LIC Komal Jeevan Life Insurance Policy is a child plan which comes with a guaranteed money back facility. The premium in this policy is returned to the beneficiary when he turns 18 years, on a periodic basis after every two years. In the case of an unfortunate event like the death of the children, the sum assured along with guaranteed additions are paid out and the policy terminates. The plan can be bought by any parent or grandparent of the child and the premium in this plan needs to be paid only till the child attains the age of 18 years.
Well, to be honest, the LIC Komal Jeevan policy is one of the best policies for children and it’s a way that you can secure your child’s future. Being parents we always try to give our children, their upbringing, their demands, and their future. If you are worried about your child’s future, then you should start looking for insurance policies cause when you give up, insurance is with you and makes things easier around you and this is why insurance policies are known for.
Maturity Benefit: On maturity of the policy, both guaranteed additions and along additions is paid in a lump sum.
Death Benefit: In the event of unfortunate death of the policyholder, the sum assured in the form of death benefit along with accrued additional bonuses is paid by the insurer. But if death occurs before the commencement of risk, then only the sum of basic premiums are paid back.
Survival Benefit: As your child attains 18 years, he/she starts receiving survival benefits on a periodic basis from the insurer.
Income Tax Benefit: Under section 80C of the Income Tax Act, you get tax benefit on the paid premiums, and under section 10 (10D), you get tax benefit on the maturity proceeds.
|Features of the Policy||Minimum||Maximum|
|Child’s age at entry||0 years||10 years|
|Child’s age at maturity||–||26 years|
|Premium Payment Term||8 years||18 years|
|Premium Payment Frequency||Single pay, Monthly, Quarterly, Half Yearly, Yearly|
|Policy Term||18 years minus child’s age at entry|