LIC Komal Jeevan Life Insurance Policy

If you are a parent or grandparent and want to secure the life of your loved ones aged between 0 to 10 years in case something unfortunate happens to you, LIC Komal Jeevan Life Insurance Policy could be the best product for you! This policy from the Life Insurance Corporation of India (LIC) is a children’s money back plan with which individuals can have financial security along with periodic payments at different points during their policy term. But before choosing this policy for yourself, you should look at its key features shown below.

1. Life insurance coverage in case of death
2. Guaranteed additions
3. Flexible premium payment
4. Loyalty additions
5. Premium waiver benefits

Want to know more about the features of the LIC Komal Jeevan Life Insurance Policy? Well, here will discuss the same. Keep reading to know more!

Let’s Check LIC Komal Jeevan Life Insurance Policy Features in Detail

Here, we are showing some of the key features of the LIC Komal Jeevan Life Insurance Policy so that you can make a better decision. Do check!

Guaranteed Additions

With this policy from LIC, individuals can enjoy guaranteed additions at the rate of INR 75 per thousand of the basic sum assured for each completed year of the policy. Do remember that you will not get this amount every year, and the company will only pay these additions at the end of the policy term or at the time of death of the proposer (whichever is earlier).

Loyalty Additions

Since this plan from LIC is a with-profit plan, individuals can also enjoy loyalty additions along with death or maturity benefits. It is a share of the company’s profits in the form of loyalty additions i.e terminal bonuses.

Survival Benefit

The best part about the LIC Komal Jeevan Life Insurance Policy is that individuals can get survival benefits at a definite percentage of the sum assured on survival to the end of different specified points in their lives. To know more, you can check the below table!

Death Benefit

If the life assured dies before the commencement of the risk under the policy, the policy will be canceled, and the company will return all the premiums to the nominee. However, if death happens after the commencement of the risk until the maturity of the policy, the nominee will receive full sum assured plus guaranteed additions along with loyalty additions.

Maturity Benefit

If the policyholder survives until the end of the policy term, he/she will get guaranteed additions plus loyalty additions as a maturity benefit.

Premium Waiver Benefit

If you want to enhance your plan, you can do so with the help of a premium waiver benefit by paying an additional premium other than your basic premium amount. With this option, the proposer can secure the benefit of cessation of premiums from the death to the end of the deferment period. This period will be 18 minus the age of the child at entry. Suppose the age of the child at entry is 8 years, the deferment period will be 10 (18-8) years.

When will the Commencement of Risk Cover Start?

In the case of LIC Komal Jeevan Life Insurance Policy, the risk commences after 2 years from the inception date of the policy or the policy anniversary right after the completion of 7 years of the age of the child (whichever is earlier).

LIC Komal Jeevan Life Insurance Policy Premium

You can pay the premium towards the LIC Komal Jeevan Life Insurance Policy according to your convenience. The options are annual, quarterly, monthly, or salary deductions up to the policy anniversary right after the life assured (child) attains 18 years of age or until the death of the life assured. You can also pay the premium via a single lump sum amount.

LIC Komal Jeevan Life Insurance Policy Eligibility Criteria

Don’t forget to check these eligibility parameters related to the LIC Komal Jeevan Life Insurance Policy.

1. The minimum age at the time of entry stands at 0 years, while it can go up to 10 years.
2. The policy term can be a maximum of 26 years.