LIC Jeevan Tarun Plan 934 Calculator

LIC Jeevan Tarun Plan 934 provides life cover for a child and helps build savings for education or other needs in early adulthood. 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 934 Calculator helps existing policyholders estimate their premium, survival benefits, maturity amount and total premium commitment. It can also show the policy term and premium-paying term based on the child’s age when the policy started.

Plan 934 was launched on 1 February 2020 and withdrawn from new sales on 18 November 2024. Existing policies continue according to their original terms. This guide applies only to LIC Jeevan Tarun Plan 934 with UIN 512N299V02. It does not apply to the current Plan 734 or the older Plan 834.

LIC Jeevan Tarun Plan 934 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 Is the LIC Jeevan Tarun Plan 934 Calculator?

The calculator is an estimation tool for policies issued under Plan 934. It brings the premium period and benefit schedule together so that policyholders can understand when premiums stop and when payments may be received.

It can estimate:

• Policy term and premium-paying term
• Annual or payment-mode premium
• Survival benefit payable from age 20 to 24
• Guaranteed maturity component payable at age 25
• Total base premium payable during the premium-paying term
• Illustrative maturity value after adding a manually entered bonus estimate

The result is an estimate, not an official LIC quotation or claim statement. Actual figures may differ because of underwriting, extra premium, rider premium, taxes and the exact rates used when the policy was issued.

Also Check:

• LIC Jeevan Tarun Calculator All in One
• LIC Jeevan Tarun Plan 734
• Jeevan Tarun Plan 834

How to Use the Calculator

Before starting, confirm that the policy bond shows Plan 934 and UIN 512N299V02. Also check the Basic Sum Assured, entry age, premium mode, policy start date and selected benefit option. The benefit option cannot be changed after purchase.

1. Enter the Basic Sum Assured shown on the policy bond.
2. Enter the child’s age at entry. Use age 0 if the child was at least 90 days old but had not completed one year.
3. Select the benefit option shown on the policy bond.
4. Choose the premium mode: yearly, half-yearly, quarterly or monthly.
5. Enter the policy start year if the calculator provides a year-wise payment schedule.
6. Enter only vested bonus already shown in LIC records. Leave an optional future bonus field at zero if no reliable figure is available.
7. Select Calculate to view the estimated premium and benefits.

Bonus should not be treated as guaranteed. Simple Reversionary Bonus and Final Additional Bonus depend on LIC’s declarations and the policy status.

Benefit Options Under Plan 934

Plan 934 provides four options. Each option distributes the Basic Sum Assured differently.

Option 1 keeps the full Basic Sum Assured for maturity. Option 4 provides the highest yearly survival benefit but leaves only 25% of the Basic Sum Assured for maturity. The total guaranteed Basic Sum Assured distributed under every option remains 100% when all scheduled survival and maturity benefits are added together.

Policy Term and Premium-Paying Term

Both terms depend on the child’s age when the policy starts.

Policy Term = 25 − Age at Entry

Premium-Paying Term = 20 − Age at Entry

For example, if the child is 4 years old at entry:

Policy Term = 25 − 4 = 21 years

Premium-Paying Term = 20 − 4 = 16 years

In this case, premiums are payable for 16 years, while the policy continues until the child reaches age 25.

Sample Annual Premiums

LIC’s Plan 934 brochure provides the following sample annual premiums for a Basic Sum Assured of ₹1 lakh for a standard life. Taxes are not included.

These are sample annual premiums for the ages listed above. They are not a complete rate table. A calculator that does not contain LIC’s complete premium rates can provide only an approximate figure for other entry ages.

Premium-mode rebate

The sample yearly premiums in the brochure already represent annual-mode premiums. Therefore, the 2% yearly rebate should not be deducted again from those sample figures.

High Sum Assured rebate

Applicable taxes, rider premium and any extra premium are charged separately.

Real Calculation Example

Suppose a policy has the following details:

For age 4 and Option 2, LIC’s sample annual premium is ₹5,635 for every ₹1 lakh of Basic Sum Assured.

Sample annual premium
= ₹5,635 × 3
= ₹16,905

The policy qualifies for a High Sum Assured rebate of ₹2 per ₹1,000.

High Sum Assured rebate
= ₹2 × 300
= ₹600

The 2% yearly rebate is not deducted again because ₹5,635 is already the sample annual-mode premium.

Estimated annual base premium
= ₹16,905 − ₹600
= ₹16,305 excluding tax

Estimated base premium over 16 years:

₹16,305 × 16 = ₹2,60,880

This total assumes that the premium remains payable for the full premium-paying term. It excludes tax, rider premium and any extra premium.

Survival benefits in this example

Option 2 pays 5% of the Basic Sum Assured each year from age 20 to 24.

Annual survival benefit
= 5% of ₹3,00,000
= ₹15,000

At age 25, Option 2 pays 75% of the Basic Sum Assured as the guaranteed maturity component.

Maturity Sum Assured
= 75% of ₹3,00,000
= ₹2,25,000

The final maturity claim may therefore include:

₹2,25,000 Maturity Sum Assured
+ vested Simple Reversionary Bonus
+ Final Additional Bonus, if declared and payable

Survival Benefit

Survival benefit is payable on the policy anniversary that falls on or immediately after the child completes age 20. Further payments are made on the next four policy anniversaries.

The exact amount depends on the selected option. Option 1 does not provide survival benefits. Options 2, 3 and 4 pay 5%, 10% and 15% of the Basic Sum Assured respectively each year for five years.

These payments are available when the policy is in force and the conditions of the policy are met.

Maturity Benefit

Maturity is payable when the child reaches age 25, provided the life assured survives the policy term and the policy is eligible for the benefit.

The maturity claim also includes vested Simple Reversionary Bonuses and Final Additional Bonus, if any. These bonuses are not fixed in advance.

Death Benefit

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

Death before risk commencement

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

Death after risk commencement

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

7 × Annualised Premium

or

125% of Basic Sum Assured

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

Taxes, rider premium and extra premium are not included when applying these death-benefit limits.

When Does Risk Cover Begin?

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

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

If the child is aged 8 or above at entry, risk starts immediately from the policy issue date.

The policy automatically transfers to the child on the policy anniversary that falls on or immediately after age 18. This is known as vesting.

Premium Waiver Benefit Rider

The LIC Premium Waiver Benefit Rider may be attached to the proposer’s life while the child is still a minor. If the proposer dies during the rider term, the base-policy premiums falling due after the proposer’s death are waived until the rider term ends.

Important conditions include:

• The child must be a minor when the rider is selected.
• At least five years of the premium-paying term must remain.
• The rider term plus the proposer’s age cannot be more than 70 years.
• Rider premium cannot be more than 30% of the base-policy premium.
• The rider does not acquire a surrender or paid-up value.

The policy schedule should be checked to confirm whether this rider was selected.

What Happens if a Premium Is Missed?

The policy remains in force during the grace period. If the premium is still unpaid after this period, the policy lapses.

If fewer than two full years’ premiums have been paid, policy benefits stop after the grace period and nothing is payable. If at least two full years’ premiums have been paid, the policy continues with reduced paid-up benefits.

A lapsed policy may be revived within five consecutive years from the first unpaid premium date. Revival requires payment of outstanding premiums with interest and approval from LIC after meeting its requirements.

Paid-Up Value

When a policy becomes paid-up, no further premiums are required, but the benefits are reduced.

Maturity Paid-Up Sum Assured
= [(Maturity Sum Assured + Total Survival Benefits)
× Premiums-Paid Period ÷ Original Premium-Paying Term]
− Survival Benefits Already Paid

No future survival benefits are paid separately after the policy becomes paid-up. Vested Simple Reversionary Bonuses remain attached, but the policy does not earn future bonuses. Final Additional Bonus is not payable under a paid-up policy.

The death cover is also reduced according to the proportion of the original premium-paying term for which premiums were paid.

Surrender Value and Policy Loan

The policy can be surrendered after at least two full years’ premiums have been paid. LIC pays the higher of:

• Guaranteed Surrender Value; or
• Special Surrender Value.

The Guaranteed Surrender Value depends on the eligible premiums paid, the surrender-value factor for the policy year and term, vested bonus value and any survival benefits already paid.

LIC can revise the Special Surrender Value factors. Therefore, a calculator can provide only an estimate. The exact surrender amount must be confirmed with LIC.

A policy loan is also available after at least two full years’ premiums have been paid.

Any unpaid loan and interest are deducted from the claim, maturity benefit, surrender value or survival benefit payable under the policy.

Receiving Benefits in Instalments

Plan 934 allows eligible maturity or death-benefit proceeds to be received in instalments instead of one lump sum. The selected amount can be paid over 5, 10 or 15 years.

For the maturity settlement option, the request must normally be made at least three months before the maturity date. Death-benefit instalments must be selected according to the procedure and conditions stated in the policy.

Tax Rule

Taxes may apply to the premium according to the rules in force when payment is made. The tax treatment of premiums and policy proceeds depends on the conditions of the Income Tax Act and the policyholder’s circumstances.

Tax is not added to the Basic Sum Assured when calculating survival, maturity or death benefits. Individual tax advice should be obtained from a qualified tax professional.

Frequently Asked Questions

Is LIC Jeevan Tarun Plan 934 still available for purchase?

No. LIC withdrew Plan 934 from new sales on 18 November 2024. Existing policies continue according to their original terms.

Can the selected benefit option be changed?

No. The option selected when the policy was purchased becomes part of the contract and cannot be changed later.

Which option provides the highest maturity amount?

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

Which option provides the highest yearly survival benefit?

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 calculator’s maturity estimate guaranteed?

Only the applicable percentage of the Basic Sum Assured is guaranteed for an eligible in-force policy. Future bonus and Final Additional Bonus are not guaranteed.

Can the calculator show the exact surrender value?

Not always. The exact amount depends on LIC’s surrender-value factors, policy status, premiums paid, vested bonus and any benefits already received.

Is a loan available under Plan 934?

Yes. A loan may be available after at least two full years’ premiums have been paid and the policy has acquired surrender value.

Conclusion

LIC Jeevan Tarun Plan 934 divides the Basic Sum Assured between payments from age 20 to 24 and a maturity payment at age 25. The exact pattern depends on the option chosen when the policy was purchased.

The calculator makes it easier to understand the premium period, expected survival benefits and guaranteed maturity component. Its results should be used for planning only. The policy bond and LIC’s records remain the final source for premium, bonus, surrender value, loan and claim information.