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.
§ 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.
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)
Sum Assured (in Rs.)
Policy Term (in years)
18 years – Child’ s Age at Entry
Premium Payment Term (in years)
Entry Age of Life Insured (Child)
Age at Maturity
Single premium (in Rs.)
Single, Yearly, Half-yearly, Quarterly, Monthly or SSS
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.
Riders- There are riders available with this plan
· PremiumWaiver Benefit Rider
· Term Rider
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.
1. ICICI Prudential Smart Kid Premier