LIC’s JEEVAN TARUN | PLAN 934 2

This is non-linked, with profits, limited premium plan for children education needs.

Features & Conditions JEEVAN TARUN PLAN:

Minimum age at entry : 90 days

Maximum age at entry : 12 years Ibd

Age at maturity : 25 years Ibd

Policy term: 25-Age at Entry

Premium Paying term: 20 – Age at Entry

Minimum S.A. : Rs. 75,000/-&  in multiples of Rs. 5,000 up to Rs. 1,00,000 thereafter in multiples of 10,000.

Maximum S.A.  : No limit

Available Riders: Premium Waiver Benefit Rider.

DATE OF COMMENCEMENT OF RISK:

For entry age less than 8 years LBD : One day before completion of 2 years from DOC or one day before Policy Anniversary after completion of age of 8 years LBD, whichever is earlier.

For entry age 8 years LBD or more: Risk will commence immediately.

Before Commencement of Risk: Refund of Premiums paid Excluding GST.

After Commencement of Risk: Sum Assured on Death + Vested Bonus + FAB if any.

SURVIVAL AND MATURITY BENEFIT OPTIONS: To be chosen at proposal stage.

Option Survival Benefit from Age 20 to 24 Maturity Benefit at Age 25
1 No Survival Benefit 100% of S.A.
2 5% of S.A. every year for 5 years 75% of S.A.
3 10% of S.A. every year for 5 years 50% of S.A.
4 15% of S.A. every year for 5 years 25% of S.A.

Grace Period: 15 Days for monthly mode and 30 days for other modes.

Claim Concessions: Available under Base Plan only. Not apply to Riders & Death due to Suicide.

Paid up/ Surrender/Policy Loan: After payment of 2 full years premium.

Revivals: Within 5 years of FUP.

Back Dating: Allowed with lean Month’s benefits.

Proposal Form: 360 along with Addendum for option & 300 if opted for PWB Rider.

Tax Benefits :

  • On Basic Premiums                 : u/s 80C
  • SB/Maturity/Death claim : u/s 10(10D)

Underwriting Rules:
Actual Sum Assured (ASA) for SUC:
For NM, Juvenile FMR, Special Reports, MHR & TRSA:
1.25 times of Basic S.A. only.

Non -Medical:

  • Age 0-9 Ibd : SUC-40 lakhs
  • Age 10 -12 Ibd : SUC-15 lakhs.

Age Proofs: Only Standard age proofs Allowed.

Sub standard Minor lives: Proposals with BMI beyond standard range will be decided at ZUS/CUS
with MM’s recommendation.

Grand Parents as Proposer: Allowed without PWB with consent of parents.

Matching Insurance:
On lives of parents and Siblings is insisted.
Same is not required:
Up to 10 lakhs TRSA – If PWB is not opted.
Up to 25 Lakhs TRSA – If PWB is opted.

Rating up Factor for Residence Extra:
Outstanding Policy Term:

  • Up to 6 years : 6.5625
  • 10 years: 2.1875
  • 15 years: 1.6875
  • 20 years: 1.50
  • 25 years: 1.4375

NRIs & FNIOs Residence Group:

  • Group 1 to III : Not Allowed.
  • Group IV : Allowed with extra.
  • Group V : Allowed without extra.
  • Mail order : Only NRIs of Group V

2 thoughts on “LIC’s JEEVAN TARUN | PLAN 934

  1. Reply SHASHI Feb 24,2020 11:22 AM

    My daughter age is 2 years 5 months. Which policy will be best for me, if I aim for her education and higher education?

  2. Reply SHASHI Feb 24,2020 11:25 AM

    May I have explanation of 934 plan. My daughter age is 2 years 5 months.

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