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Knowledge Base Life Insurance Child Plan LIC Komal Jeevan Review
Thursday, 11 August 2011 16:42

LIC Komal Jeevan Review

Written by  Yashish Dahiya
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LIC Komal Jeevan Review


Plan Name: Komal Jeevan

Insurer: Life Insurance Corporation of India

Category: Traditional Participating Plan

Objective: Financially Securing Child’s Future


Major USP of LIC Komal Jeevan


Periodic Payout

Bonus Additions

Waiver of premium rider available

 

Eligibility of LIC Komal Jeevan


Minimum Entry Age: 0 for child

Maximum Entry Age: 10 for child

Policy Term: 8-18 Years

Minimum Sum Assured: 100,000

Maximum Sum Assured: 2,500,000


What benefits does LIC Komal Jeevan offer?


Money Back:

A specified % of Sum Assured will be paid in intervals after your child turns 18.


Maturity Benefit:

On maturity, Sum Assured along with all accrued bonuses and guaranteed additions will be paid


Death Benefit:

Sum Assured along with vested bonuses and guaranteed additions will be paid. . If the risk cover has not started, the premiums paid will be returned.


Bonuses:

Compounded Reversionary bonuses and terminal bonus if any shall also be paid.


Waiver of Premium:

You can opt for waiver of premium rider by paying additional nominal premium.


Are there any tax benefits?


Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.

Under Section 10(10D) death claim is completely tax free.


What else should I know about?


Paid up Sum Assured: After three policy years if you are unable to continue policy, you can convert to paid up. The policy will not participate in future performance. On maturity or death, reduced Sum Assured with guaranteed addition and any vested bonuses if any will be paid.


Surrender Value: In case you want to cancel Komal Jeevan after 3 years, the minimum guaranteed surrender value before risk cover is equivalent to 90% of all premiums paid barring the first year premium. After the risk cover, the guaranteed surrender value is 30% of all premiums paid plus 90% of premiums paid before commencement of risk.


Free Look Period: Komal Jeevan plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.


What’s Policybazaar opinion on LIC Komal Jeevan?


Komal Jeevan is a traditional insurance plan for financially securing child’s future. Komal Jeevan has the typical bonus additions. You can also opt for waiver of premium benefit if required.  The payout begins in phases so you can use the amount as per your emerging needs.

 

Secure your Child's Future. Choose the best Child Plan.

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