LIC Komal Jeevan Plan

Ensuring the protection of their children is every parent/grandparents’ primary concern. This is especially necessary as life is unpredictable and a child’s financial security must be prioritised.

This Children’s Money Back Plan by Life Insurance ensures that protection is provided against death during the tenure of the insurance policy. Additionally, in case of survival of policyholder, periodic payments will be paid by the company at certain durations. Risk for this plan will begin after 2 years from date of policy commencement or from the anniversary of the policy after the child has completed 7 years of age, whichever is the later date. Additionally, there is flexibility with respect to premium payment.

Eligibility - Who is the LIC Komal Jeevan Plan for?

In order to avail the above children’s money back policy, individuals will have to fulfill the eligibility criteria prescribed by the company.

Age at Entry (of child)

Minimum - 0 years Maximum - 10 years

All ages are based on last birthday of the child.

Sum Assured and Premium Range - What you get and what it costs

Sum Assured:

The sum assured amount with respect to this insurance policy will vary based on a number of factors such as premium payment tenure, benefit that the policyholder requires and premium that is being paid.

Sum Assured

Rs.1 lakh or varies based on policy

Premium Range:

Premium range with respect to this insurance plan varies based on the sum assured that has been chosen and the mode of premium payment, among other factors.

Mode of Premium Payment

Single/annual/semi-annual/quarterly/monthly Additionally, individuals can pay via salary deductions up to the anniversary of the policy immediately after the child attains the age of 18 or upon death of policyholder, whichever is earlier.

Customers must note that premiums may vary based on location, age, tenure of the plan and prevailing taxes/GST.

Plan Coverage - What the LIC Komal Jeevan Plan covers

Death Benefit	In case of death of policyholder prior to risk commencement, the policy will be cancelled and all premiums that have been paid (excluding that for premium waiver benefit) will be refunded. In case policyholder expires
Survival Benefit	Upon policyholder’s survival until the end of the policy, the following percentage of the sum assured will be paid - On policy anniversary after policyholder attains the age of 18, 20% of sum assured will be paid. On policy anniversary after policyholder attains the age of 20, 20% of sum assured will be paid. On policy anniversary after policyholder attains the age of 22, 30% of sum assured will be paid. On policy anniversary after policyholder attains the age of 24, 30% of sum assured will be paid.
Maturity Benefit	Guaranteed additions along with loyalty additions will be paid, if any, in a lump sum upon survival until the end of the policy tenure.
Premium Waiver Benefit	This benefit is optional and can be added to the basic insurance policy. In order to avail this, additional premium will have to be paid and benefit of cessation of premiums from his/her death until the end of the deferment period. The deferment period is 18 minus the age of the child.

Riders / Add-On Plans – Additional coverage under the LIC Komal Jeevan Plan

For information regarding this, individuals will have to contact LIC directly.

Exclusions - What the LIC Komal Jeevan Plan does not cover

In order to avail information regarding policy exclusions, individuals will have to contact LIC directly.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Free-look period	In case policyholders are not satisfied with their policy, they can return the same to the company along with stated reasons, within a period of 15 days from the date given on the policy receipt.
Surrender Value	This amount will be available on the insurance policy if the contract is terminated early.
Guaranteed Surrender Value	This insurance plan can be surrendered after it has been in force for a period of 3 years or over. This value prior to commencement date of risk is 90% of all premiums that have been paid. This excludes all premiums that are paid during the first year and other extra premiums paid. After the date of risk commencement, the Guaranteed Surrender Value will be 90% of premiums that have been paid along with 30% of premiums that have been paid after the date of risk commencement. This excludes all premiums that are paid during the first year and other extra premiums paid.
Loyalty Additions	A part of the profits of the company is provided in the form of loyalty additions which are nothing but terminal bonuses that are payable in addition to maturity or death benefit.

Tax benefits - How you can save with the LIc Komal Jeevan Plan

Policyholders can avail tax benefits with this policy as per existing tax laws. However, laws are subject to changes from time to time, hence policyholders are asked to consult their tax advisors prior to availing this plan.

Other benefits - How you can save with the LIC Komal Jeevan Plan

In addition to the numerous policies provided by LIC, there are other benefits that can be availed by the insurance company.

• Online Calculator: Customers can utilise the online premium calculator to better understand the premiums that will have to be paid by them.
• Customer Care: LIC has a robust customer care service that can be contacted through phone or e-mail. This service ensures that individuals can get any of their doubts or queries addressed without too many hassles.
• Online Payment: LIC employs state-of-the-art technology due to which customers can apply for their insurance plans online. Additionally, premium amount can also be paid online.
• NRI Centre: This unique feature is another one of LIC’s advantages. NRI Centre was started so that indians living abroad can avail products and services of LIC.

Why you should buy the Komal Jeevan Plan from LIC?

In times of economic uncertainty such as today, it is a matter of priority for individuals to ensure the financial security and well-being of their children. The Komal Jeevan Plan from LIC provides benefit in case of untimely demise of policyholder or periodic payouts in case of policyholder’s survival until maturity.

One of the most well-known life insurance companies, Life Insurance Corporation of India is synonymous with trust. This company has over 2000 branch offices and boasts of a growth rate of 16.67%. LIC aims to enhance people’s quality of life through life insurance policies and ensures their economic security. Additionally, LIC has a claim settlement ratio of 98.33% and has also won a number of awards.

Note: This plan has been withdrawn