LIC Komal Jeevan Plan Details



Product Summary:

LIC Komal Jeevan is a children's money-back plan that provides financial protection against death during the term of the plan with periodic payments on survival at specified durations. The plan can be purchased by any of the parent or grandparent for a child aged 0 to 10 years.

Key Features:

  • Guaranteed additions at the rate of Rs. 75 per thousand Sum Assured for each completed year.
  • Loyalty additions, as declared by the Corporation from time to time.
  • Survival benefits paid at the age of 18, 20, 22, and 24 years.
  • Death benefit paid in case of the child's death during the policy term.
  • Surrender value available after completing 3 policy years.

Benefits:

  • Survival Benefits:
    • At the age of 18 years - 20% of the Sum Assured.
    • At the age of 20 years - 20% of the Sum Assured.
    • At the age of 22 years - 30% of the Sum Assured.
    • At the age of 24 years - 30% of the Sum Assured.
  • Death Benefit:
    • In case of the child's death during the policy term, the Sum Assured along with guaranteed additions and loyalty additions, if any, is paid to the beneficiary.
  • Surrender Value:
    • After completing 3 policy years, the policy can be surrendered and the policyholder will receive a surrender value. The surrender value will be the higher of the guaranteed surrender value or the special surrender value.

Eligibility Criteria:

  • The child's age should be between 0 and 10 years at the time of policy purchase.
  • The parent or grandparent of the child must be between 18 and 60 years of age at the time of policy purchase.

Policy Term:

The policy term is 25 years.

Premium Payment Modes:

The premium can be paid in a lump sum or regular monthly, quarterly, half-yearly, or yearly installments.

Tax Benefits:

The premiums paid for the LIC Komal Jeevan Plan are eligible for deduction under Section 80C of the Income Tax Act, 1961. The maturity benefit and the death benefit are also tax-exempt under Section 10(10D) of the Income Tax Act, 1961.

Note: The LIC Komal Jeevan Plan is no longer available for new purchases. However, those who have already purchased the plan can continue to enjoy its benefits.

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