LIC Komal Jeevan
What is the nature of this policy?
LIC Komal Jeevan is a policy taken on the life of a child and it’s a money back policy. When the child becomes a major, this policy would pay certain percentage of the assured sum and in four regular installments. The payment of the premium stops at the age of 18 years.
This LIC Komal Jeevan policy actually matures when the child grows to the age of 26 years. Then once the child becomes major, the survival benefit is given to the child at four stages as installments. Twenty percentages each is paid at the age of 18 and 20 years and about thirty percentages each at the age of 22 and 24 years.
But these add-ons are never compounded. At the age of 26 years or on the event or death, the definite additions are rewarded. Till the age of 26 years, the existence cover is obtainable for the child. But the risk starts only when the assured person attains the age of 7 years or else after two years from the commencement of the LIC Komal Jeevan policy.
For example, if a policy of Rs.5 lakh is taken on the child at the age of five years, then the annual premium will be Rs.50, 632. The guaranteed addition given at the age of 26 years will be Rs.7, 87,500. Thus, the return from the investment would be 5.14 percent.
What are the benefits of this policy?
Under the death benefit of this LIC Komal Jeevan policy, if the death occurs during the term of policy, the guaranteed additions and the assured sum will be paid regardless of all the earlier installments. Also a loyalty addition is paid at the company's discretion on the event of maturity or death.