LIC - Komal Jeevan
Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.
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A Money Back Plan that assures periodic payment of basic Sum Assured in installments on survival with increasing life cover. Added attractive features like Guaranteed and Loyalty Addition. No additional premium for accident cover, as it is a part of the policy.
- Plan can be proposed by child's parents or grand parents
- Non medical product
- Risk starts to commence after 2 policy years or the child is at least 7 years old, whichever is later
- Guaranteed Addition of Rs. 75 per thousand Sum Assured for each completed year.
- An Additional Premium Waiver Benefit rider can be taken along with this plan.
Unique Features of LIC - Komal Jeevan Plan
Sum Assured is on the child's name and not on parent's name. Waiver of premium benefit should be opted-it will ensure no premium liability in case the parent dies before completion of the premium paying term
Guaranteed Addition of 7.5% of Sum Assured for each completed year plus loyalty additions
Guaranteed money back plan which pays fixed percentage of Sum Assured at ages 18,20,22 and 24 of child.
Eligibility Criteria for LIC - Komal Jeevan Plan
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Age at Entry (Min) | 0 years(3 months) | ||||
| Age at Entry (Max) | 10 years | ||||
| Max age of Maturity | 26 years | ||||
| Min Sum Assured | Rs. 100,000 | ||||
| Max Sum Assured | Rs. 25,00,000 | ||||
| Mode Available | Single, Annual, Semi Annual, Quarterly, Monthly, payroll savings program | ||||
| Terms | |||||
| Policy Term | 18 years – Child’s Age at Entry | ||||
| Premium Paying Term | Min | 8 years | |||
| Max | 18 years | ||||
Product Benefits of LIC - Komal Jeevan Plan
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| Death Benefit | Sum Assured + Bonuses after commencement of risk. Otherwise, the sum of basic premiums are paid back | |||||
| Survival Benefit | Child's 18 years - 20% of the Sum Assured Child's 20 years - 20% of the Sum Assured Child's 22 years - 30% of the Sum Assured Child's 24 years - 30% of the Sum Assured |
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| Maturity Benefit | Guaranteed Additions along with Loyalty additions is payable in a lumpsum. | |||||
Other Policy Features of LIC - Komal Jeevan Plan
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Bonus Types | Guaranteed Addition | Guaranteed Addition of Rs. 75 per thousand Sum Assured for each completed year | ||||
| Loyalty Addition | Loyalty addition is paid with maturity, if the premiums are paid for atleast 5 years, loyalty addition may become available alongwith claim payments. Loyalty addition would depend on Company's experience. | |||||
| Premium Dis-continuance | ||||||
| Reduced paid-up | If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions. | |||||
| Surrender | Before the date of commencement of risk | Surrender of policy is allowed only after completion of 3 years or more. The Guaranteed Surrender Value before the date of commencement of risk is 90% of the premiums paid excluding the premiums paid during the first year and any extra premium paid. | ||||
| After the date of commencement of risk | Guaranteed Surrender Value is 90% of the premiums paid before the date of commencement of risk excluding the premiums paid during the first year and any extra premium paid plus 30% of the premiums paid after the date of commencement of risk. | |||||
Add-ons for LIC - Komal Jeevan Plan
Exclusion in LIC - Komal Jeevan Plan
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy,
the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits of LIC - Komal Jeevan Plan
Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.
Claim Process for LIC - Komal Jeevan Plan
Know Claim ProcessBonuses for LIC - Komal Jeevan Plan
Plan Doesn’t have bonus history