LIC

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  Key Features of LIC Komal Jeevan Plan

  1) This plan can be taken by the child’s parents or grandparents for a child between 0 to 10 years

  2) Premium needs to be paid till the child is 17 years old.

  3) 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.

  4) Loyalty or Terminal Bonus is payable on death or maturity.

  5) An Additional Premium Waiver Benefit rider can be taken along with this plan.

  6) There is a Guaranteed Addition of Rs. 75 per thousand Sum Assured for each completed year.

• Benefits Of Komal Jeevan:

  Survival Benefits: In the below table percentage of sum assured are stated, which will be paid on survival to the end of particular period of time

  Death Benefit: The premiums paid will be compensated and the policy shall be cancelled, if untimely death occurs before the commencement of risk. On the other hand if death occurs after the commencement of risk but before the policy matures, then the whole Sum Assured along with Guaranteed Additions plus Loyalty Additions will be allocated.

  Maturity Benefit: On continued existence to the end of the policy term, the Guaranteed Additions plus Loyalty Additions will be payable in a lump sum

  Premium Waiver Benefit: Premium Waiver is other possible benefit that can be adjoined to your basic plan, it requires a supplementary premium. The main benefit of this premium is that the proposer can protect his / her premium to the end of the suspension period and this period is to be taken as 18 minus age at entrance of child

  Surrender Value: if life insurance contract is terminated at an early stage, then the surrender value is allocated.

  Guaranteed Surrender Value: The time period for surrendering the policy depends on that the policy must be in power for 3 years or more. Apart from the premiums paid during the first year and extra premium paid, the Guaranteed Surrender value before the commencement of risk is 90% of premium paid. After the commencement of risk the Guaranteed Surrender value is 90% of premium paid plus 30% of extra premium paid.

  Corporation’s policy on surrenders: A special surrender value will be paid by company which is either equal to or more than Guaranteed Surrender value. In case of death or maturity the profit allocated on surrender reflects the discounted value at the time of claim amount. The surrender value payable may be fewer than the overall premium paid, if the policy will be terminated at an early stage.

   

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