Formula
P = (T − R) × (1 − m) × S / 1000
I = P / f
T = A / (ä × (1 − λ))
M = G + (B × n + F) × S / 1000
P × Σt=0k−1 (1 + r)−t = Σt Ct (1 + r)−t + M (1 + r)−n
where
- P
- annual premium
- T
- tabular premium per ₹1,000 of sum assured, for your age, term and premium paying term
- R
- high sum assured rebate, ₹ per ₹1,000, from this plan's table (nil on smaller policies)
- m
- mode rebate: 2% yearly, 1% half-yearly, nil quarterly and monthly
- S
- Basic Sum Assured
- I
- each instalment
- f
- instalments a year: 1, 2, 4 or 12
- A
- present value, per ₹1,000 of sum assured, of everything the policy pays: death cover, survival benefits and maturity
- ä
- present value of ₹1 a year, paid at the start of each year of the premium paying term while you are alive
- λ
- expense loading, 12%
- M
- maturity amount
- G
- guaranteed maturity sum: the share of S your chosen option leaves for maturity
- B
- simple reversionary bonus, ₹ per ₹1,000 of sum assured a year, as last declared
- F
- Final Additional Bonus, ₹ per ₹1,000 of sum assured, by term
- Ct
- survival benefit in each payout year, the percentage of S set by your chosen option
- r
- annualised return: the rate that makes both sides equal
- n
- policy term, in years
- k
- premium paying term, in years
*Source LIC Jeevan Tarun brochure (PDF), LIC Reversionary Bonus Rates, valuation as at 31 March 2021 (PDF), for the plans of 2021; not the source of the rates used
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.
Worked example: at 4, ₹5,00,000 of cover over 21 years costs ₹26,962 a year for 16 years and is projected to pay ₹10,06,500 at maturity, a return of 6.18% a year.
What is LIC Jeevan Tarun?
Jeevan Tarun (Plan 734) is written on a child aged 30 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 30 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
We checked the plan number and UIN above against LIC's own page for this plan on 2026-09-08. Check it on licindia.in
Is it 734, 934 or 834?
LIC's own page gives this plan as 734 with UIN 512N299V03, and that is where both come from here. The V03 on the end of the UIN is a version marker: this is the third version. Plan 834 (UIN 512N299V01) was withdrawn on 1 February 2020 and replaced that day by Plan 934 (UIN 512N299V02), which was itself withdrawn on 1 October 2024 and replaced by this one. If 934 or 834 is what your policy document says, that document is the one that governs; a later version does not change the terms yours was sold on.
What are the benefits of LIC Jeevan Tarun?
What does LIC Jeevan Tarun pay on death?
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.
What do you get at maturity?
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 is LIC Jeevan Tarun for?
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 should you watch out for?
LIC allows a switch to a higher survival-benefit option later, for a fee, but not a downgrade and not for free. Choosing correctly at the start avoids paying twice for the same decision.
What does LIC Jeevan Tarun cost?
Worked out on a 21-year term with premiums paid for 16 years. Change any of these in the calculator above for your own figures.
By sum assured, at age 4
| Sum assured | Premium a year | Total paid in | Projected maturity |
|---|---|---|---|
| ₹5,00,000 | ₹26,962 | ₹4,31,396 | ₹10,06,500 |
| ₹10,00,000 | ₹52,454 | ₹8,39,272 | ₹20,13,000 |
| ₹25,00,000 | ₹1,31,136 | ₹20,98,180 | ₹50,32,500 |
Premiums are modelled on this plan's own tabular rates; the maturity figure assumes LIC's current bonus rates hold for the full term, which is not guaranteed.
LIC's own sample premium, from the brochure
From the sourceNot modelled: this is the table LIC prints in its own brochure (Sales brochure, section 6 Sample Illustrative Premium, option 1), at ₹2,00,000 of cover, the sum assured LIC chose to illustrate. Everywhere else on this page the premium is worked out for the sum assured you enter; here it is fixed at that figure, because that is what LIC published.
These figures are taken from the document linked below. Check them there.
| Age at entry | 8 years | 12 years | 16 years | 20 years |
|---|---|---|---|---|
| 0 | Not printed | Not printed | Not printed | ₹9,114 |
| 4 | Not printed | Not printed | ₹11,505 | Not printed |
| 8 | Not printed | ₹15,464 | Not printed | Not printed |
| 12 | ₹22,854 | Not printed | Not printed | Not printed |
Priced on ₹2,00,000 of cover, exclusive of taxes, standard lives. Our own model is anchored on the age 4, 21-year term, 16-year premium term cell in this table; the other cells are the real test of the model, and the editorial and methodology policy publishes how far off they run.editorial and methodology policy publishes how far off they run.
Where the maturity figure comes from
Taken apart, on the ₹5,00,000 policy in the first table. Only the first line is guaranteed by the contract. Everything under it is bonus, declared a year at a time and assumed here to carry on at the rate this page uses.
- Basic sum assured (guaranteed)
- ₹5,00,000
- Vested reversionary bonus, 21 years at ₹43 per ₹1,000
- ₹4,51,500
- Final Additional Bonus, ₹110 per ₹1,000
- ₹55,000
- Paid at maturity
- ₹10,06,500
- Return a year on the premiums, if the bonus rate holds
- 6.18%
When does LIC Jeevan Tarun pay for itself?
The grey line is what you have paid in by each policy year. The yellow line is what the policy has paid back by then. They cross in year 21, which is the point the policy has returned everything it cost.
That return counts everything the policy pays back, income included, against everything you put in, after the cost of the life cover it carried for 21 years. It is not a market return. Change the bonus rate and it changes with it.
Who can take LIC Jeevan Tarun?
Age to start
- Minimum
- 30 days
- Maximum
- 12 years
Policy term
- Minimum
- 13 years
- Maximum
- 25 years
Age when the policy matures
- Maximum
- 25 years
Your age at entry plus the policy term cannot come to more than 25.
Years you pay for
- Premium paying term
- Policy term minus 5 years
Sum assured
- Minimum
- ₹2,00,000
- Maximum
- No limit set by LIC
LIC caps this by what underwriting allows rather than with a printed figure. This calculator accepts up to ₹5 Crore.
The calculator applies every limit above. LIC sets them out under "Eligibility Conditions and Other Restrictions" on page 2 of the Jeevan Tarun sales brochure, linked in the form above.
Surrender value, paid-up value and loan
A 21-year commitment is a long one, and the question that follows a premium quote is usually what happens if you stop. Under the IRDAI rules in force since 1 October 2024, Jeevan Tarun can be surrendered once the first policy year is complete and one full year's premium has been paid. Stop before that and the policy lapses with nothing to show for it.
From then you are paid the higher of two figures. The special surrender value, what the reduced, paid-up policy is worth today rather than at maturity, is available from the end of the first year. The guaranteed surrender value needs two full years' premiums, and is a percentage of the total premiums paid, first year included: 30% in year 2, 35% in year 3, 50% from year 4 to year 7, then rising to 90% in the last two years. Which of the two comes out higher changes with duration, so the last column below is the one to read.
| Years paid | Total paid in | Guaranteed value | Special value | You would get |
|---|---|---|---|---|
| 1 year | ₹26,962 | ₹0 | ₹10,525 | ₹10,525 |
| 2 years | ₹53,924 | ₹16,177 | ₹22,840 | ₹22,840 |
| 3 years | ₹80,887 | ₹38,585 | ₹37,171 | ₹38,585 |
| 5 years | ₹1,34,811 | ₹85,229 | ₹72,932 | ₹85,229 |
| 10 years | ₹2,69,622 | ₹1,91,855 | ₹2,19,329 | ₹2,19,329 |
| 16 years | ₹4,31,396 | ₹3,80,941 | ₹5,72,524 | ₹5,72,524 |
On the ₹5,00,000 policy from the tables above, at age 4. Held to maturity the same policy is projected to pay ₹10,06,500, which is the number to read every row here against. Surrender values are modelled on the IRDAI 2024 basis, using the guaranteed surrender value grid printed in the New Jeevan Anand (715) brochure; a policy sold before 1 October 2024 runs on the older rules in its own document, and your own policy schedule is what governs.
Paid-up value: the other way to stop
You do not have to take the money out. Stop paying after at least one full year's premium and the policy continues at a reduced sum assured instead, keeping the cover and the bonuses already vested. The reduction is worked on the premium paying term, not the policy term, which is the point most calculators get wrong: on this policy the denominator is 16, so 8 years paid out of 16 leaves 50% of the sum assured standing, plus the bonus already vested.
Loan against the policy
Once the policy has a surrender value it can also be borrowed against, which is worth knowing before you surrender in a hurry. LIC lends a percentage of the surrender value rather than of the sum assured, and sets a different percentage for an in-force policy and a paid-up one. Those percentages sit in the policy conditions, so ask your servicing branch for the figure that applies to yours. On New Jeevan Anand (715), for example, the brochure allows 50% of the surrender value before two full years' premiums and 75% after, or 40% and 65% on a paid-up policy.
To run these figures on your own policy, use the LIC surrender value calculator, which takes the premium and the years paid off your own policy document. If you are weighing it up rather than pricing it, we have written about whether surrendering an LIC policy is worth it.
Tax on LIC Jeevan Tarun
Two provisions do the work, and both turn on the size of the premium rather than on the plan. The Income-tax Act, 2025 renumbered both from 1 April 2026 without changing the rules, so each is given here under its old number and its new one.
Section 80C, now Section 123, on what you pay in
Premiums count towards the ₹1.5 lakh limit, in the year they are paid, if you are on the old regime. The deduction is restricted where the annual premium is more than 10% of the sum assured.
Section 10(10D), now Schedule II, on what comes back
Maturity proceeds are exempt where the premium in every year stays inside 10% of the sum assured, and, for a policy issued on or after 1 April 2023, where the premiums on all such policies together stay inside ₹5 lakh a year. Death proceeds are exempt either way.
Where this policy sits
The ₹5,00,000 policy priced above costs ₹26,962 a year, which is 5.4% of the sum assured. That is inside the 10% test, on both provisions. A larger sum assured moves the ratio down.
GST
Nil. Individual life insurance premiums have been exempt since 22 September 2025, so the instalment the calculator shows is the amount that leaves your account.
None of this is tax advice. Which regime you are on, what else you hold and when the policy was issued all change the answer, so confirm your own position with a tax adviser before you rely on it.
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, meaning the death benefit in each policy year, every survival payout and the maturity value, then 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
- ₹57.52 per ₹1,000 at age 4, 21-year term, 16-year premium term
- Discount basis
- 6.70% a year, on LIC (2012-14) Ultimate mortality
- Reversionary bonus
- ₹43 per ₹1,000 sum assured a year, believed to be LIC's 2023-24 rate for this term; we have not found an LIC document that publishes it. Later declarations, which pay higher rates on larger sums assured, are not reflected, so the figure may be low.
- Final Additional Bonus
- ₹110 per ₹1,000 at a 21-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, and 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.
What they cost
On the ₹5,00,000 policy priced above, at age 4. Each cover rider is quoted here for the same ₹5,00,000 of rider cover, or its own ceiling if that is lower; the premium waiver rider is quoted against the base premium it would waive. The plan brochure does not print these rates, so they come from each rider's own brochure instead.
| Rider | Quoted on | Premium a year |
|---|---|---|
| PWB RiderWaives future premiums | ₹26,962of premium waived | ₹847interpolated |
Priced on the limited premium basis, because that is how Jeevan Tarun is paid for. LIC prints a separate rate table for each basis, and the same rider costs materially more on a limited premium policy than on a regular premium one. Where LIC publishes a sample grid rather than a rate for every age and term, the figure between grid points is interpolated and marked as such above. The 30% cap works out at ₹8,089 a year on this policy.
Tick a rider in the calculator above and enter the cover you want, and the result page prices it on your own age, term and sum assured rather than on this reference policy.
Rate sources: PWB Rider sales brochures.
Source: Jeevan Tarun sales brochure (PDF), Optional Rider Benefits clause.
How LIC Jeevan Tarun compares
The plans people weigh this one against, and what separates each from it.
| Plan | Policy term | You pay for | Cover from | What is different |
|---|---|---|---|---|
| Jeevan TarunNo. 734 · this page | 13 to 25 years | Term minus 5 years | ₹2 Lakh | A child plan with four payout patterns, funding ages 20 to 25. |
| AmritbaalNo. 774 | 10 to 25 years | 5, 6, 7 years | ₹2 Lakh | A child plan with ₹80 per ₹1000 guaranteed addition every year. |
| Jeevan LakshyaNo. 733 | 13 to 25 years | Term minus 3 years | ₹2 Lakh | Endowment built around a family income benefit if the parent dies. |
| Jeevan LabhNo. 736 | 16, 21, 25 years | 10, 15, 16 years | ₹2 Lakh | Limited premium endowment. You finish paying years before the policy matures. |
| New Money Back Plan - 20 YearsNo. 720 | 20 years | 15 years | ₹2 Lakh | 20% of the sum assured back in years 5, 10 and 15, and the rest at maturity. |
To price several of these against each other on the same age and sum assured, the LIC premium calculator runs every plan on the site through the same engine and puts the answers in one table.
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, and the policy then runs on to maturity at 25 with no further premiums.
What is the minimum sum assured in Jeevan Tarun?
₹2,00,000, in multiples of ₹5,000 up to ₹4,50,000, then larger multiples above that. 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.
Can I change the payout option after the Jeevan Tarun policy is issued?
Yes, but only upward and only before the survival benefits start at age 20. LIC lets the proposer or life assured move to a higher-percentage option, from Option 1 towards Option 4, on payment of a switch cost: the higher of the extra premium the higher option would have needed from the start (with interest) and the difference in surrender value before and after the change. The request has to be in writing at least three months before age 20, and the new tabular rate cannot come out lower than the original. There is no route to move to a lower-percentage option.
What happens if the child dies before the Jeevan Tarun policy's risk cover starts?
If the child was under 8 at entry, LIC's own cover does not begin immediately: it starts two years after the policy or on the child turning 8, whichever comes first. A death in that gap pays back only the premiums paid so far, excluding taxes, extra premium and rider premium, with no interest and none of the usual death benefit multiples. Once cover has commenced, the full Sum Assured on Death applies from that point on.
Can the Jeevan Tarun payout be received in instalments instead of a lump sum?
Yes, on both benefits, and it has to be arranged in advance rather than chosen after the event. The maturity benefit can be spread over 5, 10 or 15 years under LIC's Settlement Option, exercised at least three months before the maturity date. The death benefit can be spread the same way if the policyholder or life assured sets it up while the policy is running. Minimum instalments start at ₹50,000 a year or ₹5,000 a month, and LIC pays interest on the deferred amount at a rate it revises annually, linked to the 10-year government bond yield.
Spot something wrong?
If a figure on this page disagrees with an LIC premium notice, bonus statement or benefit illustration, tell us and we will check it against the brochure. Anything else you think this page gets wrong is just as welcome.
Related calculators
Plans people usually weigh up against Jeevan Tarun before deciding.
Amritbaal
No. 774A child plan with ₹80 per ₹1000 guaranteed addition every year.
Open calculatorJeevan Lakshya
No. 733Endowment built around a family income benefit if the parent dies.
Open calculatorJeevan Labh
No. 736Limited premium endowment. You finish paying years before the policy matures.
Open calculatorNew Money Back Plan - 20 Years
No. 72020% of the sum assured back in years 5, 10 and 15, and the rest at maturity.
Open calculator