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LIC has been very dynamic in introducing plans according to different individuals demands. LIC Komal Jeevan Plan is exclusively fabricated for children between the age of 0 to 10 years.
When a newborn baby steps into the family, there is a mixed emotion of excitement and anxiety in the face of the parents. The parents become stuffed with the responsibilities of a new member like education, marriage, health etc. While you start saving for your child’s education and marriage, it also becomes significant to safeguard your child from any life uncertainties.
LIC Komal Jeevan Plan gives you earned returns along with sum assured when maturity period arrives or child attains the age of 18 years, whichever happens first.
|Minimum and maximum age of entry||0 to 10 years|
|Sum insured amount||1 lakhs to 25 lakhs (multiple of 1000)|
|Premium payable options||monthly/half-yearly/ quarterly/yearly/ or through Salary deductions|
|Risk commencement period||After two years from the date when the policy is purchased OR the child becomes 7 years old|
|Tenure of the policy||26 years (maximum)|
|Premium payment period||Paid till the assured turns 18 or the death of the assured, whichever comes first|
|Medical checkups||Not required|
LIC will pay a defined percentage of sum assured on the survival of the policy. The percentage will depend upon the age of the assured.
|Assured age on the policy anniversary||% of Sum insured|
If by chance, the assured meet any death circumstances prior to the commencement of risk, the premium paid will be refunded and the policy will be canceled. If the risk period has started and death resulted after it, then the whole sum insured with Guaranteed and loyalty addition, if any.
The Guaranteed and loyalty additions if earned will be paid back at the maturity of the policy.
This benefit has two aspects -
Premium waiver Benefits: On the payment of additional premium, the assured can take the terminate the payment of premium in from the date of death to the end of the deferment period*. *Deferment period counted for this policy is 18 years minus the entry age of the child.
Lakshay took LIC Komal Jeevan Plan for his newly born baby who is of 6 months. He purchased a policy with a lump sum premium payment option for the whole policy tenure of 26 years. The premium amount is Rs 73980 (Single Premium) for a sum insured Rs 1 lakh. Let's see how much guaranteed benefits he will obtain for his child after reaching maturity. Lakshay will get an addition of Rs 7.5% to the sum insured on the fulfillment of each year i.e. 7.5% of 1,00,000 is equal to Rs 7500. The sum insured will rise to Rs 1,07,500 after one year and even more if the policy remains active for years. After 10 years, the sum insured will be Rs 1,75,000 (after guaranteed benefits) If the policy survived till the completion of 18 years or more by the child, the survival benefit will be given on the sum insured. On maturity, Lakshay child will get
1. Does this plan offer tax benefits?
Yes, anyone who pays a premium under this policy will receive tax deduction under section 80D and maturity benefits under Section 10D (D) of Income Tax Act.
2. What documents are required for the surrender of policy?
3. What steps are involved in the surrender claim?
4. Can we pay premiums online through net banking/phone banking?
This child insurance plan of LIC permits you to make payments through net and phone banking. This facility can save time, efforts and money of the policyholders.
5.Which organizations are recognized by LIC to collect premiums through Net-banking/ phone-banking?
4. How the maturity benefits are calculated?
Maturity benefits are based on 3 factors namely Sum Assured, Accrued Bonus, and Final Additional Bonus. Accrued Bonus refers to the bonus given at the end of every financial year which get accumulated and offered at the time of maturity. The Final Additional bonus will be for one time in the whole policy tenure. Maturity Benefits is the sum of these 3 factors.