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Features And Benefits Of Lic Komal Jeevan Life Insurance Policy

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.

Table Content

  • Key Features of LIC Komal Jeevan Insurance Policy
  • Benefits of LIC Komal Jeevan Insurance Policy
  • Eligibility criteria for LIC Komal Jeevan Insurance Policy
  • Surrendering the Policy
  • Documents Required
  • To buy LIC Komal Jeevan Policy
  • Documents required for raising a maturity claim:
  • Documents required for raising a death claim are listed below:
  • Related posts:

Key Features of LIC Komal Jeevan Insurance Policy

  • No medical examination required to buy this plan
  • Option of adding a premium waiver rider with this plan
  • The benefit of terminal or loyalty bonus on maturity or death
  • A policy can be bought for children aged 0 to 10 years
  • Guaranteed addition of Rs.75 per thousand sums assured on completion of each policy year
  • Risk coverage commences after 2 policy years or after the child has turned 7 years, whichever is later
  • Availability of term rider with this plan

Benefits of LIC Komal Jeevan Insurance Policy

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.

  • -20% of sum assured at 18 years of age
  • -20% of sum assured at 20 years of age
  • -30% of sum assured at 22 years of age
  • -30% of sum assured at 24 years of age

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.

Eligibility criteria for LIC Komal Jeevan Insurance Policy

Features of the PolicyMinimumMaximum
Child’s age at entry0 years10 years
Child’s age at maturity26 years
Premium Payment Term8 years18 years
Premium Payment FrequencySingle pay, Monthly, Quarterly, Half Yearly, Yearly
Policy Term18 years minus child’s age at entry
Sum AssuredRs.1,00,000Rs.25,00,000