policy document should be checked before purchasing the plan.

Disclaimer: This calculator and article are provided only for education and financial planning. They are not an official LIC quotation, investment recommendation or promise of returns. Bonus rates are not guaranteed, and final benefits depend on policy status and LIC’s applicable terms. LICPolicyCalculator.com is an independent informational website and is not the official website of Life Insurance Corporation of India.

Official sources: LIC’s Jeevan Tarun Sales Brochure, UIN 512N299V03