LIC Komal Jeevan Policy

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Policy Discontinued

LIC Komal Jeevan Policy

 

LIC’s Komal Jeevan Plan is a children’s moneyback policy in which the premium is returned on the policy anniversary after the child attains 18 years, 20 years, 22 years and 24 years. If the child dies within the policy tenure after risk commencement, then the Sum Assured along with Guaranteed Additions are paid and the policy is terminated.

 

Compare Child Plans

 

 

Key Features of LIC Komal Jeevan Plan

 

§  This plan can be taken by the child’s parents or grandparents for a child between 0 to 10 years

§  Premium needs to be paid till the child is 17 years old.

§  Risk starts to commence after 2 policy years or the child is at least 7 years old, whichever is later.

§  No medical examination is required under this plan.

§  Loyalty or Terminal Bonus is payable on death or maturity.

§  An Additional Premium Waiver Benefit rider can be taken along with this plan.

§  There is a Guaranteed Addition of Rs. 75 per thousand Sum Assured for each completed year.

 

 

Benefits you get from LIC Komal Jeevan Plan

 

Death Benefit – Sum Assured + Bonuses after commencement of risk. Otherwise, the sum of basic premiums are paid back

 

Maturity Benefit – Guaranteed Additions along with Loyalty additions is payable in a lumpsum.

 

Survival Benefit –

When child is 18 years of age - 20% of the Sum Assured

When child is 20 years of age - 20% of the Sum Assured

When child is 22 years of age - 30% of the Sum Assured

When child is 24 years of age - 30% of the Sum Assured

 

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

 

 

Eligibility in LIC Komal Jeevan Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

1,00,000

25,00,000

Policy Term (in years)

18 years – Child’s Age at Entry

Premium Payment Term (in years)

8

18

Entry Age of Life Insured (Child)

0

10

Age at Maturity

-

26

Single premium (in Rs.)

NA

Payment modes

Single, Yearly, Half-yearly, Quarterly, Monthly or SSS

 

 


Sample illustration of premium amount in LIC’s Komal Jeevan Plan

 

The below illustration is for a healthy child opting for a Sum Assured = Rs. 1,00,000

Policy Term= 18 years – Age at entry of the child.

LIC Komal Jeevan Policy Premium Rates

 

 

Additional Features and Benefits of LIC’s Komal Jeevan Plan

 

Riders- There are riders available with this plan

·         Premium Waiver Benefit Rider

·         Term Rider

 

 

What happens if?

 

You want to surrender the policy – Surrender of policy is allowed only after completion of 3 years or more. The Guaranteed Surrender Value before the date of commencement of risk is 90% of the premiums paid excluding the premiums paid during the first year and any extra premium paid.

After the date of commencement of risk, the Guaranteed Surrender Value is 90% of the premiums paid before the date of commencement of risk excluding the premiums paid during the first year and any extra premium paid plus 30% of the premiums paid after the date of commencement of risk.

 

You want a loan against your policy – Policy Loan is not available in this plan.

 

 

Alternate child plans from different insurance companies

 

1.     ICICI Prudential Smart Kid Premier

2.     Met Bhavishya - MetLife

3.     Reliance Child Plan

 

 

Other child insurance plans from Life Insurance Corporation of India

 

1.     LIC Jeevan Anurag

2.     LIC CDA Endowment Vesting At 21

3.     LIC CDA Endowment Vesting At 18

4.     LIC Jeevan Kishore

5.     LIC Child Career Plan

6.     LIC Child Future Plan

7.     LIC Jeevan Chhaya

8.     LIC Marriage Endowment Or Educational Annuity Plan

 

 

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the LIC Komal Jeevan Policy brochure and insurance company's website. It should not be construed as a Critical or Favourable LIC Komal Jeevan Policy Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

How to i make a Profile on your site?

By Geeta Ruparel on Aug 04, 2013 Reply

Dear Geeta, as of now we do not offer this fuctionality. It is something we have already started building though. It will come with some good customer focussed features.

In case you need any help from us, do let us know and we would be glad to help you.

Replied By Admin (MIC Staff) on Aug 06, 2013 Reply

For similar plans in other private insurance companies, they pay more than LIC does. I have personally experienced LIC agents approaching clients, asking them to surrender their investment related plans, and start some other plan since share market has crashed and it won't revive in the immediate future, where these clients of LIC were friends of me, and I asked them to continue for at least 6-7 years otherwise, the surrender would be less than the money paid, plus charges. LIC agents need to do a need analysis of their clients, and not theirs!

By K Sundar on Dec 10, 2012 Reply

Can any one tell me what happens if the policy bond shows a name under nominee which has not been provided by proposer and has been wrongly printed on policy Komal jeevan.

What remedies can one seek in such cases.

By Deepak Verma on May 10, 2012 Reply

Hi,
I have a 3 year 7 month old daughter and I am looking for a investment plan for her future education and needs.Can you pls suggest some lucrative plans .my age is 34 year and my wife is 26 year old at present my total earning is around 30000/ per month
Thanks & best regards
Prashant

By Prashant Kr on Mar 27, 2012 Reply

Hi, I am 32 years old, i have a son of 8 years , i want to know which is the best LIC policy i can opt for him, with maximum benifits .........my contact number is 9731116967.......

By Xyz on Feb 22, 2012 Reply

Hi,
I have a 2 year 7 month old daughter and I am looking for a investment plan for her future education and needs.Can you pls suggest some lucrative plans .my age is 31 year and my wife is 27 year old at present my total earning is around 20000/ per month

By Rahul on Feb 21, 2012 Reply

Dear Agents and informed Readers!
I have taken this plan on 28/08/2010 through one of my distant relative who is an agent in LIC.Sum assured was 2 Lacs with a half yearly premium of 16304 Rs. On next premium due date i.e. in March 2011 I transferred the premium amount in my agents account as he told me taht my policy is in grace period and he will take care of everything and will get premium paid. Later on next premium I gave him a cheque for premium in Aug 2011. now after enrolling my policy on LIC's website I found that He never paid a premium and my policy is showing status " LAPSED WITHOUT SURRENDER VALUE" It will complete two years On 28 Feb 2012 i.e. One and half year without premium ........

Please suggest me can this policy be reviwed and what action I can take againest that agent
please

By Digvijay on Feb 19, 2012 Reply

This is a very good plan.

By Anita Sahoo on Feb 08, 2012 Reply

I wish to invest in high return lic plan for my grand son, please suggest me, single premium policy.

By Lalitbhai Doshi on Feb 05, 2012 Reply

Hi, I am Insurance Agent for LIC OF INDIA in vashi branch. If you you have any query regarding insurance planing,you can mail me.

By Shashikant Liman on Feb 04, 2012 Reply

i"m drawing a salary of 17000/ per month and i save upto 4000 monthly.my son is 15 months old suggest me best possible scheme for my sons future

By Diogo Gomes on Jan 22, 2012 Reply

Sir,

I have taken policy for my daughter, komal jeevan (plan no;159) policy no 923352598 I would like to know the details and status of the above said policy and what are the benefit from this policy we get.

Regards
Joseph

By Joseph E. Antony on Jan 19, 2012 Reply

Dear Sir,
I am Krishnendu Dinda. working in private firm, monthly 17000/- income, I have 2 daughter please guide me which policy will be the best for my daughter. Pls response.

Thanking you.
regards

Krishnendu Dinda
0 8007770753

By Krishnendu Dinda on Jan 14, 2012 Reply

I want to invest in the policies for my child of 3 yrs old. i want to save for my child Rs. 20000/-(annual). I am salaried person my Gross salary is 20000/-pm & 30 years old. Kindly suggest me best policy for my sons future.

By Goresh Kumar Singh on Dec 25, 2011 Reply

I am Having a new born child (5months of age) and want to take a best policy to secure his future, pls suggest. i am a salaried person.

By Rajesh Jha on Dec 19, 2011 Reply

I want to invest in the policies for my child of 2 yrs old. i want to save for my child Rs. 24000/-(annual). I am salaried person my Gross salary is 30,000/-pm & 38 years old. Kindly suggest me best policy for my sons future.

By Kuntal on Dec 19, 2011 Reply

good evening sir,i have a 2months old son i want to invest for his future education 8000to10000pa suggest me the best plan

By Harish on Dec 17, 2011 Reply

Hi,
I have a 4 month old daughter and I am looking for a investment plan for her future education and needs.Can you pls suggest some lucrative plans .

By Deepti Nadkarni on Dec 09, 2011 Reply

Sir,

I want to invest in the policies for my child of 4 months old. I am salaried person with gross salary of 40000/- & 28 years old. Kindly suggest me best possible scheme for my sons future.

By Pankaj Shet on Dec 07, 2011 Reply

sir one baby age 8 and another 1 yr. i am working as private employee earned 30,000 and my age 38. so i need to information about good plan for my kids. till now i didnot have any savings.

By Vikash on Nov 27, 2011 Reply

Sir, I want to invest 15000/ yearly for the future of my son who is 5 month old and my age is 27 year and my wife is 24 year old at present my total earning is around 9000/ per month.
Thanks and regards

Kunal

By Kunal Bhandari on Sep 09, 2011 Reply

komal jeevan policy ma loan male ke nahi

Replied By Ketan Pambhar on Sep 21, 2013 Reply

Nahi, is policy main loan nahi mil sakta hai

Replied By Admin (MIC Staff) on Sep 23, 2013

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