LIC Jeevan Tarun is a with-profit child plan that runs until the child turns 25, with premiums until age 20 and optional money back at ages 20 to 24. For a 5-year-old with ₹5 lakh cover under Plan 734, Option 3, the premium is about ₹31,169 a year for 15 years. The family gets ₹50,000 a year at ages 20–24 and about ₹7,15,000 at 25.
Jeevan Tarun Premium & Benefit Calculator (734 / 934 / 834)
Your estimate
- Premium per instalment
- ₹31,169
- Premium paying term
- 15 years
- Policy term
- 20 years
- Total premium paid
- ₹4,67,535
- Survival benefit each year (age 20–24)
- ₹50,000
- Estimated maturity amountat age 25, including the assumed final additional bonus
- ₹7,15,000
- Total bonus (estimated)
- ₹4,65,000
- Sum assured on deathplus accrued bonus; never below 105% of premiums paid
- ₹6,25,000
- Approx. return (IRR)
- 5.88%
- Total premium paid₹4,67,53548%
- Net gain₹4,97,46552%
Payout schedule by child’s age
| Child’s age | Policy year | Survival benefits (money back) | Estimated maturity amount |
|---|---|---|---|
| 20 | 15 | ₹50,000 | — |
| 21 | 16 | ₹50,000 | — |
| 22 | 17 | ₹50,000 | — |
| 23 | 18 | ₹50,000 | — |
| 24 | 19 | ₹50,000 | — |
| 25 | 20 | — | ₹7,15,000 |
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is the LIC Jeevan Tarun calculator?
LIC Jeevan Tarun is a with-profit, limited-premium plan taken on a child’s life, usually by a parent or grandparent. It runs until the child turns 25. You pay premiums only until the child turns 20, and you choose whether to take part of the money as yearly payouts from age 20 to 24. Those years usually line up with college fees.
LIC has sold three versions: Plan 834, Plan 934 (February 2020 to October 2024) and the current Plan 734. This calculator covers all three and shows:
- the yearly premium and your instalment for the chosen mode;
- the policy term and premium paying term, both set by the child’s age;
- the money back each year from age 20 to 24 (Options 2 to 4);
- the maturity amount at 25, including bonus and FAB;
- the total benefit and total premium so you can compare the two;
- the sum assured on death once risk cover has started;
- a payout schedule by child’s age.
See the full plan details on the Jeevan Tarun Plan 734 page.
How the premium is calculated
Jeevan Tarun has a tabular premium per ₹1,000 sum assured. It depends on the child’s age at entry and the option chosen, because early payouts cost a little more.
- Rate × sum assured ÷ 1,000 gives the base yearly premium. For Plan 734 the calculator uses the same engine as our Jeevan Tarun 734 page, built on the sample premiums in LIC’s sales brochure: for example, ₹9,114 a year for a newborn with ₹2 lakh cover under Option 1, which it reproduces exactly. Ages between the published ones (0, 4, 8 and 12) are interpolated.
- A high sum assured rebate is deducted. For 734 it is ₹2.50 per ₹1,000 from ₹5 lakh and ₹4 from ₹10 lakh. For 934 and 834 it is ₹2 from ₹2 lakh and ₹3 from ₹5 lakh.
- Mode: for 734, yearly payment gets LIC’s 2% rebate and half-yearly 1%, while quarterly and monthly get none. For 934 and 834, half-yearly instalments are 51% of the yearly premium, quarterly 26% and monthly 8.7%.
- No GST on individual life policies from 22 September 2025. Earlier receipts included 4.5% in year one and 2.25% after.
Premium snapshot (Plan 734, ₹10 lakh, yearly)
| Child’s age | Option 1 | Option 2 | Option 3 | Option 4 |
|---|---|---|---|---|
| 0 | ₹41,570 | ₹42,550 | ₹43,580 | ₹44,610 |
| 4 | ₹53,525 | ₹55,045 | ₹56,565 | ₹58,035 |
| 8 | ₹73,320 | ₹75,625 | ₹77,930 | ₹80,230 |
| 12 | ₹1,10,270 | ₹1,14,140 | ₹1,17,960 | ₹1,21,830 |
Starting early makes a big difference. The same cover costs almost 2.7 times as much a year at age 12 as at birth, because it is paid over 8 years instead of 20.
Worked example
A parent buys Jeevan Tarun 734 for a 5-year-old with ₹5 lakh cover and Option 3, at a ₹44 bonus rate and ₹50 FAB.
| Item | Estimate |
|---|---|
| Yearly premium | ₹31,169 |
| Premium paying term / policy term | 15 years / 20 years |
| Total premium | ₹4,67,535 |
| Money back at ages 20, 21, 22, 23, 24 | ₹50,000 each (₹2,50,000 total) |
| Maturity at age 25 | ₹7,15,000 |
| Total benefits | ₹9,65,000 |
| Sum assured on death (after risk starts) | ₹6,25,000 + bonus |
The maturity figure is 50% of the sum assured (₹2,50,000), plus bonus of ₹4,40,000 on the full ₹5 lakh for 20 years, plus FAB of ₹25,000. Bonus is not reduced by the money back already paid. That is why the options cost almost the same.
A second case: a 2-year-old, ₹10 lakh, Option 1. The premium is about ₹46,883 a year for 18 years (₹8,43,894 in total), and the whole amount of about ₹20,62,000 comes at age 25.
Tip: Pick the option by when you will need the money, not by the premium. Option 4 costs only about 7–11% more than Option 1, but the timing of cash is very different.
Money back and maturity
- Option 1: no payout until 25, then 100% of the sum assured plus all bonus and FAB.
- Option 2: 5% of the sum assured each year at 20–24, then 75% plus bonus at 25.
- Option 3: 10% each year at 20–24, then 50% plus bonus at 25.
- Option 4: 15% each year at 20–24, then 25% plus bonus at 25.
Bonus is a simple reversionary bonus declared by LIC every year and is not guaranteed for the future. Change the bonus field to see a cautious case, or read how bonus builds up in the LIC bonus calculator.
Death benefit and risk commencement
The life assured is the child. For young children, full risk cover begins a little after the policy starts, as set out in the plan terms. Until then, a death claim returns the premiums paid. After risk starts, the nominee receives the sum assured on death plus accrued bonus and any FAB. For 734 and 934 this is the higher of 125% of the basic sum assured or 7 times the annual premium; 834 uses the higher of 125% or 10 times the annual premium. The payout is never less than 105% of premiums paid.
The optional Premium Waiver Benefit rider covers the proposer. If the parent dies, future premiums are waived and the child’s benefits continue as planned.
Tax benefits
Premiums paid by a parent for a child’s policy qualify under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old regime). Money back and maturity are generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) if the premium is within 10% of the sum assured. While the child is a minor, any taxable income from the policy is clubbed with the parent’s income.
Who should consider Jeevan Tarun?
It suits parents who want a guaranteed, disciplined education fund timed for ages 20 to 25 and who are comfortable with moderate returns. It is less suited if you need high growth or flexibility to stop premiums. Make sure your own life is insured first with a term plan; see the LIC term plan calculator.
How to use this calculator
- Choose the version.
- Enter the child’s age.
- Enter the sum assured.
- Pick an option and premium mode.
- Adjust bonus and FAB if needed.
- Check the payout schedule and total benefits, then share the result.
These are estimates based on LIC’s brochure samples (Plan 734), indicative tables for the older versions and assumed bonus rates. This site is independent and not affiliated with LIC.
Frequently asked questions
What is the premium for LIC Jeevan Tarun for ₹5 lakh?
Under Plan 734, a ₹5 lakh policy for a 5-year-old costs about ₹31,169 a year with Option 3, paid for 15 years. For a newborn with ₹10 lakh cover, Option 1 is about ₹41,570 a year. Premiums rise with the child's age because there are fewer years to pay. No GST applies from 22 September 2025.
How many years do I pay premium in Jeevan Tarun?
Premiums are paid until the child turns 20, so the paying term is 20 minus the entry age. A child who joins at 5 pays for 15 years, and one who joins at 12 pays for 8 years. The policy itself runs until age 25.
What are the four options in Jeevan Tarun?
Option 1 pays nothing until 25 and then 100% of the sum assured with bonus. Options 2, 3 and 4 pay 5%, 10% or 15% of the sum assured every year from age 20 to 24. The balance of 75%, 50% or 25% is paid at 25 with the full bonus.
How is Jeevan Tarun maturity calculated?
Maturity = the remaining share of sum assured for your option + simple reversionary bonus on the full sum assured for every policy year + any final additional bonus. For ₹5 lakh, Option 3, age 5, at ₹44 bonus and ₹50 FAB, that is ₹2,50,000 + ₹4,40,000 + ₹25,000 = ₹7,15,000.
What happens if the parent dies in Jeevan Tarun?
The policy is on the child's life, so the parent's death does not end it. Premiums would still be due. That is why LIC offers the optional Premium Waiver Benefit rider: if the proposer dies, the remaining premiums are waived and the policy continues.
What is the difference between Jeevan Tarun 934 and 734?
The benefit structure is the same, with maturity at 25 and four money back options. Plan 734 replaced 934 in LIC's late-2024 relaunch with revised premium rates, a ₹2 lakh minimum sum assured and different high sum assured rebates. The death cover rule is unchanged: the higher of 125% of the sum assured or 7 times the annual premium.
Is Jeevan Tarun good for a child's education?
It is a safe, disciplined way to build money for ages 20 to 25, with Options 2 to 4 timed for college years. Returns are modest, roughly 5% to 6% a year. Many parents pair it with a term plan on their own life for protection and a PPF or equity SIP for growth.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.