In short (tl;dr)
Jeevan Tarun lets you choose how the money arrives between ages 20 and 25 — as annual instalments through college, as a lump sum at 25, or a mix.
About LIC Jeevan Tarun
Jeevan Tarun (Plan 734) is written on a child aged 90 days to 12 years and always matures at age 25. The policy term is therefore 25 minus the entry age, and premiums are payable until the child turns 20 — five years less than the term.
What makes the plan distinctive is the payout choice, fixed at inception. Option 1 pays nothing early and 100% of the sum assured at 25. Option 2 pays 5% of the sum assured at ages 20 through 24 and 75% at maturity. Option 3 pays 10% a year and 50% at maturity. Option 4 pays 15% a year and 25% at maturity.
Whichever option you pick, the vested bonuses and Final Additional Bonus are always paid in full at maturity, calculated on the whole Basic Sum Assured. The choice changes when the guaranteed money arrives, not how much bonus accrues. Option 4 suits an undergraduate degree with annual fees; Option 1 suits a single large expense at 25.
Key features
- Four payout patterns fixed at inception, from all-at-maturity to 15% a year from age 20
- Premiums stop when the child turns 20, five years before maturity
- Bonus accrues on the full sum assured regardless of the option chosen
- Entry age 90 days to 12 years; always matures at age 25
- Premium Waiver Benefit Rider available on the proposer's life
Jeevan Tarun at a glance
- Plan number
- 734
- Category
- Money Back
- Entry age
- 0 to 12 years
- Policy term
- 13 to 25 years
- Premium paying term
- Policy term minus 5 years
- Sum assured
- ₹2 Lakh and above
- Maximum maturity age
- 25 years
- UIN
- 512N299V03
LIC publishes a page for this plan. It does not state the plan number or UIN on the page itself, so treat those two rows here as unconfirmed. Check it on licindia.in
Benefits under Jeevan Tarun
Death benefit
Sum Assured on Death — the higher of 125% of the Basic Sum Assured and 7 times the annualised premium, never less than 105% of premiums paid — plus vested bonuses and Final Additional Bonus.
Maturity benefit
The chosen percentage of the Basic Sum Assured (100%, 75%, 50% or 25% depending on the option) plus vested simple reversionary bonuses on the full sum assured plus Final Additional Bonus.
Who it suits
Parents matching a payout pattern to a specific education plan — annual instalments for a degree, or one lump sum for a postgraduate course or a deposit.
What to watch out for
The option cannot be changed once the policy is issued. Think carefully about whether the child's costs will arrive annually or in one go.
How this calculator works
Jeevan Tarun is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule — the death benefit in each policy year, every survival payout, and the maturity value — and discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- ₹67.00 per ₹1,000 at age 5, 20-year term, 15-year premium term
- Discount basis
- 6.07% a year, on LIC (2012-14) Ultimate mortality
- Reversionary bonus
- ₹43 per ₹1,000 sum assured a year, from LIC's 2023-24 valuation
- Final Additional Bonus
- ₹90 per ₹1,000 at a 20-year term
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:Jeevan Tarun on licindia.inLIC valuation and bonus declarationsIRDAI regulations
What this premium does not include
The figure above is the premium for the base policy. LIC allows one optional rider on Jeevan Tarun, each a separate contract with its own sum assured, term and premium. Take one and you pay more than the figure above — the base premium itself does not change.
- LIC's Premium Waiver Benefit Rider (PWB Rider)UIN 512B204V04
Premiums for all the life insurance riders put together cannot exceed 30% of the premium under the base plan. That cap is the useful number to hold an agent to: whatever riders are proposed, the total should stay inside it.
Why we do not price them. A rider premium follows from the rider's own sum assured and term, so it cannot be worked out from a tick-box — and LIC does not publish rider rates in the plan brochure, which tells you to read the rider brochure or ask a branch. We would rather name the riders and their UINs, which you can check, than show a number we cannot source.
Source: Jeevan Tarun sales brochure (PDF), Optional Rider Benefits clause.
LIC Jeevan Tarun — frequently asked questions
What are the four options in LIC Jeevan Tarun?
Option 1: no survival benefit, 100% of the sum assured at 25. Option 2: 5% of the sum assured at each of ages 20 to 24, then 75% at 25. Option 3: 10% a year, then 50%. Option 4: 15% a year, then 25%. Bonuses are paid in full at maturity under all four.
Until what age are Jeevan Tarun premiums payable?
Until the child turns 20 — the premium paying term is the policy term minus five years. The policy then runs on to maturity at 25 with no further premiums.
What is the minimum sum assured in Jeevan Tarun?
₹75,000, in multiples of ₹5,000. There is no upper limit subject to underwriting.
Which Jeevan Tarun option is best?
It depends on the expense you are funding. Option 4 matches an annual college fee from age 20. Option 1 matches a single large cost at 25 such as a postgraduate course or a house deposit, and it leaves the largest guaranteed amount compounding to the end.
What happens if the parent dies during the Jeevan Tarun term?
The policy is on the child's life, so it continues unchanged unless the Premium Waiver Benefit Rider was taken on the proposer's life. With that rider, all future premiums are waived on the proposer's death and the policy runs to maturity intact. It is worth taking.
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No. 774A child plan with ₹80 per ₹1000 guaranteed addition every year.
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No. 733Endowment built around a family income benefit if the parent dies.
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No. 72020% of the sum assured back in years 5, 10 and 15, and the rest at maturity.
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