LIC’s Jeevan Tarun 934
This is non-linked , with profits , regular premium money back plan for children .Date of commencement of risk for entry age less than 8years,One day before completion of 2years from DOC or One day before policy anniversary after completion of age 8year LBD , Whichever is earlier. For entry 8years LBD or More-Risk will commence immediately.
Sum Assured on death `125%Basic SA Death Benefit GST. After Commencement of risk. Sum assured on death + vested bonus + FAB if any….
Survival Benefits
20% of basic SA is payable on policy anniversary after completion of age 18,20 and 22 years. Policy holder has option to take survival benefits at any time after it is due or along with maturity option is to be exercised 6months before due date . Accumulation will be at simple interest rate of 5.40%.
| Option | Survival Benefit From age 20 to 24 | Maturity Benefit age 25 |
| 1 | No Survival Benefit | 100% of SA |
| 2 | 5% SA every year for 5year | 75% SA |
| 3 | 10% SA every 5years | 50%SA |
| 4 | 15% SA every year 5year | 25%SA |
Age – 35, Sum assured -5,00,000 , Term – 12years ,SP – RS.3,64,414
Entry age -35
Survival benefits age -38 ,15% of sum assured –Rs.75,000
In case of death at age – 40
Survival benefits at age – 41 ,15% of sum assured –Rs.75,000
Maturity at age -47
Maturity Benefit
Refund of premium + Loyalty addition
Rs.3,64,414 +1,05,000(210*500)
Rs.4,69,414
Death Benefits
Sum assured on death + Loyalty addition , if any…
Rs.5,00,000 + Rs.43,750(87.50 * 500)
Rs.5,43,750
If term rider is opted then additional Rs.5,00,000 will be paid total death benefit will be Rs.5,00,000 + Rs.5,43,750 = Rs.10,43,750
If ADDB rider is also opted
Then additional Rs.5,00,000 will be paid. Total death benefits will be Rs.5,00,000 + Rs.10,43,750 –Rs.15,43,750
Features & Condition
- Minimum age at entry – 15 years
- Maximum age at entry -50 years
- Policy term – 9,12,15, yrs
- Term 9years , Maximum at maturity 59 years , Minimum assured Rs.35,000
- Term 12 years , Maximum at maturity 62 years , Minimum assured Rs.50,000
- Term15 years ,Maximum at maturity 65years , Minimum assured Rs.70,000
Maximum sum assured –No limit
Sum assured in multiples – Rs.5000 only
Available Riders – ADDB and term rider for full policy term.
Mode of payment single premium high sum assured rebate(as% of tabular premium ) term 9years. Up to 70,000 – Nil ,Rs.75,000 to 1,45,000 – 6%, Rs.1,50,000 & above – 8%
Term 12 years, Up to 95,000 – Nil ,Rs.1,00,000 to 1,95,000 – 4%,Rs2,00,000 above 6%.
Term 15 years ,Up to Rs.1,45,000 – Nil ,1,50,000 to 2,95,000 – 3%,3,00,000 above – 5%
Policy loan – Only after one policy year
Surrender –first year 75% of SP
2nd year onwards – 90% of SP less SB paid
Back dating allowed without loan months benefits . Interest will be charged for Exact no . of days from DOC of payments.
Tax Benefits
On basic premium -U/S 80c up to 10% of SA ,Maturity –Taxable,Death Claim –U/S 10 (10D)
New Plan 934 – LIC Jeevan Tarun In Tamil