Overview of LIC Children Plans: Jeevan Tarun (Table No. 734) & Jeevan Baal (Table No. 774)

Here’s an overview of two popular LIC children-focused insurance plans—Jeevan Tarun Plan (Table No. 734) and Jeevan Baal Plan (Table No. 774). Both plans are structured to support children's future financial needs, including education, life events, and long-term savings.

1. LIC Jeevan Tarun Plan (Table No. 734)

Type: Endowment plan designed exclusively for children.

Target Group: Suitable for children aged 0 to 12 years.

Policy Term: 10 to 25 years.

Sum Assured: Minimum ₹75,000, no upper limit.

Premium Payment: Offers regular premiums and limited premium payment options.

Maturity Benefit: Sum assured + accrued bonuses (if any) at maturity.

Premature Withdrawal: Partial withdrawals allowed after the premium payment term is completed.

Death Benefit: In case of the child's demise, the nominee receives the sum assured + bonuses. The policy continues, and the maturity amount is paid at the end of the term.

Additional Features: • Education benefits paid in installments at specified ages. • Loan facility available after acquiring surrender value.

2. LIC Jeevan Baal Plan (Table No. 774)

Type: Unique plan tailored for children’s future financial needs.

Target Group: Children aged 0 to 8 years.

Policy Term: 10 to 25 years.

Sum Assured: Minimum ₹1 lakh, no upper limit.

Premium Payment: Annual, semi-annual, quarterly, or monthly modes available.

Maturity Benefit: Sum assured + bonuses (if declared).

Death Benefit: • Nominee receives the sum assured + bonuses upon the insured child’s death. • Future premiums are waived. • The policy continues, and the maturity benefit is paid at term end.

Additional Features: • Loan facility available after the policy acquires surrender value. • Premium waiver benefits in case of the policyholder’s death.

Key Points for Both Plans

• Additional riders such as Accident Benefit Rider and Critical Illness Rider may be available.

• Premiums qualify for tax deductions under Section 80C.

• Maturity benefits may be tax-exempt under Section 10(10D), subject to conditions.

• Both plans gain surrender value after a minimum number of premiums are paid.

Conclusion

LIC’s child-focused plans—Jeevan Tarun and Jeevan Baal—are designed to secure a child’s future by offering life coverage, disciplined savings, and education-oriented benefits. Parents are encouraged to assess their financial goals, compare plan features, and select the plan that best aligns with their child’s long-term needs. Consulting a licensed LIC representative can help clarify benefits, premiums, riders, and suitability.