Review of LIC Komal Jeevan

Mrs. Priya bought LIC Komal Jeevan Plan to provide financial security to her daughter. She wanted to make sure that even in her absence, her daughter receives the best of everything. Let us explore more about the LIC Komal Jeevan Plan and understand why Mrs. Priya and other parents chose to buy this plan:

LIC Komal Jeevan- An Overview

Komal Jeevan Plan offered by the LIC of India is a child insurance plan that offers a guaranteed money-back facility. When the child turns 18 years, the premiums paid by the policyholder is paid back by the insurer periodically every two years.

The plan is no longer available for sale as it was withdrawn by the company in 2014. However, those individuals who have already bought this plan can enjoy its benefits.

Key Features of LIC Komal Jeevan Plan

• No medical checkup is required to buy LIC Komal Jeevan.

• This policy may be purchased by either the grandparent(s) or parent(s) of the minor.

• Payout of the Guaranteed Terminal Bonus occurs at maturity or demise.

• A guaranteed amount of Rs. 75 per thousand is added to the Basic Sum Assured at the end of each policy year.

Who is Eligible for LIC Komal Jeevan Plan?

What are the Benefits of LIC Komal Jeevan?

1. Survival Benefits

   Under the plan, the child is eligible to receive survival benefits when they reach a certain age within the policy term. The survival benefits paid are as follows:

   • The child receives 20% of the amount guaranteed at the age of 18.

   • The child receives 20% of the amount promised when they turn 20.

   • The child receives 30% of the amount guaranteed at the age of 22.

   • The child receives 30% of the amount promised at the age of 24.

2. Maturity Benefits

   Under the plan, accumulated guaranteed addition and the terminal loyalty addition is paid to the beneficiary as maturity benefits. The maturity amount is paid only to the child only if he/she survives the whole tenure of the policy.

3. Death Benefits

   In case the insured child passes away during the policy term, the company pays the sum assured along with the accumulated guaranteed additions and loyalty additions.

4. Additions to the Basic Sum Assured

   The LIC Komal Jeevan maturity amount & the death benefit come with extra returns. These are:

   • Guaranteed Additions: They are accumulated annually at a rate of Rs. 75 per Rs. 1000 of the total sum assured.

   • Loyalty Additions: These are a one-time incentive that is included in the total benefit amount. It is equivalent to a portion of the annual earnings made by LIC.

5. Tax Benefits

   Under Section 80C of the Income Tax Act of India, the premiums that have been paid towards a life insurance policy are tax-free. Further, the maturity amount of the policy is free from tax under Section 10(10D).
   *Tax benefit is subject to changes in tax laws. Standard T&C Apply.

Summing it Up

With a pocket full of benefits and unique features, LIC Komal Jeevan was one of the best plans to secure the future of your child. Be it sending your children for higher education, their marriage, or any other major financial goals of your child, you can ensure to be prepared for everything in advance. Along with the death and maturity benefit, the plan offers survival benefits as well.