Lic of India Komal Jeevan Policy Children Money Back Policy
=====LIC Komal Jeevan Table-159=====
Min. age at entry: 0 year (lbd)
Max. age at entry: 10 years (lbd).
Min. S.A.: 1 lakh.
Max. SA.: 25 lakhs.
SA in multiples: Rs. 25,000
Max. Maturity age: 26 years (lbd).
Modes Allowed: Yly/Hly/Qly/SSS/Sp
Min. PPT: 8 years.
Max. PPT: 18 years.
Accident benefit: NA
Modes Rebate: Yly 2%; Hly 1%; Qly/SSS – Nil
Requirements in writing:
Risk Coverage: LA (if any) +SA+GA
Age proof: Birth Certificate
Age Proof for child 5 yrs & above: School Certificate.
Form Number: 360
Dating Back @ 8%: Allowed
Max. SA 25 lakhs within the
overall permissible limit of : Rs. 50 Lakhs
Female Proposers: Category I/II
Term Rider Option: Yes.
Critical Illness Rider: No.
Policy Loan: No.
Surrender of Policy: Yes.
Survival Benefits: Yes.
Housing Loan: No.
W.e.f. 23-08-2005, after issue of policy as an alteration subjected to:
1. PWB is allowed. Rs. 50 will be the alteration fee.
2. Proposer’s medical examination is compulsory.
3. Proposer will borne the medical cost.
4. Special Reports depending on SUC.
1. No Medical Examination is required for the child.
2. For children with GA @ 75 per 1000 SA & LA (if nay), this is a Money Back Plan.
3. Legal guardian can propose if both the parents are not alive.
4. If mother (cat I & II) has her own income then she can propose. Father can propose.
5. LIC Komal jeevan policy can be gifted as a single premium policy for love and affection by close relatives of the child like elder brothers or elder sisters, grand parents, maternal and paternal uncles. However, proposer will be either father or mother or legal guardian.
6. Risk cover starts after 2 years from the commencement of the policy (Komal Jeevan) or from the policy anniversary after completion of 7th year of the child, whichever is later.
7. You can make provision in advance for child’s higher education. It can be a ideal gift for the child.
8. The payment of premium ceases on the policy (Komal Jeevan Plan) anniversary coinciding with or immediately following the completion of 17 years of age.
1. Premium Waiver Benefit is available on payment of extra premium and production of proposer’s standard age proof. Proposers up to 50 years nbd only are allowed.
Under non-medical, special and non-medical general (prof.) only, PWB is allowed. When PWB + TRB is opted, medical is compulsary.
2. To the extent of 20% of the basic SA and not exceeding Rs 1 lakh Term Rider Benefit can be availed by the proposer. The benefit will be payable in case of the proposer dies before the policy anniversary on which the child is 18 years last birthday.
3. Death Benefits:
a. Before the policy commences if child dies, the policy will get canceled and excluding term rider premiums and premium waiver benefit, premiums paid till then will be refunded.
b. After commence of the risk but before maturity if policy holder (child) dies, full SA together with GA at 75 per 1000 SA + LA, if any is given to the nominee without deducting earlier installments paid.
4. Maturity Benefits:
|SA Rebate per 1000|
|Below 2 lakhs||Nil|
|2 lakhs & above||Re 1|
|At the end of Age||18||20||22||24||26|
|% of SA||20%||20%||30%||30%||GA + LA|
Komal Jeevan Policy on has been taken by Mr. Naidu for his daughter Neha, aged 5 year for Rs. 1 lakh SA. He opt for PWB and TRB. Policy benefits will be as follows:
1. Neha at the age of 18 will receive first installment of Rs. 20,000. She will receive another Rs 20000 at the age of 20 years. Similarly at the age of 22 and 24, she will receive Rs 30000 respectively. At 26, she receives Rs 1,57,500 as guaranteed Addition at 75 per 1000 for 21 years. Neha may also receive loyalty addition if any declared by LIC.
2. Life risk cover on Neha will starts from the policy anniversary after completion of age 7.
3. If Naidu dies before the age of 18 of baby Neha, future premiums are waived and Rs 20000 TRB is paid to the nominee. If he had not opted for PWB, future premiums have to be paid.