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Komal Jeevan (THIS PLAN IS NO LONGER AVAILABLE)

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*** To buy a new LIC plan call Vikas 99111-70785 ***

Komal Jeevan (THIS PLAN IS NO LONGER AVAILABLE)



Komal Jeevan (Plan No. 159)


Komal Jeevan is a money back plan which can be taken for children aged between 0 to 10 years. The duration of the plan is 18 - age of the child. Along with the risk cover this plan provides maturity amount which includes Guaranteed Additions and Loyalty Additions.
        

Features                                     

  • Komal Jeevan can be taken for children aged between  0 years to 10 years.
  • Term of the plan is 18 years – age of the child.
  • Maturity amount is payable periodically when the child completes 18, 20, 22, 24  and 26 years of age  respectively.
  • Risk cover starts, either after two years from the date of commencement of policy or from the policy anniversary immediately succeeding the completion of seven years of the age of child, whichever is later.


Eligibility Conditions


Minimum age at entry 0 years
Maximum age at entry 10 years
Term 18 yrs – age of the child at entry
Minimum sum assured Rs 1,00,000.00
Maximum sum assured Rs 25,00,000.00




Optional Riders (available on payment of additional premium):

Premium Waiver Benefit:
If the proposer of the Life Insurance (e.g. parent) dies, all future premiums will be waived off and the policy will continue as usual. This rider is available for proposers aged between 20 years and 50 years only.

Term Rider: 
If the proposer dies before the child completes 18 years of age, 20% of the sum assured or Rs 1,00,000.00 whichever is less is paid to the family immediately.



Maturity Returns


On Completing
Percentage of Sum Assured
18 years
20%
20 years
20%
22 years
30%
24 years
30%
26 years
Guaranteed Addition @ Rs 75 ‰ (per thousand S.A.)
+ Loyalty addition as declared by LIC at the maturity.





Double Tax Benefit


U/S 80 C  : Premiums paid under this plan are eligible for tax rebate u/s 80C

U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)




Other points to consider



  • Double Accidental cover is not available in this policy
  • Minimum sum assured is Rs 1,00,000.00
  • Maximum sum assured is Rs 25,00,000.00
  • Policy can be back dated @ 8% interest
  • Loan on policy is available @ 9% interest



Understand 'Komal Jeevan' with an example


Mr. David buys 'LIC Komal Jeevan' policy for his 4 yrs old daughter Lily. He chooses sum assured of  Rs 2,00,000.00.

 Term of the policy will be 14 years (18 - age of the child). He will be required to pay annual premium of Rs 18,704.00 (Rupees Eighteen Thousand Seven Hundred and Four only).

 The risk cover will start when Lily will complete 7 yrs of age.


Possible events during policy duration


On Maturity

When Lily will complete 18 yrs of age, she will start receiving maturity benefits as below:

On completing 18 yrs - Rs 40,000.00 (20% of Sum Assured)
On completing 20 yrs - Rs 40,000.00 (20% of Sum Assured)
On completing 22 yrs - Rs 60,000.00 (30% of Sum Assured)
On completing 24 yrs - Rs 60,000.00 (30% of Sum Assured)
On completing 26 yrs - Guaranteed Addition + Loyalty Addition
* Guaranteed Additions  =  Rs 75 ‰ sum assured per year
                                  =  Rs 75 x 200(Sum Assured/1000) x 14 yrs
                                  =  Rs 2,10,000.00 (Rupees Two Lakh Ten Thousand only)

* Loyalty Additions are declared by LIC at the time of maturity and varies every year.



On Death of Mr David

If Mr David dies during the policy term, all future premiums will be waived off and the policy will continue as usual. This happens due to PWB (Premium Waiver Benefit) rider in the policy. The maturity amount is, however, payable as above only.



On Death of Lily before 7 yrs of age

If Lily dies before completing 7 yrs of age, all paid premiums will be returned and the policy will terminate. This is because the risk commencement age in this policy is 7 yrs.


On Death of Lily after 7 yrs of age

If Lily dies after completing 7 yrs of age but before 18 yrs, her nominee will receive the sum assured and accrued bonuses.

*** To buy a new LIC plan call Vikas 99111-70785 ***


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