Komal Jeevan policy offered by LIC is a children's money back plan which offers financial protection against the event of demise during the plan's term and periodic payments in case the assured survives. The grandparent or the parent can purchase this LIC money back plan for a child, whose age is between 0 to 10 years.
Minimum age of the child | 0 years |
Maximum age of the child | 10 years |
Plan type | Children's insurance |
Risk cover commencement | The risk starts two years from the commencement date of the policy or from the immediate anniversary of the policy that comes after the child completes seven years of age, whichever is later. |
Premiums | The premiums for this particular policy can be paid on monthly, quarterly, half-yearly or yearly basis. You may also pay the premiums via salary deductions. The premiums can be paid till the policy anniversary that comes immediately after the child (assured) reaches the age of eighteen years or till the assured's early death. You may also choose to pay single premium by paying a lump sum amount. |
Guaranteed Additions | A guaranteed addition of Rs. 75 for every one thousand of the assured sum is provided by the policy after each year is completed. The payment of these guaranteed additions will take place either at the end of the policy's term or after the demise of the assured. |
Loyalty Additions | The payment of the loyalty addition depends on the Corporation's experience. If the Corporation makes profits with its life insurance business then the policy gets a share of these profits. The bonuses are payable along with maturity benefits or after the event of death. |
On anniversary of the policy that is immediately after the assured's age of | Percentage of the assured sum |
18 years | 20 percent |
20 years | 20 percent |
22 years | 30 percent |
24 years | 30 percent |
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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