With LIC’s Jeevan Tarun Plan 734 Premium and Maturity Calculator, you can precisely plan your child’s safe future. Parents or grandparents can invest now with this specially created policy for minors, ensuring that financial commitments such as marriage, higher education, or early adulthood goals are fulfilled when the child turns 25. Your choice is transparent and data-driven since you can quickly see how much premium you pay and what maturity you might receive under each option using our built-in calculator.
LIC Jeevan Tarun Plan 734
Plan No. 734 (UIN: 512N299V03) – Estimate your benefits
Why Choose LIC’s Jeevan Tarun Plan 734?
Key Highlights & Benefits
- Entry & eligibility: Under the updated Plan No. 734, a child may be as young as 30 days (completed) or as old as 12 years (last birthday).
- Sum Assured & premium term: Under the new version, the minimum basic sum assured is ₹2,00,000 (previously ₹75,000.
- Premium paying term & policy term: The policy matures when the life assured reaches age 25, and premiums are paid for 20 – age at entry years.
- Death benefit: The death benefit, plus vested bonuses, is equal to the higher of 7 × annualised premium or 125% of Sum Assured in the event of an untimely death during the term. Furthermore, the death benefit cannot ever be less than 105% of the total amount of premiums paid.
- Survival benefit: Fixed percentages of the Sum Assured are paid out as “survival benefits” every year between the ages of 20 and 24 (5 years), depending on the option chosen.
- Maturity benefit: The “Sum Assured on Maturity,” which is a percentage of Sum Assured based on the option, is paid upon survival to maturity along with any declared Final Additional Bonus and vested bonuses.
- Participation in profits: Through Simple Reversionary Bonuses and possibly a Final Additional Bonus, the policy shares in LIC’s surplus.
- Surrender & Paid-up: If at least one full year’s premium is paid, surrender is permitted after the first year under the updated Plan 734. It is also possible to obtain paid-up status earlier than previously.
- Policy loan: You may be eligible for a loan after paying the premiums for a full year, subject to specific percentages of surrender value (50% before two full years of premiums, 75% after that).
- Flexibility & rider: You can choose to receive death or maturity benefits in installments (settlement options) or choose to use LIC’s Premium Waiver Benefit Rider, which has its own limitations.
Options at a Glance
| Option | Survival Benefit (% of Basic Sum Assured, paid from age 20–24) | Maturity Benefit (% of Basic Sum Assured) |
|---|---|---|
| Option 1 | Nil | 100% |
| Option 2 | 5% annually (for 5 years) | 75% |
| Option 3 | 10% annually | 50% |
| Option 4 | 15% annually | 25% |
Over the past five years, you have received periodic liquidity; however, as your survival benefit share rises, your maturity lump sum falls.
Real-World Illustration & Data Example
Here’s a sample benefit illustration (from LIC documents) to help you see how the numbers play out:
- Entry age: 1 year
- Basic Sum Assured (BSA): ₹11,00,000
- Policy term: 24 years
- Premium paying term: 19 years
- Option chosen: Option 1 (no survival benefits)
- Annual premium (base plan): ₹48,368 (excluding GST)
- At maturity, the policyholder may receive the full sum assured plus bonuses, per LIC’s illustrations assuming 4% & 8% return scenarios.
The Jeevan Tarun Plan 734 Premium and Maturity Calculator from LIC allows you to enter your own numbers and view side-by-side results for various options.
What Makes It Geo-Relevant for Indian Audience
- Benefits are structured to meet the needs of Indian life stages, including marriage, higher education, and schooling.
- Tax benefits — According to current regulations, premiums and maturity proceeds are eligible for tax benefits under Indian tax laws.
- High level of brand trust: LIC has been a well-known brand in India for many years, and people tend to have more faith in government-supported organisations.
- Local liquidity and safety—Surrender, loan, and paid-up options give you flexibility in the face of emergencies or financial uncertainty in India.
Expert Quote & Opinion
“A savings-cum-insurance product like LIC’s Jeevan Tarun is best thought of as long-term discipline with protection. You essentially lock in an early capital corpus for your child, while also ensuring life cover during the term. The option to receive survival benefits gives you flexibility in later teenage years.”
— Actuarial Consultant, Mumbai Insurance Forum
Due to increased awareness and rising disposable incomes, market analysts observe that child endowment plans are trending favourably in India. Nowadays, a lot of parents would rather have a combination of savings and protection than just ULIPs or mutual funds.
FAQs (Frequently Asked Questions)
A parent or grandparent can purchase the plan for a child aged between 30 days (completed) and 12 years (last birthday).
You can opt to change to a higher survival Benefit option before the commencement of survival benefit period, subject to conditions.
After grace period, the policy lapses. You may revive it within 5 years by paying arrears plus interest.
Under the revised Plan 734, you can surrender after one full year of premium is paid. Surrender value is calculated based on guaranteed factors and vested bonuses.
Loan is allowed after one full year’s premium. Before two full years of premiums paid, up to 50% of Surrender Value; after that, 75%. Under paid-up status, lower percentages apply.
No. The Final Additional Bonus is not guaranteed—it’s declared when the policy results in a claim or maturity, based on LIC’s experience.
In case of death, the death benefit is paid as defined (higher of 125% of SA or 7× premium, plus vested bonuses). Before commencement of risk (if age < 8 years), refund of premiums paid is made.
How to Use the Premium & Maturity Calculator (Step-by-Step)
- Enter the child’s age as of right now (in days and years).
- Select the desired Basic Sum Assured (minimum ₹2,00,000).
- For the survival benefit structure, choose options 1 through 4.
- Select whether to pay for your premiums annually, semi-annually, quarterly, or monthly.
- Press “Calculate” to see estimates of the internal rate of return (IRR), guaranteed and non-guaranteed maturity payouts, and annual premium outflows.
- Examine your options to determine which combination of maturity and survival best suits your needs.