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Features and Benefits of LIC Komal Jeevan Life Insurance Policy

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LIC Komal Jeevan Life Insurance Policy is a child plan which comes with a guaranteed money back facility. The premium in this policy is returned to the beneficiary when he turns 18 years, on a periodic basis after every two years. In the case of an unfortunate event like the death of the children, the sum assured along with guaranteed additions are paid out and the policy terminates. The plan can be bought by any parent or grandparent of the child and the premium in this plan needs to be paid only till the child attains the age of 18 years.

Well, to be honest, the LIC Komal Jeevan policy is one of the best policies for children and it’s a way that you can secure your child’s future. Being parents we always try to give our children, their upbringing, their demands, and their future. If you are worried about your child’s future, then you should start looking for insurance policies cause when you give up, insurance is with you and makes things easier around you and this is why insurance policies are known for.

Key Features of LIC Komal Jeevan Insurance Policy

Benefits of LIC Komal Jeevan Insurance Policy

Maturity Benefit: On maturity of the policy, both guaranteed additions and along additions is paid in a lump sum.

Death Benefit: In the event of unfortunate death of the policyholder, the sum assured in the form of death benefit along with accrued additional bonuses is paid by the insurer. But if death occurs before the commencement of risk, then only the sum of basic premiums are paid back.

Survival Benefit: As your child attains 18 years,  he/she starts receiving survival benefits on a periodic basis from the insurer.

Income Tax Benefit: Under section 80C of the Income Tax Act, you get tax benefit on the paid premiums, and under section 10 (10D), you get tax benefit on the maturity proceeds.

Eligibility criteria for LIC Komal Jeevan Insurance Policy

Features of the PolicyMinimumMaximum
Child’s age at entry0 years10 years
Child’s age at maturity26 years
Premium Payment Term8 years18 years
Premium Payment FrequencySingle pay, Monthly, Quarterly, Half Yearly, Yearly
Policy Term18 years minus child’s age at entry
Sum AssuredRs.1,00,000Rs.25,00,000

Surrendering the Policy

You can also surrender the policy after keeping the policy in force for 3 years or more. The guaranteed surrender value before the date of commencement of risk is 90% of the premium 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 premiums paid plus 30% of the premiums paid after the date of commencement of risk.

Lastly, the plan is an appropriate plan to take care of the financial requirement of your child at various stages of life and enable you to live worry-free. Investing early in this plan will give you an edge and will prove to be a cost-effective proposition.

Documents Required

To buy LIC Komal Jeevan Policy

Before using any kind of service, you need to identify yourself with those unique id’s and with along with this, you also have to verify whether you are eligible for this scheme or not. For all these things, we have to submit the documents and this is what the original process is carried forward with. 

Documents:

Documents required for raising a maturity claim:

This document is much needed, in terms of your maturity claim, as mentioned that under this policy you will get maturity benefit, and documents needed for maturity claim are listed below.

Documents required for raising a death claim are listed below:

This document is much needed, in terms of your death, as mentioned that under this policy you will get the death benefit, and documents needed for maturity claim are listed below.