LIC Jeevan Tarun Plan 834 Calculator

LIC Jeevan Tarun Plan 834 is a child insurance and savings plan that provides benefits during the child’s early adult years. Depending on the option selected when the policy was purchased, it may pay yearly survival benefits from age 20 to 24 and a final maturity benefit at age 25.

The LIC Jeevan Tarun Plan 834 Calculator helps existing policyholders estimate the premium, policy term, survival benefits and guaranteed maturity amount. It can also help in understanding paid-up and surrender value calculations.

In this guide we will read complete details about LIC Jeevan Tarun Plan 834 with UIN 512N299V01. LIC withdrew this version from new sales on 1 February 2020. Existing policies continue according to their original terms. It should not be confused with Plan 934 or the current Plan 734.

LIC Jeevan Tarun Plan 834 at a Glance

The Sum Assured must be in multiples of ₹5,000 from ₹75,000 to ₹1 lakh. Above ₹1 lakh, it must be in multiples of ₹10,000.

What Does the LIC Jeevan Tarun Plan 834 Calculator Show?

The calculatorshows the policy’s premium and benefit details together. After entering the child’s entry age, Sum Assured, selected benefit option and premium mode, it can show:

• Policy term and premium-paying term
• Estimated premium before tax
• Yearly survival benefits from age 20 to 24
• Guaranteed maturity component at age 25
• Total estimated base premium during the payment term
• Illustrative maturity amount after adding a bonus estimate

The calculator should show guaranteed benefits separately from bonuses. Simple Reversionary Bonus and Final Additional Bonus are not fixed in advance.

A surrender value estimate needs additional information, including the current policy year, premiums actually paid, vested bonus and survival benefits already received. The final surrender amount must be confirmed with LIC.

Also Check:

• LIC Jeevan Tarun Calculator All in One
• LIC Jeevan Tarun Plan 734 Calculator
• LIC Jeevan Tarun Plan 934 Calculator

How to Use the Jeevan Tarun Plan 834 Calculator

Keep the policy bond or premium receipt nearby before starting. Confirm that the bond shows Plan 834 and UIN 512N299V01.

1. Enter the child’s age when the policy started, not the present age.
2. Enter the Sum Assured shown in the policy schedule.
3. Select the original Benefit Option 1, 2, 3 or 4.
4. Choose the premium mode shown in the policy records.
5. Enter rider premium only if the Premium Waiver Benefit Rider is included in the policy.
6. Add only a reliable vested bonus figure from LIC records. Leave an optional future bonus field at zero if no figure is available.
7. Select Calculate to view the estimated premium and benefit schedule.

The selected benefit option cannot be changed after the policy has been issued.

Benefit Options Under Plan 834

Each option divides the Basic Sum Assured differently between survival benefits and maturity.

Option 1 keeps the entire Basic Sum Assured for maturity. Option 4 provides the highest yearly payment but leaves the smallest portion for maturity. When all scheduled survival and maturity benefits are added, every option distributes 100% of the Basic Sum Assured.

Formulas Used in this Jeevan Tarun Plan 834 Calculator

Policy term and premium-paying term

Policy Term = 25 − Age at Entry

Premium-Paying Term = 20 − Age at Entry

If the child enters at age 4:

Policy Term = 25 − 4 = 21 years

Premium-Paying Term = 20 − 4 = 16 years

Premiums stop after 16 years, but the policy continues until the child reaches age 25.

Guaranteed maturity amount

Guaranteed Maturity Amount =
Basic Sum Assured × Maturity Percentage of Selected Option

The final maturity claim may be:

Guaranteed Maturity Amount
+ Vested Simple Reversionary Bonus
+ Final Additional Bonus, if declared and payable

Only the applicable percentage of the Basic Sum Assured is guaranteed for an eligible in-force policy. Bonus amounts are not guaranteed.

Premium calculation

LIC’s brochure provides sample tabular premium rates for selected entry ages. These rates are quoted for every ₹1,000 of Basic Sum Assured.

Tabular Annual Premium =
(Basic Sum Assured ÷ 1,000) × Applicable Premium Rate

Estimated Annual Premium Before Tax =
Tabular Annual Premium
− Mode Rebate
− High Sum Assured Rebate
+ Rider Premium, if selected

Applicable taxes are charged separately.

Sample Premium Rates

The official brochure provides these sample tabular premium rates for a standard life. The rates are per ₹1,000 of Basic Sum Assured and exclude tax.

These are sample rates, not a complete age-wise premium table. An estimate for another entry age may not match the exact premium written in the policy schedule.

Premium-mode rebate

High Sum Assured rebate

Real Calculation Example

In this calculation, we will fill in the following details:

For age 4 and Option 3, the sample tabular rate is ₹59 per ₹1,000 of Sum Assured.

Tabular Annual Premium
= (₹5,00,000 ÷ 1,000) × ₹59
= 500 × ₹59
= ₹29,500

Yearly-mode rebate:

2% of ₹29,500 = ₹590

High Sum Assured rebate:

₹3 × 500 = ₹1,500

Estimated annual base premium:

₹29,500 − ₹590 − ₹1,500
= ₹27,410 excluding tax

Estimated base premium for 16 years:

₹27,410 × 16 = ₹4,38,560

This total excludes tax, rider premium and any extra premium.

Benefits in this example

Option 3 pays 10% of the Basic Sum Assured each year from age 20 to 24.

Annual Survival Benefit
= 10% of ₹5,00,000
= ₹50,000

The child receives ₹50,000 each year for five years. The total survival benefit is ₹2,50,000.

At age 25, the guaranteed maturity component is:

50% of ₹5,00,000 = ₹2,50,000

The total guaranteed base payout from age 20 to 25 is therefore ₹5,00,000. Vested bonus and Final Additional Bonus, if any, may be added to the maturity claim.

Death Benefit and Risk Commencement Plan 834 Calculator

The death benefit depends on whether death occurs before or after risk cover begins.

Before risk commencement

LIC refunds the premiums paid without interest. Tax, extra premium and rider premium are excluded from the refund.

After risk commencement

For an in-force policy, the Sum Assured on Death is the higher of:

10 × Annualised Premium

or

125% of Basic Sum Assured

The death benefit cannot be less than 105% of the eligible premiums paid up to the date of death. Vested Simple Reversionary Bonus and Final Additional Bonus, if any, are added according to the policy terms.

For a child below age 8 at entry, risk starts on the earlier of:

• One day before completing two years from policy commencement; or
• One day before the policy anniversary on or immediately after the child completes age 8.

For a child aged 8 or above at entry, risk begins immediately. The policy automatically transfers to the child on the policy anniversary on or immediately after age 18. This is known as vesting.

Paid-Up Value

If premiums stop after the minimum required period, the policy may continue with reduced paid-up benefits.

Death Paid-Up Sum Assured =
(Premiums Paid ÷ Total Premiums Payable)
× Original Sum Assured on Death

Maturity Paid-Up Sum Assured =
[(Premiums Paid ÷ Total Premiums Payable)
× (Maturity Sum Assured + Total Survival Benefits)]
− Survival Benefits Already Paid

No future survival benefits are paid separately after the policy becomes paid-up. Vested bonuses remain attached, but the policy does not participate in future profits. The rider also stops and does not acquire paid-up value.

Surrender Value and Policy Loan in Plan 834

Surrender closes the policy before maturity. It is different from making the policy paid-up.

The Guaranteed Surrender Value is broadly calculated as:

Guaranteed Surrender Value =
(Eligible Premiums Paid × Applicable GSV Factor)
− Survival Benefits Already Paid
+ Surrender Value of Vested Bonus

LIC may instead pay a Special Surrender Value if it is higher.

Final Surrender Value =
Higher of Guaranteed Surrender Value or Special Surrender Value

The applicable factors depend on the policy term and the year of surrender. Therefore, an online calculator can provide only an estimate. LIC must confirm the final amount.

A policy loan may be available after the policy acquires surrender value. The amount, interest rate and conditions are decided by LIC.

Grace Period and Revival

Yearly, half-yearly and quarterly premiums have a grace period of one month, but not less than 30 days. Monthly premiums receive a grace period of 15 days.

If the premium remains unpaid after the grace period, the policy lapses. Plan 834 allows revival within two consecutive years from the first unpaid premium date. Revival requires payment of outstanding premiums with interest and proof of continued insurability, subject to LIC’s approval.

Premium Waiver Benefit Rider

The policy may include LIC’s Premium Waiver Benefit Rider with UIN 512B204V02 on the proposer’s life. It requires an additional premium. The policy schedule should be checked to confirm whether the rider was selected and what benefits apply.

Tax Rule

Applicable tax is charged separately on the premium and does not increase the policy benefits. Tax, extra premium and rider premium are excluded from calculations where the policy terms refer to eligible premiums.

The tax treatment of premiums and policy proceeds depends on the Income Tax rules and individual policy conditions. A qualified tax professional should be consulted for personal advice.

Frequently Asked Questions

Is LIC Jeevan Tarun Plan 834 still available?

No. LIC withdrew Plan 834 from new sales on 1 February 2020. Existing policies continue under their original terms.

Can the benefit option be changed?

No. The option selected when the policy was purchased cannot be changed later.

Which option provides the highest maturity benefit?

Option 1 provides 100% of the Basic Sum Assured at maturity. It does not provide survival benefits from age 20 to 24.

Which option provides the highest yearly payment?

Option 4 pays 15% of the Basic Sum Assured every year for five years. Its maturity component is 25% of the Basic Sum Assured.

Is the bonus guaranteed?

No. Simple Reversionary Bonus and Final Additional Bonus depend on LIC’s declarations and the policy terms.

Can the calculator show the exact surrender value?

Not always. The result depends on the applicable surrender factors, actual premiums paid, policy year, vested bonus and benefits already received.

Can a lapsed Plan 834 policy be revived?

It may be revived within two consecutive years from the first unpaid premium date, subject to LIC’s conditions and approval.

Conclusion

LIC Jeevan Tarun Plan 834 distributes the Basic Sum Assured between payments from age 20 to 24 and a maturity payment at age 25. The exact payment pattern depends on the option selected when the policy was purchased.

The calculator makes it easier to estimate the premium period, survival benefits, guaranteed maturity amount and possible paid-up or surrender value. Its results are for planning only. The policy bond and LIC’s official records remain the final source for policy benefits and claim amounts.