LIC Jeevan Tarun 734 (UIN 512N299V03) is a participating child money back plan for children aged 30 days to 12 years. Cover runs until the child turns 25, premiums stop at 20, and you choose whether 0%, 5%, 10% or 15% of the sum assured is paid each year from age 20 to 24. For a 5-year-old with ₹5 lakh cover under Option 1, the estimated premium is ₹29,492 a year.
Jeevan Tarun 734 Premium & Maturity Calculator
Your estimate
- Premium per instalment
- ₹29,492
- Premium paying term
- 15 years
- Policy term
- 20 years
- Total premium paid
- ₹4,42,380
- Estimated maturity amountat age 25, plus final additional bonus if declared
- ₹9,50,000
- Total bonus (estimated)
- ₹4,50,000
- Sum assured on deathplus accrued bonus; never below 105% of premiums paid
- ₹6,25,000
- Approx. return (IRR)
- 5.81%
- Total premium paid₹4,42,38047%
- Net gain₹5,07,62053%
Payout schedule by child’s age
| Child’s age | Policy year | Survival benefits (money back) | Estimated maturity amount |
|---|---|---|---|
| 25 | 20 | — | ₹9,50,000 |
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 LIC Jeevan Tarun Plan 734?
LIC Jeevan Tarun (Plan 734, UIN 512N299V03) is a children’s money back plan from Life Insurance Corporation of India. It is non-linked (returns do not depend on markets), participating (it earns bonuses) and limited premium (you stop paying five years before the policy ends).
The design is built around one milestone: the child’s 25th birthday. Premiums stop when the child turns 20. After that, depending on the option you pick, the plan can release money every year from age 20 to 24, which lines up with college and early career costs, before paying the balance with bonuses at 25.
Plan 734 is the current version of Jeevan Tarun. It follows Jeevan Tarun 934 and the original Jeevan Tarun 834.
Jeevan Tarun 734 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 734 / 512N299V03 |
| Plan type | Non-linked, participating, limited premium child money back |
| Child’s entry age | 30 days to 12 years (age last birthday) |
| Maturity age | 25 years |
| Policy term | 25 minus entry age (13 to 25 years) |
| Premium paying term | 20 minus entry age (8 to 20 years) |
| Minimum sum assured | ₹2,00,000 (no upper limit) |
| Premium modes | Yearly, half-yearly, quarterly, monthly (NACH) |
| Survival benefit options | 0%, 5%, 10% or 15% of sum assured a year, age 20 to 24 |
| Bonus | Simple reversionary bonus + final additional bonus |
| Rider | Premium Waiver Benefit (on the proposer’s life) |
| Status | Active |
Eligibility
| Child’s entry age | Premium term | Policy term |
|---|---|---|
| 0 (30 days+) | 20 years | 25 years |
| 5 years | 15 years | 20 years |
| 8 years | 12 years | 17 years |
| 12 years | 8 years | 13 years |
The proposer is usually a parent or grandparent. Starting early lowers the yearly premium, but you pay for more years.
The four survival benefit options
| Option | Paid each year at age 20–24 | Paid at age 25 |
|---|---|---|
| Option 1 | Nil | 100% of sum assured + bonuses |
| Option 2 | 5% of sum assured | 75% of sum assured + bonuses |
| Option 3 | 10% of sum assured | 50% of sum assured + bonuses |
| Option 4 | 15% of sum assured | 25% of sum assured + bonuses |
Bonuses are calculated on the full basic sum assured under all four options, so an earlier payout does not cut your bonus. The options with money back cost a little more because LIC pays out sooner.
How the Jeevan Tarun 734 premium is calculated
The premium is a rate per ₹1,000 of sum assured that depends on the child’s age and the option. The calculator follows the sample premiums in LIC’s Jeevan Tarun sales brochure. For example, the brochure lists ₹9,114 a year for a newborn with ₹2 lakh cover under Option 1, and the calculator gives the same figure. The calculator:
- picks the rate for the entered age and option (interpolated between the published ages 0, 4, 8 and 12) and multiplies it by sum assured ÷ 1,000;
- deducts the high sum assured rebate of ₹2.50 per ₹1,000 from ₹5 lakh and ₹4 per ₹1,000 from ₹10 lakh, and the mode rebate of 2% for yearly or 1% for half-yearly payment (none for quarterly or monthly);
- adds about 5% if you include the Premium Waiver Benefit rider.
No GST is added. Individual life insurance premiums are GST-exempt from 22 September 2025; earlier, LIC charged 4.5% in the first year and 2.25% after.
Worked example 1: a 5-year-old, ₹5 lakh sum assured, Option 1, yearly mode.
- Yearly premium: ₹29,492 for 15 years, a total of ₹4,42,380
- Bonus at an assumed ₹45 per ₹1,000 for 20 years: ₹4,50,000
- Maturity at 25: ₹9,50,000, plus any final additional bonus
The same child under Option 3 pays ₹31,169 a year (₹4,67,535 in total). The plan then pays ₹50,000 a year from age 20 to 24 and ₹7,00,000 at 25, so the total is still ₹9,50,000. You get part of it earlier.
Worked example 2: a 1-year-old, ₹10 lakh sum assured, Option 2, monthly mode with the waiver rider. The estimate is ₹4,041 a month (₹48,492 a year) for 19 years. The child gets ₹50,000 a year from 20 to 24 and about ₹18,30,000 at 25, a total of roughly ₹20,80,000.
Tip: if you know you will need money for a degree at 20–22, Option 2 or 3 matches cash to the need without much extra premium. If the goal is a single corpus at 25, Option 1 is the cheapest.
Maturity benefit
At age 25 the plan pays the balance of the sum assured (100%, 75%, 50% or 25%, depending on the option), all simple reversionary bonuses declared during the term, and a final additional bonus if LIC declares one. Bonus rates change every year, so treat the default ₹45 as an assumption and test lower and higher rates in the calculator.
Death benefit
If the child dies during the policy term, the nominee receives the sum assured on death: the highest of 125% of the basic sum assured, 7 times the annualised premium, or 105% of total premiums paid. Accrued bonuses are paid on top. Money back instalments already paid are not deducted. For very young children, full cover starts from the risk commencement date written in the policy; before that, the claim is usually a refund of premiums.
Loan, surrender and rider
- Loan: available once the policy has a surrender value.
- Surrender: possible after the first policy year once one full year’s premium has been paid; the guaranteed surrender value needs two full years’ premiums. The early-year value is low, so surrender only as a last resort. Our surrender value calculator gives a rough figure.
- Premium Waiver Benefit rider: if the proposer dies during the premium term, LIC waives the remaining premiums and the policy continues in full. For a child plan this rider is usually worth adding.
Tax benefits
Premiums qualify for deduction under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old regime, up to ₹1.5 lakh). Survival benefits and maturity are generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)), subject to the 10% premium-to-sum-assured rule and the ₹5 lakh aggregate premium limit for policies issued after 1 April 2023. Death claims are fully tax-free.
Who should buy Jeevan Tarun 734?
It suits parents who:
- want a disciplined, low-risk fund timed to the child’s education years;
- prefer to finish paying by the time the child is 20;
- value money back payouts at 20–24 without losing bonus on the full sum assured.
It is less suitable if your main aim is high returns or large life cover on the earning parent. For the parent, a separate term plan gives far more cover per rupee. To compare goals and amounts across LIC child plans, try our Jeevan Tarun calculator.
Jeevan Tarun 734 vs 934 vs 834
All three versions share the same shape: maturity at 25, premiums until 20 and four survival benefit options. The main differences in Plan 734 are:
- Higher minimum sum assured: ₹2 lakh, against ₹75,000 in the older versions;
- Earlier entry: from 30 days of age, compared with 90 days before;
- Revised premium rates and death benefit rules in line with LIC’s latest product filing.
If you already hold a 934 or 834 policy, keep it; there is no need to switch.
How to use this calculator
Enter the child’s age and sum assured, pick an option and payment mode, and decide on the rider. The results show the yearly and instalment premium, the premium term, total premiums, each survival benefit, the maturity amount, bonus and death benefit. The payout table lists every payment by the child’s age. All figures are estimates; the policy document is final.
Frequently asked questions
What is the premium for LIC Jeevan Tarun 734?
It depends on the child's age, the sum assured and the option. Our estimate for ₹5 lakh cover on a 5-year-old under Option 1 is ₹29,492 a year for 15 years. For ₹10 lakh cover, it ranges from about ₹41,570 at age 0 to ₹1,10,270 at age 12.
What are the survival benefit options in Jeevan Tarun 734?
Option 1 pays nothing before maturity and 100% of the sum assured at 25. Options 2, 3 and 4 pay 5%, 10% or 15% of the sum assured each year from age 20 to 24, and the rest (75%, 50% or 25%) at 25. Bonuses are paid at maturity under every option.
How long do I pay premiums in Jeevan Tarun 734?
Premiums are payable until the child turns 20, so the premium term is 20 minus the entry age. A child who joins at 5 pays for 15 years; one who joins at 12 pays for 8 years. The policy itself runs until age 25.
What is the death benefit in Jeevan Tarun 734?
If the child dies during the term, the nominee receives the highest of 125% of the basic sum assured, 7 times the annualised premium, or 105% of premiums paid, plus accrued bonuses. Check your policy for the risk commencement date that applies to very young children.
Who can be the proposer in Jeevan Tarun 734?
A parent or grandparent can take the policy on the child's life. The proposer's age limits matter mainly for the Premium Waiver Benefit rider, which waives future premiums if the proposer dies during the premium term.
Is LIC Jeevan Tarun 734 maturity tax-free?
Premiums qualify under Section 123 (earlier 80C) in the old tax regime. Survival benefits and maturity are generally tax-free under Schedule II (earlier Section 10(10D)) if the yearly premium stays within 10% of the sum assured and your total premiums on such policies issued after 1 April 2023 stay within ₹5 lakh a year.
Can I take a loan on Jeevan Tarun 734?
Yes. After the first policy year, once one full year's premium has been paid, you can take a loan within the surrender value. The loan limit is a percentage of the surrender value at that time.
Which is better, Jeevan Tarun 734 or Amritbaal?
Jeevan Tarun 734 is a with-profit plan with bonuses and money back payouts from age 20 to 24. LIC Amritbaal (Plan 774) is a non-participating child plan with guaranteed additions and a lump sum at maturity. Compare both calculators with the same child's age and sum assured.
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.