LIC Jeevan Tarun Calculator Plan 834, 934 and 734

LIC Jeevan Tarun is a child insurance and savings plan that provides benefits between ages 20 and 25. The LIC Jeevan Tarun Calculator helps estimate the premium-paying period, yearly survival benefits and maturity benefit under Plan 834, Plan 934 and the current Plan 734.

The calculator is also useful for existing policyholders. Plan 834 and Plan 934 are no longer sold, but policies already issued under these plans continue according to their original terms. Selecting the correct plan number helps the calculator use the rules that belong to that policy.

The given results by this calculator are estimated; premiums, bonus, paid-up value, surrender value, and loan amount should be checked with the policy document or LIC before making a financial decision.

What Is the LIC Jeevan Tarun Calculator?

The LIC Jeevan Tarun Calculator is an online tool for better understanding how the policy may pay benefits for a child. This calculator covers , LIC Jeevan Tarun Plan 834, UIN 512N299V01, LIC Jeevan Tarun Plan 934, UIN 512N299V02, and LIC Jeevan Tarun Plan 734, UIN 512N299V03.

After selecting the plan, enter the child’s age at entry, Basic Sum Assured and benefit option. The calculator can then show the Policy Term, Premium Paying Term, yearly payments from ages 20 to 24 and the Basic Sum Assured portion payable at age 25.

It can also provide an illustrative bonus and death-cover estimate. If the policy has become paid-up, the calculator can show how the benefits may reduce. Surrender and loan results are only indicative because LIC uses policy-year factors and current servicing rules for these values.

LIC Jeevan Tarun Plans Covered

Plan 934 was introduced on 1 February 2020. Plan 734 became available from 1 October 2024. LIC currently lists Plan 734 among its plans for children.

LIC has published separate Plan 734 brochures for policies sold during different periods. One brochure covers 1 October 2024 to 21 September 2025, while another applies from 22 September 2025 onwards. For an existing Plan 734 policy, check the commencement date and use the document that applies to that policy.

How Jeevan Tarun Calculator Is Helpful

Jeevan Tarun has four benefit options. Each option divides the Basic Sum Assured differently between yearly payments and maturity. Comparing these options manually can be confusing.

The calculator shows all five yearly payments separately and then displays the amount payable at age 25. This makes it easier to understand whether an option gives more money during ages 20 to 24 or keeps a larger amount for maturity.

The calculator also shows when premiums are expected to stop. This is useful because the Premium Paying Term normally ends before the yearly survival benefits begin.

How to Use the LIC Jeevan Tarun Calculator

Start by selecting Plan 834, Plan 934 or Plan 734. For an existing policy, match the UIN shown by the calculator with the UIN printed on the policy document.

Enter the child’s age when the policy started. Do not enter the child’s present age. The entry age decides both the Policy Term and Premium Paying Term.

Next, enter the Basic Sum Assured shown in the policy or LIC quotation. Plan 734 has a minimum Basic Sum Assured of ₹2,00,000. Plans 834 and 934 allowed a lower minimum under their respective terms. The calculator should check the minimum amount and permitted multiples for the selected plan.

Choose Benefit Option 1, 2, 3 or 4. Each option gives a different balance of yearly survival benefits and maturity benefit.

Select the premium-payment mode. If the calculator asks for one instalment premium, enter the base premium without tax, rider premium or underwriting extra. When an official LIC premium is available, use that amount instead of depending on a sample-rate estimate.

Finally, choose whether the policy is in force or paid-up. Enter vested bonus, benefits already received, surrender value or loan details only when those figures are known. Click Calculate Benefits to see the result. Use Reset to clear all entries.

Four Benefit Options

Option 1 keeps the full Basic Sum Assured for maturity. It does not provide yearly survival payments.

Option 2 pays 5% of the Basic Sum Assured each year for five years and keeps 75% for maturity. Option 3 pays 10% each year and keeps 50% for maturity. Option 4 gives the highest yearly payment of 15%, but only 25% remains as the Basic Sum Assured portion at maturity.

The total fixed percentage remains 100% under every option. The difference is only in the timing of the payments. Eligible bonuses are separate and may be added at maturity.

How the Policy Term Is Calculated

Jeevan Tarun matures when the child reaches age 25. Premiums are generally payable until age 20.

Policy Term = 25 − Age at Entry

Premium Paying Term = 20 − Age at Entry

If a child enters at age five:

Policy Term = 25 − 5 = 20 years
Premium Paying Term = 20 − 5 = 15 years

This means premiums are payable for 15 years, while the policy continues until the child reaches age 25.

Formula Used in the Calculator

Yearly survival benefit

Yearly Survival Benefit =
Basic Sum Assured × Survival Benefit Percentage

The percentage is 0%, 5%, 10% or 15%, depending on the chosen option. The same amount is payable at ages 20, 21, 22, 23 and 24, provided the policy meets the required conditions.

Sum Assured on Maturity

Sum Assured on Maturity =
Basic Sum Assured × Maturity Percentage

The maturity percentage is 100%, 75%, 50% or 25%, depending on the option.

The complete maturity estimate is:

Estimated Maturity Benefit =
Sum Assured on Maturity
+ Vested Simple Reversionary Bonus
+ Final Additional Bonus, if applicable

Bonus is not guaranteed. LIC may declare different bonus rates in different years.

Illustrative bonus

Illustrative Bonus =
Basic Sum Assured ÷ 1,000
× Assumed Bonus Rate
× Eligible Policy Years

This formula only explains how an assumed bonus is calculated. For an existing policy, enter the vested bonus shown in LIC’s records whenever possible.

How Death Cover Is Estimated

The death-cover formula changed between the older and newer versions.

For Plan 834, the Sum Assured on Death is based on the higher of:

10 × Annualised Premium
or
125% of Basic Sum Assured

For Plans 934 and 734, it is based on the higher of:

7 × Annualised Premium
or
125% of Basic Sum Assured

The result is also checked against the minimum rule linked to eligible premiums paid up to the date of death. Vested bonus and Final Additional Bonus, if applicable, may then be added.

Annualised Premium means the premium for one complete policy year without tax, rider premium, underwriting extra or modal loading. It is not always the same as multiplying a monthly premium by 12 because a monthly or quarterly instalment can include modal loading.

The calculator’s death result is an estimate. The actual claim depends on the plan version, commencement of risk, premium history, policy status and LIC’s claim assessment.

Real Calculation Example

Suppose Plan 734 is taken for a five-year-old child with a Basic Sum Assured of ₹10,00,000. Option 3 is selected.

The Policy Term is 20 years, and premiums are payable for 15 years.

Under Option 3, the yearly survival benefit is:

₹10,00,000 × 10% = ₹1,00,000

The child may receive ₹1,00,000 at each age from 20 to 24. The total of the five survival benefits is:

₹1,00,000 × 5 = ₹5,00,000

Option 3 keeps 50% of the Basic Sum Assured for maturity:

₹10,00,000 × 50% = ₹5,00,000

Now assume a bonus rate of ₹40 per ₹1,000 Basic Sum Assured for all 20 years. This rate is used only for explaining the calculation.

Illustrative Bonus =
₹10,00,000 ÷ 1,000 × ₹40 × 20
= ₹8,00,000

The illustrated maturity benefit becomes:

₹5,00,000 Sum Assured on Maturity
+ ₹8,00,000 assumed bonus
= ₹13,00,000

The fixed ₹5,00,000 maturity portion follows the selected option. The ₹8,00,000 bonus does not. LIC may declare a different bonus rate in each year, so the final maturity amount can be higher or lower than this illustration.

For death cover under Plan 734, 125% of the Basic Sum Assured is:

₹10,00,000 × 125% = ₹12,50,000

The calculator must compare ₹12,50,000 with seven times the Annualised Premium. It then applies the minimum test using eligible premiums actually paid up to the date of death. Without the Annualised Premium and assumed date of death, ₹12,50,000 alone is not the complete death-benefit estimate.

What Happens if Premium Payment Stops?

If premiums stop after the policy has earned paid-up value, the policy may continue with reduced benefits. The required minimum premium period can differ by plan version and, for Plan 734, by the policy’s issue period.

The basic paid-up ratio is:

Paid-up Ratio =
Number of Premiums Paid ÷
Total Number of Premiums Originally Payable

The death and maturity components are normally reduced using this ratio. Survival benefits may also reduce according to the rules of the selected plan and option. Bonuses already vested remain attached, but future bonus participation may stop or change after the policy becomes paid-up.

The calculator can provide a useful estimate, but the exact paid-up survival and maturity values should be confirmed with LIC.

When Does Risk Cover Start?

For a child aged eight years or more at entry, risk normally begins when LIC accepts the policy.

For a younger child, risk generally begins on the earlier of:

• two years from the policy commencement date; or
• the policy anniversary on or immediately after the child reaches age eight.

If the child dies before risk begins, the payable amount may be based on a refund of eligible premiums rather than the full death benefit. The exact rule should be checked in the policy document for Plan 834, 934 or 734.

Premium Waiver Benefit Rider

The Premium Waiver Benefit Rider is taken on the proposer’s life, usually a parent. If the rider was selected and the proposer dies during the rider term, LIC may waive future base-policy premiums according to the rider conditions.

This rider is not included automatically. It requires an additional premium and has its own entry-age, term and claim rules. The rider version can also differ between Plans 834, 934 and 734.

Surrender Value and Policy Loan

Surrender closes the policy before maturity. LIC compares the Guaranteed Surrender Value with the Special Surrender Value and pays the amount allowed under the policy terms.

An exact surrender amount needs the policy year, premiums paid, applicable surrender factors, vested bonus and survival benefits already received. A simple fixed surrender percentage cannot give an accurate result for every policy.

A policy loan may be available after the policy acquires surrender value. The amount depends on the current surrender value, policy status, applicable loan percentage and interest rate. If the calculator uses an entered or estimated surrender value, its loan result should also be treated as an estimate.

Important Points to Remember

LIC brochures provide only selected sample premiums. They do not provide a complete public premium table for every age, option and Basic Sum Assured. A calculator may use scaling or interpolation when an official premium is not entered, so its premium result should not be treated as an LIC quotation.

Jeevan Tarun is a long-term policy. Stopping premiums or surrendering early can reduce the expected benefits. Future bonus rates are not guaranteed, and inflation can reduce the purchasing power of payments received many years later.

The policy covers the child’s life. It does not replace the need for adequate life insurance on the earning parent.

Tax Rule

Tax deduction on premiums and exemption on policy receipts depend on the Income Tax Act rules applicable to the policy and individual circumstances. Issue date, premium amount and the relationship between premium and Sum Assured can affect the result. Survival and maturity payments should not automatically be treated as tax-free. Current rules should be checked with a qualified tax professional.

Frequently Asked Questions

Which plans are included in this calculator?

The calculator covers Plan 834, Plan 934 and the current Plan 734. Select the plan number printed on the policy document.

Which Jeevan Tarun plan is available now?

Plan 734 is the current version. Plans 834 and 934 are withdrawn, but existing policies continue under their original terms.

When are the yearly benefits paid?

Under Options 2, 3 and 4, yearly survival benefits are payable from ages 20 to 24. Option 1 does not provide these yearly payments.

What is paid at maturity?

At age 25, LIC pays the maturity percentage chosen under the selected option. Vested bonus and Final Additional Bonus may also be added when applicable.

Is the bonus shown by the calculator guaranteed?

No. The calculator uses an assumed rate only to explain a possible bonus. Actual bonuses depend on LIC’s declarations and the policy’s eligibility.

What happens if premiums are stopped?

The policy may lapse or become paid-up, depending on the plan and number of premiums already paid. A paid-up policy continues with reduced benefits.

Is the Premium Waiver Benefit included automatically?

No. It is an optional rider. It applies only when it was selected, the rider premium was paid and all rider conditions are satisfied.

Conclusion

The LIC Jeevan Tarun Calculator makes it easier to understand how the policy may pay money between ages 20 and 25. It compares all four benefit options and supports Plan 834, Plan 934 and Plan 734.

The calculator is most useful for comparing yearly survival benefits, the maturity portion and the premium-paying period. Bonus, paid-up value, surrender value, loan amount and death benefit remain estimates unless complete policy information is entered. For final figures, use the policy document and LIC’s official records.