LIC's Jeevan Tarun 734

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LIC Jeevan Tarun 734: A Complete Guide

LIC Jeevan Tarun 734 is a popular savings cum insurance plan offered by Life Insurance Corporation of India (LIC) designed to meet the needs of children. It is a child-centric plan that combines insurance coverage with financial protection and savings, making it a preferred choice for parents who want to secure their child’s future. This article dives deep into the scheme, covering all aspects, including its features, eligibility, benefits, tax implications, and how it compares with other child plans in the market.

Introduction to LIC Jeevan Tarun 734

LIC Jeevan Tarun 734 is a Unit-Linked Child Insurance Plan (ULCIP) that provides both insurance and investment benefits. The plan is tailored for parents who wish to secure their child’s future, such as education, marriage, or other important milestones. The product offers a unique combination of life insurance, guaranteed returns, and potential for market-linked gains, depending on the selected options and fund performance.

Key highlights:

• It is a non-linked, non-participating plan, meaning the policyholder does not get bonuses or participate in profits.

• It offers guaranteed additions and maturity benefits along with insurance coverage.

• The premium paid is fixed throughout the policy term.

Why Choose LIC Jeevan Tarun 734?

LIC Jeevan Tarun 734 is suitable for parents who want to:

• Secure their child’s future with guaranteed returns.

• Ensure their child is financially protected in case of any unforeseen events.

• Build a corpus for future goals like education or travel.

• Take advantage of LIC’s reputation and trustworthiness.

The plan stands out for its transparency, guaranteed additions, and the flexibility in premium payment options. It is especially suited for risk-averse parents who prefer a secure investment over market-linked risk.

Who is Eligible for LIC Jeevan Tarun 734?

Eligibility Criteria

Criteria	Details
Age of Child	Minimum: 0 years at entry (newborn) Maximum: 12 years at entry
Age at Maturity	Policy term can be chosen up to age 25 years of the child
Policy Term	Minimum: 10 years Maximum: 25 years
Premium Payment Term	Same as the policy term (single premium or regular premium)
Premium Payment Mode	Yearly, Half-yearly, Quarterly, Monthly (as per LIC’s available options)
Min. Sum Assured	₹1,00,000 (subject to change by LIC)
Max. Sum Assured	No specific limit—depends on income proof and underwriting

Eligibility Conditions

• The child becomes the nominee and the beneficiary of the policy.

• The policyholder (parent) needs to be at least 18 years old.

• Medical check-up may be required for higher sum assured amounts.

• The policy terminates if the child passes away before maturity.

Key Features of LIC Jeevan Tarun 734

• Guaranteed Additions: The policy provides a guaranteed rate of return per year, which is added to the base sum assured. This addition is declared at the start of the policy and is fixed for the entire term.

• Maturity Benefit: On survival to the maturity date, the child receives the sum assured plus guaranteed additions.

• Death Benefit: If the policyholder (parent) dies during the premium payment term, future premiums are waived, and the child continues to receive the benefits. If the child dies before maturity, the policy terminates.

• Surrender Value: The policy offers a surrender value after the completion of 3 years, subject to LIC’s terms.

• Loan Facility: After the policy acquires a surrender value, the policyholder can avail of a loan against the policy.

• Tax Benefits: Premiums paid and the maturity benefit are eligible for tax benefits under the Income Tax Act, subject to prevailing rules.

Step-by-Step Breakdown of Advantages

1. Guaranteed Returns

The policy offers a fixed guaranteed addition per year, which is declared at the time of purchase. This makes it predictable and safe for parents who want to avoid market risk.

2. Financial Security for Child

In case of the parent’s death during the premium payment term, future premiums are waived, ensuring the policy continues to protect the child.

3. Flexibility in Premium Payment

LIC Jeevan Tarun 734 allows parents to choose premium payment modes (single, yearly, half-yearly, etc.) and payment terms (up to maturity), providing convenience and flexibility.

4. Long-Term Investment

The policy is designed for long-term savings and can be used to build a corpus for the child’s future needs, such as higher education or marriage.

5. Tax Efficiency

Premiums paid are eligible for deduction under Section 80C, and the maturity benefit is tax-free under Section 10(10D), making it a tax-efficient investment option for parents.

How LIC Jeevan Tarun 734 Works: An Example

Suppose a parent buys a policy for a newborn (age 0) with a sum assured of ₹10,00,000, a policy term of 20 years, and a guaranteed addition of ₹50 per ₹1,000 per year.

• Total Guaranteed Additions: ₹10,00,000 × ₹50 × 20 years = ₹10,00,000

• Maturity Benefit: ₹10,00,000 (sum assured) + ₹10,00,000 (guaranteed additions) = ₹20,00,000

The child will receive ₹20 lakhs at age 20, providing a significant financial boost for their future goals.

Documentation Required

• Birth certificate of the child

• Identity and address proof of the parent/policyholder

• Photo of the child and parent

• Completed application form

• Medical tests (if required for higher sum assured)

Comparison with Other Child Plans

Feature	LIC Jeevan Tarun 734	Other Child Plans (Market)
Guaranteed Returns	Yes	Mostly market-linked (variable)
Insurance Coverage	Yes	Yes
Flexibility in Premium	High	Varies
Tax Benefits	Yes (80C, 10(10D))	Yes (depends on plan)
Maturity Options	Fixed term (up to age 25)	Varies (some allow partial withdrawal)
Surrender Value	Yes (after 3 years)	Yes
Risk Factor	Low (non-linked)	High (market-linked in ULIPs)

Frequently Asked Questions

Q1. Can I withdraw money before maturity?

Yes, after the policy acquires surrender value, typically after 3 years, partial withdrawal is allowed as per LIC’s terms.

Q2. Are there any riders available?

No, LIC Jeevan Tarun 734 does not offer additional riders.

Q3. Is the policy transferable?

No, the policy cannot be transferred to another person.

Q4. What happens if the child dies before maturity?

The policy terminates, and no further benefits are paid.

Q5. Can I increase the sum assured during the policy term?

No, the sum assured is fixed at the time of purchase.

Conclusion

LIC Jeevan Tarun 734 is a reliable, secure, and child-friendly investment option that combines insurance coverage with guaranteed returns. It is designed for parents who want to ensure their child’s future is protected, and financial goals are met without exposure to market risks. With its flexible premium payment options, tax benefits, and reputation of LIC, it remains a top choice for families planning for their child’s future.

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