Last Updated: 12 Oct 2025 | By Keyur Tirgar, LIC Agent Code: 04699-102
Planning your child's future is one of the most important financial decisions you'll make as a parent. Education costs are rising at 10-12% annually, and ensuring your child gets the best opportunities requires smart financial planning today. LIC Jeevan Tarun is a specialized child insurance plan designed to meet the educational and other needs of growing children through annual survival benefit payments from ages 20 to 24 years and a maturity benefit at age 25.
In this comprehensive guide, I'll walk you through everything you need to know about LIC Jeevan Tarun - from its features and benefits to eligibility criteria and how to buy this policy for your child.
What is LIC Jeevan Tarun?
LIC Jeevan Tarun (Plan No. 934, UIN: 512N299V02) is a non-linked, participating, limited premium payment child insurance plan from Life Insurance Corporation of India. This plan combines protection benefits with savings features to cater to the educational, marriage, and other needs of a growing child with the help of survival and maturity benefits.
Important Update
Note: LIC Jeevan Tarun Plan 934 was withdrawn on November 18, 2024. However, LIC has introduced updated versions of child plans. If you're looking for similar benefits, contact an LIC agent to explore current child insurance options available from LIC.
Looking for child insurance plans? As a certified LIC agent (Code: 04699-102), I can help you find the best alternative child plan that suits your needs. Contact me at +91 9784309640.
Key Features of LIC Jeevan Tarun
The LIC Jeevan Tarun plan provides a favorable blend of protection and savings for a child's future requirements. Here are the standout features:
1. Annual Survival Benefits
From age 20 to 24, your child receives annual survival benefits, providing financial support during critical education years:
- Option 1: 10% of Sum Assured annually
- Option 2: 15% of Sum Assured annually
- Option 3: 20% of Sum Assured annually
- Option 4: 25% of Sum Assured annually
2. Maturity Benefit at Age 25
When your child turns 25, they receive:
- Full Sum Assured
- Accrued bonuses (vested simple reversionary bonuses and final additional bonus, if any)
- Remaining balance of any unpaid survival benefits
3. Death Benefit
In the unfortunate event of the life assured's death:
- During policy term: Sum Assured + accrued bonuses + any unpaid survival benefits
- After maturity: Benefits as per settlement option chosen
4. Flexible Plan Options
One can choose between four plan options in the policy, each providing different survival and maturity benefits, allowing customization based on when you need the funds most.
5. Premium Waiver Benefit
Optional premium waiver facility ensures that if the proposer (parent/guardian) passes away during the premium payment term:
- Future premiums are waived
- Policy continues without any payment
- Child still receives all benefits as promised
6. Participating Plan
Your policy participates in LIC's profits through:
- Simple Reversionary Bonuses declared annually
- Final Additional Bonus at maturity (if declared)
7. Loan Facility
Policyholders can avail a loan through the policy once it acquires surrender value, providing financial flexibility during emergencies.
Benefits of LIC Jeevan Tarun
Financial Security for Higher Education
The annual survival benefits from age 20-24 provide funds exactly when children need them most - during college, professional courses, or higher education abroad.
Marriage and Other Milestone Expenses
The maturity benefit at age 25 can be used for marriage expenses, starting a business, or any other significant life milestone.
Life Cover for the Child
Unlike pure savings plans, Jeevan Tarun provides life insurance coverage for the child, ensuring financial protection.
Tax Benefits
- Premiums paid qualify for tax deduction under Section 80C (up to ₹1.5 lakh)
- Maturity proceeds are tax-free under Section 10(10D) (subject to conditions)
- Death benefit is tax-free
Guaranteed Returns
Being a participating plan with guaranteed sum assured plus bonuses, it offers predictable returns unlike market-linked products.
Flexibility in Payout
The plan provides an option to receive death or maturity benefits in installments for 5, 10, or 15 years instead of a lump sum, helping with disciplined fund management.
Eligibility Criteria
Entry Age
- Child (Life Assured): 0 to 12 years (age last birthday)
- Proposer (Parent/Guardian): Minimum 18 years
Policy Term
- Fixed at 25 years from the date of commencement
Premium Payment Term
- Varies based on entry age of the child
- Limited premium payment (shorter than policy term)
- Typically ranges from 13 to 25 years
Sum Assured
- Minimum: ₹75,000
- Maximum: No limit (subject to Board-approved underwriting policy)
Premium Payment Mode
- Annual, Half-yearly, Quarterly, or Monthly
Premium Calculator Example
Let's understand the premium with a practical example:
Example Scenario:
- Child's Age: 5 years
- Sum Assured: ₹5,00,000
- Plan Option: Option 2 (15% survival benefit)
- Premium Payment Term: 20 years
- Mode: Annual
Approximate Annual Premium: ₹25,000 - ₹28,000 (without PWB rider)
Returns Illustration:
Total Premiums Paid: ₹25,000 × 20 = ₹5,00,000
Benefits Received:
- Age 20: ₹75,000 (15% of SA)
- Age 21: ₹75,000
- Age 22: ₹75,000
- Age 23: ₹75,000
- Age 24: ₹75,000
- Age 25 (Maturity): ₹5,00,000 + Bonuses
Total Benefits: ₹8,75,000 + Bonuses (approximately ₹10-12 lakhs with bonuses)
Returns: Nearly 2x of premiums paid + bonuses
Note: Actual premiums vary based on age, sum assured, and other factors. Bonuses are not guaranteed and depend on LIC's performance.
How LIC Jeevan Tarun Helps in Education Planning
Timeline Alignment
The survival benefits align perfectly with typical education expenses:
- Age 20: First year of professional course/graduation
- Age 21: Second year - may need laptops, books, projects
- Age 22: Third year - internships, certifications
- Age 23: Final year - placement preparation, higher education entrance exams
- Age 24: Postgraduate studies or job transition support
- Age 25: Master's degree, MBA, or settling down support
Cost Coverage
With ₹5 lakh sum assured:
- Annual survival benefits: ₹50,000-₹1,25,000 (depending on option)
- Can cover college fees, books, accommodation, coaching
- Maturity benefit for higher education abroad or marriage
Real-Life Education Cost Examples
| Education Need | Approximate Cost (2024) | How Jeevan Tarun Helps |
|---|---|---|
| Engineering (4 years) | ₹8-15 lakhs | Survival benefits cover annual fees |
| Medical (5.5 years) | ₹15-50 lakhs | Survival + maturity for full course |
| MBA | ₹10-25 lakhs | Maturity benefit at age 25 |
| Study Abroad | ₹25-50 lakhs | Maturity + accumulated savings |
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Comparing LIC Jeevan Tarun with Other Child Plans
Jeevan Tarun vs Regular Savings Account
| Feature | LIC Jeevan Tarun | Regular Savings |
|---|---|---|
| Life Cover | ✓ Yes | ✗ No |
| Guaranteed Returns | ✓ Yes + Bonuses | ✗ Market dependent |
| Premium Waiver | ✓ Available | ✗ Not available |
| Tax Benefits | ✓ Yes (80C + 10(10D)) | Limited |
| Discipline | ✓ Forced savings | ✗ Requires discipline |
Jeevan Tarun vs ULIP Child Plans
| Feature | LIC Jeevan Tarun | ULIP Child Plans |
|---|---|---|
| Returns | Guaranteed + Bonuses | Market-linked (risky) |
| Safety | Very High (LIC guarantee) | Market dependent |
| Transparency | High | Complex charges |
| Suitable For | Conservative parents | Risk-takers |
Additional Riders Available
Enhance your child's protection with these optional riders:
1. Premium Waiver Benefit (PWB)
- Waives future premiums on proposer's death
- Policy continues without payment
- Highly recommended rider
2. Accidental Death and Disability Benefit Rider
- Additional benefit on accidental death
- Coverage for permanent disability
- Affordable additional protection
3. Accidental Death Benefit Rider
- Extra sum assured on accidental death
- Low-cost rider
- Provides additional financial cushion
Tax Benefits under LIC Jeevan Tarun
Section 80C Benefits
- Premium paid is eligible for deduction up to ₹1.5 lakh
- Reduces your taxable income
- Available to proposer (parent/guardian)
Section 10(10D) Benefits
- Maturity amount is completely tax-free
- Death benefit is tax-free
- Survival benefits are tax-free
Example Tax Saving:
- Annual Premium: ₹30,000
- Tax Bracket: 30%
- Tax Saved: ₹30,000 × 30% = ₹9,000 per year
- Over 20 years: ₹1,80,000 tax savings!
Important Points to Consider
1. Policy Lapse and Revival
- Grace period: 30 days for annual/half-yearly/quarterly mode, 15 days for monthly
- Lapsed policies can be revived within 2 years
- Revival requires payment of arrears with interest and medical evidence
2. Surrender Value
- Available after payment of at least 3 full years' premiums
- Surrender value = Guaranteed Surrender Value or Special Surrender Value (whichever is higher)
- Surrendering means loss of all future benefits
3. Loan Facility
- Available after policy acquires surrender value
- Maximum 80-90% of surrender value
- Interest charged on loan amount
- Loan reduces death/maturity benefit
4. Free Look Period
- 15 days for policies not obtained through distance mode
- 30 days for policies obtained through distance mode
- Can return policy if not satisfied
- Refund: Premium paid minus proportionate risk charges and expenses
5. Assignment and Nomination
- Policy can be assigned
- Nomination can be made/changed
- Important for smooth claim settlement
Who Should Buy LIC Jeevan Tarun?
Ideal Candidates:
✓ New Parents: Start immediately after child's birth for lowest premium
✓ Conservative Investors: Those who prefer guaranteed returns over market-linked plans
✓ Single-Income Families: Premium waiver benefit provides crucial protection
✓ Parents Concerned About Education Inflation: Locks in savings today for future needs
✓ Tax-Conscious Parents: Want to save taxes while securing child's future
✓ Parents with Multiple Children: Can buy separate policies for each child
When to Avoid:
✗ If you're looking for high market-linked returns (consider ULIP instead)
✗ If you have very limited budget (start with term insurance first)
✗ If child is older than 12 years (not eligible)
✗ If you need liquidity (long lock-in period)
How to Buy LIC Jeevan Tarun (Alternative Plans)
Since the original Jeevan Tarun has been withdrawn, here's how to get similar child insurance coverage:
Step 1: Contact LIC Agent
Reach out to a certified LIC agent who can guide you to current child insurance options.
Need Help? Contact me - Keyur Tirgar, LIC Agent Code: 04699-102
- Phone: +91 9784309640
- Email: tirgarkuriya@gmail.com
- Service Area: All Over Rajasthan
Step 2: Needs Assessment
Discuss:
- Your child's age
- Education goals (India vs abroad)
- Budget for premiums
- Risk appetite
- Additional coverage needs
Step 3: Compare Alternatives
Current LIC child plans may include:
- Updated versions of Jeevan Tarun
- Other child money-back plans
- Child ULIPs
- Pure term insurance for children
Step 4: Documentation
Required documents:
- Child's birth certificate
- Parent's identity proof (Aadhaar, PAN)
- Parent's address proof
- Income proof (for higher sum assured)
- Medical reports (if any)
- Recent photographs
Step 5: Proposal and Medical (if required)
- Fill proposal form accurately
- Disclose all material facts
- Medical examination (if required based on age and sum assured)
Step 6: Premium Payment
- Choose payment mode (annual preferred for discounts)
- Set up auto-debit for hassle-free payments
- Keep receipts safe
Step 7: Policy Document
- Receive policy document within 15-30 days
- Verify all details carefully
- Store securely
- Note renewal dates
Common Questions About LIC Jeevan Tarun
Is LIC Jeevan Tarun still available?
The original plan (934) was withdrawn in November 2024. Contact LIC agents for current child insurance alternatives.
What happens if I miss a premium payment?
You have a grace period of 30 days (15 for monthly mode). Pay within this period to keep policy active. After that, policy lapses but can be revived within 2 years.
Can I increase the sum assured later?
No, sum assured cannot be increased. However, you can buy an additional policy.
What if my child doesn't survive till maturity?
Death benefit is paid to the nominee. This includes sum assured plus bonuses.
Can grandparents buy this policy?
Yes, grandparents can be proposers if they have insurable interest in the child's life.
Are medical tests required?
Depends on child's age and sum assured. Generally not required for young children with moderate sum assured.
Can I get the policy in my child's name?
The child is the life assured. The proposer (parent/guardian) owns the policy until the child becomes a major.
Tips for Maximizing Benefits
1. Start Early
Buy when child is 0-2 years old for:
- Lowest premiums
- Longest coverage period
- Maximum benefit accumulation
2. Choose Premium Waiver Benefit
Always opt for PWB rider. Small additional cost but huge benefit - ensures policy continues even if you're not there.
3. Pay Annually
Annual payment mode is 2-3% cheaper than monthly. Saves thousands over policy term.
4. Higher Sum Assured
Don't underestimate education inflation. Go for at least ₹5-10 lakhs sum assured for meaningful benefits.
5. Don't Surrender Early
Surrendering before maturity means losing guaranteed bonuses and future benefits. Keep policy active.
6. Review Regularly
Annual review with your agent ensures:
- Premiums paid on time
- Nominee details updated
- Bonuses tracked
- No missed benefits
7. Combine with Other Investments
Jeevan Tarun should be part of comprehensive financial planning:
- Term insurance for parent
- Health insurance for family
- Equity investments for higher goals
- Emergency fund
Alternative Child Insurance Options (Since Jeevan Tarun is Withdrawn)
1. LIC New Children's Money Back Plan
- Money back at regular intervals
- Life cover for child
- Premium waiver benefit
2. Private Insurer Child Plans
- HDFC Life Child Plans
- ICICI Prudential Child Plans
- SBI Life Child Plans
- Compare and choose best
3. Sukanya Samriddhi Yojana (For Girls)
- Government scheme
- Higher interest rates
- Tax benefits
- Only for girl children
4. PPF + Term Insurance Combination
- PPF for savings (15 years)
- Term insurance for protection
- More flexibility
- Good returns
5. Dedicated Education Funds
- SIP in equity mutual funds
- Higher return potential
- Requires discipline
- Market risks
Claim Process for LIC Jeevan Tarun
Survival Benefit Claim
- Automatic payment to registered bank account
- No separate claim required
- Starts from age 20 automatically
- Paid annually till age 24
Maturity Claim
Documents required:
- Original policy document
- Discharge form (policy bond)
- Identity proof
- Bank account details
- Cancelled cheque
Death Claim
Documents required:
- Death certificate
- Original policy document
- Claimant's identity proof
- Bank account details
- Medical records (if hospitalized)
- FIR copy (in case of unnatural death)
Need Claims Assistance? I provide complete support during the claims process - from documentation to settlement. Call me at +91 9784309640.
Real-Life Success Story
Case Study: Mr. Sharma's Planning for His Daughter
Background:
- Daughter's age at purchase: 2 years
- Sum Assured: ₹10,00,000
- Option: 2 (15% survival benefit)
- Premium: ₹50,000/year for 23 years
- With Premium Waiver Benefit
Outcome:
- Age 20-24: Received ₹1,50,000 annually (total ₹7,50,000)
- Used for Engineering college fees
- Age 25: Received ₹10,00,000 + bonuses (₹3,50,000)
- Total maturity: ₹13,50,000
- Used for MBA abroad
Total Investment: ₹50,000 × 23 = ₹11,50,000
Total Returns: ₹7,50,000 + ₹13,50,000 = ₹21,00,000
Net Gain: ₹9,50,000 + Tax benefits
Conclusion: Is LIC Jeevan Tarun Right for Your Child?
While the original LIC Jeevan Tarun plan has been withdrawn, the concept remains highly relevant. Child insurance plans with guaranteed returns, premium waiver benefits, and systematic payout structure are excellent tools for education planning.
Final Recommendations:
✓ Do Buy Child Insurance If:
- You want guaranteed, safe returns
- You're a single income family (premium waiver crucial)
- You prefer disciplined savings
- You want to lock in education funds today
✗ Reconsider If:
- You're comfortable with market-linked investments
- You have very high risk appetite
- You prefer liquidity over commitment
- You have very limited budget
Next Steps:
- Calculate Your Child's Education Needs: Consider inflation, type of education, location
- Determine Affordable Premium: Generally 10-15% of annual income
- Contact LIC Agent: Discuss current alternatives to Jeevan Tarun
- Compare Options: LIC vs private insurers
- Make Informed Decision: Don't rush, understand completely
Get Expert Guidance
Choosing the right child insurance plan is a crucial decision that impacts your child's future. Don't navigate this alone!
Contact Keyur Tirgar
LIC Agent Code: 04699-102
IRDA Certified Insurance Adviser
📞 Phone/WhatsApp: +91 9784309640
📧 Email: tirgarkuriya@gmail.com
📍 Service Area: All Over Rajasthan
I Offer:
✓ Free consultation and needs analysis
✓ Comparison of current child insurance plans
✓ Premium calculations and illustrations
✓ Complete documentation support
✓ Lifetime policy servicing
✓ Claims assistance when needed
Schedule your free consultation today and secure your child's future!
Frequently Asked Questions (Quick Reference)
Q: Is LIC Jeevan Tarun better than FD?
A: Yes, offers life cover, better returns, tax benefits, and premium waiver - none available in FD.
Q: Can I take a loan against this policy?
A: Yes, after 3 years when surrender value is available.
Q: What if I can't pay premium after 5 years?
A: Policy becomes paid-up with reduced benefits. Better to revive within 2 years.
Q: Are bonuses guaranteed?
A: Sum assured is guaranteed. Bonuses depend on LIC's performance but LIC has consistent bonus history.
Q: Can NRIs buy this policy?
A: Yes, with certain conditions and documentation requirements.
Disclaimer: LIC Jeevan Tarun Plan 934 has been withdrawn. Information provided is for educational purposes based on the previous plan structure. For current child insurance options from LIC, contact authorized agents. Premium illustrations are approximate. Actual premiums, benefits, and bonuses vary. Bonuses are not guaranteed and depend on LIC's performance. Read policy documents carefully before purchasing. Tax benefits are subject to applicable tax laws.
