The LIC KomalJeevan policy is a child insurance policy which secures the life of the child. This plan can also cover the risk of the parents’ life is a small amount of premium is paid. If one of the parents dies suddenly the future premiums are waived and the child will get the fixed amount at the age of 18 or 22 or 24 or 26.
If the insurance of the parent is also opted then the premium liability continues till 18 years of the child.
This policy is also suitable if the parents wish to cover the educational expenses of the child.
The benefits for the LIC KomalJeevan plan are as follows:
* The installments of the sum assured are paid at the following intervals;
20% on policy anniversary after 18 years age
20% on policy anniversary after 20 years age
30% on policy anniversary after 22 years age
30% on policy anniversary after 24 years age
* As guaranteed additions the assured sum is payable on death within the term or the policy anniversary after the age of 26. The policy should be kept in full force at Rs. 75 per thousand for every policy year to get the benefit.
* In case of death of the child or whose life is assured before the commencement of the risk the policy should be cancelled and the premiums paid are refunded by LIC.
* If the child or whose life assured dies before the maturity of the policy the full sum along with the additions are paid back without any deduction.
* A special benefit in maturity is available as loyalty additions depending on the policy duration and the sum is paid in maturity.
The main conditions for the LIC KomalJeevan plan are:
* The child both boy and girl has to be within 10 years of age.
* The maturity age is 26 years.
* The minimum amount of sum assured is Rs 1 Lakh amd the maximum amount is Rs 25 Lakh.