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LIC Komal Jeevan

LIC Komal Jeevan Plan has been withdrawn by LIC and is not available for sale and purchase.

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.

Features Of The Policy

Minimum and maximum age of entry0 to 10 years
Sum insured amount1 lakhs to 25 lakhs (multiple of 1000)
Premium payable optionsmonthly/half-yearly/ quarterly/yearly/ or through Salary deductions
Risk commencement periodAfter two years from the date when the policy is purchased OR the child becomes 7 years old
Tenure of the policy26 years (maximum)
Premium payment periodPaid till the assured turns 18 or the death of the assured, whichever comes first
Medical checkupsNot required

Additions To The Sum Insured

  1. Guaranteed Additions: The assured will get a specified amount of additions on the sum insured on the completion of each year. An addition of Rs 75 for a sum insured of Rs 1000 will be given. The accumulated amount is duly paid on the maturity date or death of the assured.
  2. Loyalty Additions: This LIC Komal Jeevan Plan generates profits by engaging in the corporation's life insurance business to earn a considerable amount of profits. These bonuses are paid on the termination of the policy tenure or on the death of assured.

What Are The Benefits?

Survival benefit

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
18 years20%
20 years20%
22 years30%
24 years30%

Death benefit

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.

Maturity Benefit

The Guaranteed and loyalty additions if earned will be paid back at the maturity of the policy.

Surrender Value Benefit

This benefit has two aspects -

  • Guaranteed Surrender Value: Under this, assured is guaranteed a surrender of policy which has been in force for at least 3 years. Assured will receive a fixed surrender value equal to 90% of the premium paid (exclusive of the first-year premium paid and any additional premium) prior to risk commencement. After the risk commencement, the guaranteed surrender value will be 90% of the premium paid (excluding first-year premium and any extra premium) and 30% of the premiums after the risk commencement.
  • Corporation's policy on Surrender: The assured will be given a special surrender value which will the discounted value of the claim amount paid on the maturity date or death of assured. The surrender value estimated will be based on the periods for which premium is paid and the duration of the policy. The surrender value can be less than the premium paid if the policy is terminated at an early stage.

Add-On Benefits

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.

Premium Illustration

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

  • 20% of 1,00,000 equal to Rs 20000, if the child turns 18 or 20 years.
  • 30% of 1,00,000 equal to Rs 20000, if the child turns 22 or 24 years.


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?

  • Original LIC policy bond
  • NEFT form available with LIC
  • Original as well as a photocopy of Identity Proof.
  • Canceled bank cheque with the name of the policyholder printed or the copy of passbook.

3. What steps are involved in the surrender claim?

  • Visit your home branch of LIC as your policy can be surrender at home branch)
  • Ask for surrender form
  • Fil the form and submit it with above-mentioned documents
  • LIC will review your request and will process the claim within 5 to 20 working days.

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?

  1. Authorized Bank: ICICI Bank, HDFC Bank, UTI Bank, Bank of Punjab, Federal Bank, Citibank, and Corporation Bank
  2. Authorized Service Provider (only at selected cities): (in Mumbai, Delhi & Bangalore) (in Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad & Pune) (in Mumbai, Delhi, Kolkata, Chennai, Bangalore, Ahmedabad, Baroda, Surat & Pune)

6. 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.

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Life Insurance FAQsSeptember, 2021

Last updated on July, 2020