LIC Jeevan Tarun Child Money Back Plan 834 Review
LIC Jeevan Tarun Child Money Back Plan Review

LIC Jeevan Tarun Child Money Back Plan 834 Review

Last Updated- Jan 22, 2020

LIC’s Jeevan Tarun Plan (Table No. 834) is another popular child insurance plan in India which is a non-linked (not linked with stock market) regular money back plan. The plan aims to meet various financial needs of your child like education, or the marriage of the child with multiple moneyback returns. However, you can choose if you want moneyback option or not.

LIC’s Jeevan Tarun Plan is a limited premium plan. Means you don’t have to pay premiums for the whole tenure of the plan but risk cover continues even after completion of premiums.

Let me show you a detailed review of LIC Jeevan Tarun Plan.

You may also like to read – LIC’s New Children Moneyback Plan.

Benefits of LIC Jeevan Tarun Plan – 834

LIC Jeevan Tarun Plan Eligibility and Other Features:

  • Minimum and Maximum Age for Children (Life Insured): 90 days to 12 years
  • Proposer’s age: Minimum – 18 years, Maximum  – 55 years (Proposer is parent or guardian who will pay the premium)
  • Min. Sum Assured: Rs.75,000.
  • Max. Sum Assured: No limit
  • Max. Maturity Age:25 years (child age)
  • Policy Term: 25 minus age at entry (Let’s say child’s age is 5 years then the term will be 20 years)
  • Premium Term: 20 minus age at entry (Let’s say child’s age is 5 years then the term will be 15 years)

Note:  Sum Assured (SA) should be in multiples of Rs.5,000/- for the range between Rs.75,000 to Rs.1,00,000 and in multiples of Rs.10,000 for Sum Assured above Rs.1,00,000.

LIC Jeevan Tarun Policy (834) Premium calculator

For instance, assuming Jatin takes this policy for his 2 years old daughter and Sum Assured is Rs. 10 lakhs. The premium will be-

LIC Jeevan Tarun Child Money Back Plan Review (table no. 834)

Premium Waiver Benefit (PWB) Rider: Yes, Available as an add-on.

In Premium Waiver Benefit, you can take the risk cover of Proposer who is paying the premium for the policy. In case of his/her death, all the future premiums will be waived off but the child will get all the benefits at maturity.

LIC Jeevan Tarun Plan: Death, Maturity & Survival  Benefits

Survival Benefit Options

You can opt for any of the below options while buying the Jeevan Tarun Plan.

Survival BenefitMaturity Benefit
Option 1No Survival Benefit100 % Sum Assured + Bonus + FAB
Option 25 % of Sum Assured every year for 5 years75 % Sum Assured + Bonus + FAB
Option 310 % of Sum Assured every year for 5 years50 % Sum Assured + Bonus + FAB
Option 415 % of Sum Assured every year for 5 years25 % Sum Assured + Bonus + FAB

Maturity Benefits

Assuming the same example we took for premium calculation. If Jatin buys this policy for his 2 years old daughter for the Sum Assured of Rs. 10 lakhs till her daughter turns 25 years. He takes a survival benefits moneyback option of 10%.

Policy term – 23 years (25 – child’s age)

Premium paying term – 18 years (20 – child’s age)

He will get maturity and moneyback benefits as below.

LIC Jeevan Tarun Child Money Back Plan Review (table no. 834)

Death Compensation

  1. Risk coverage starts when Life Assured (Child) turns 8 or after 2 years of policy start whichever completes earlier. Also called the Commencement of Risk.
  2. If the death of Life Assured (child) occurs before the commencement of risk coverage i.e. before the child turns 8, then an amount equal to the total amount of premium paid excluding taxes shall be payable.
  3. In case, the death of the child occurs after the commencement of risk, then the amount shall be equivalent to

In no case, the death benefit shall be less than 105% of the total premiums paid up to death.

Loan: Loan facility is available after 3 years onwards if premiums paid regularly and the loan should be for the benefit of the Life Assured (child).

You can also read –How LIC agent earns commission

Sum Assured Rebate:

  • Up to Rs.1.90 lakhs = Nil
  • Rs.2 lakhs to Rs.4.90 lakhs = Rs 2/- per thousand of Basic Sum Assured
  • Rs.5 lakhs & above = Rs 3/- per thousand of Basic Sum Assured
  • Modes of Premium Payment: All modes i.e. Yearly, Half-yearly, Quarterly, and Monthly.

Mode Rebate:

  • Yearly Mode – 2% of Tabular Premium
  • Half-Yearly Mode- 1% of Tabular Premium
  • Quarterly and Monthly Mode- NIL

Other benefits of LIC Jeevan Labh Plan

  1. You can surrender the policy after paying min. three full-years premium payments.
  2. The free lookup period is 15 days from the date of receipt. If you are not satisfied with the terms and conditions of the policy, you can cancel the policy within this period along with reasons.
  3. If the policy has expired, you can revive it within a period of 2 consecutive years from the date of the first unpaid premium and before the maturity date.
  4. Tax rebate under section 80(C) of Income Tax Act, 1961.

LIC Jeevan Tarun Plan (Table 834) – Should you buy?

In my opinion, this plan will not suffice the purpose of buying it i.e. securing your child’s future. Life insurance should be for the breadwinner because the family is dependent on him/her. Although there is a benefit of insurance coverage that is worthless as nobody considers the death of the child during the policy term. And to cover the risk of the Proposer, you will have to pay extra on PWB rider.

Along with that, the annual return on this plan is quite low at around 4%-5%. With a meager annual return of 4% to 5%, this plan does not even beat inflation. Moneyback word attracts people but with such a less return, it doesn’t serve the purpose.

Rather, you should invest in other debt instruments like Mutual Funds (ELSS), or Public Provident Fund, and Sukanya Samriddhi Account. That gives a better return than this plan and also gives a tax-free return with 80C deduction on the contribution.

What are your thoughts? Tell me in the comments.

7 thoughts on “LIC Jeevan Tarun Child Money Back Plan 834 Review”

  1. For the education of child, consider equity mutual fund that will help to create fund for the education of the child and opt for term plan insurance for the proposer.

  2. Dear Sir

    I don’t agree with you because this is LIFE Insurance policy and having Premium waiver benefit.,
    your suggestion is only applicable for the high income group..but for the middle income group it is very much suitable policy..PPF or FD won’t give waiver benefit if the proposer deceased before the PP TERM.

    Premium Waiver Benefit Rider: An optional rider available by paying extra premium under which if the proposer of the plan dies, the premium becomes due after the death of the proposer shall be waived and plan will be continued up to the maturity term as if all the premiums are paid on time.

  3. I totally agree with you that there is no need of life insurance policy for the kid but please tell me how to secure their future like how to accumulate enough money for their higher education and marriage.

    I wish to know best education plans for child.

    1. Dear friends, Jeevan tarun is the best plan, it’s a plan which has risk coverage for both child and father, there is a premium waiver benefit in case of uncertainty, for the child career it’s better to have this plan rather than going to mutual funds share, term plan. To have a great returns it’s better to get this plan before the child attains 3 years of age. For more details you may email to [email protected].

      Thank you
      Chetan

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