LIC Jeevan Tarun (Plan 734) is a non-linked, with-profit limited premium payment plan designed to meet a child’s future financial needs — education, higher studies and early adulthood goals. The policy combines life protection with periodic survival payouts and a maturity benefit to provide liquidity during important life stages. :contentReference[oaicite:0]{index=0}
The plan is aimed at children: minimum entry age begins from 90 days (0.25 years) up to 12 years, with flexible sum assured options starting from ₹2,00,000. Premium payment is limited (shorter than policy term), making it suitable for parents who prefer a defined premium outflow while ensuring long-term benefits for their child. :contentReference[oaicite:1]{index=1}
The plan provides survival benefits at specified intervals as the child reaches early adulthood — typically payable at ages around 20, 21, 22 and 23 — helping parents fund education, vocational training or early career needs through scheduled liquidity. These payouts are a percentage of the sum assured and help reduce immediate financial pressure during those formative years. :contentReference[oaicite:2]{index=2}
On survival to maturity, the policy pays the remaining sum assured along with any vested simple reversionary bonuses and any final additional bonus, if declared. The plan offers different payout structures (varying percentages of sum assured as periodic payouts and differing maturity balances) so families can choose the option that best aligns with their financial planning. :contentReference[oaicite:3]{index=3}
If the life assured (the child) dies during the policy term while the policy is in force, the nominee receives the death benefit — which is the higher of the sum assured on death or ten times the annualized premium — offering a safety net that secures the child’s future financial needs even in unforeseen circumstances. :contentReference[oaicite:4]{index=4}
Policyholders may access loans against the policy (subject to LIC terms), and surrender value may be payable if the policy acquires a surrender value before term completion. Optional riders, such as accidental death and disability riders, can be added to enhance protection based on family needs. :contentReference[oaicite:5]{index=5}
Premiums paid toward LIC Jeevan Tarun can be eligible for tax deductions under Section 80C of the Income Tax Act, 1961, and policy proceeds may be eligible for tax exemption under Section 10(10D), subject to prevailing tax laws and conditions. Always consult a tax advisor for up-to-date treatment. :contentReference[oaicite:6]{index=6}