Features and Benefits of LIC Komal Jeevan Life Insurance Policy

LIC Komal Jeevan Life Insurance Policy is a child plan which comes with a guaranteed money back facility. The premium in this policy is returned to the beneficiary when he turns 18 years, on a periodic basis after every two years. In the case of an unfortunate event like the death of the children, the sum assured along with guaranteed additions are paid out and the policy terminates. The plan can be bought by any parent or grandparent of the child and the premium in this plan needs to be paid only till the child attains the age of 18 years.

Well, to be honest, the LIC Komal Jeevan policy is one of the best policies for children and it’s a way that you can secure your child’s future. Being parents we always try to give our children, their upbringing, their demands, and their future. If you are worried about your child’s future, then you should start looking for insurance policies cause when you give up, insurance is with you and makes things easier around you and this is why insurance policies are known for.

Key Features of LIC Komal Jeevan Insurance Policy

• No medical examination required to buy this plan
• Option of adding a premium waiver rider with this plan
• The benefit of terminal or loyalty bonus on maturity or death
• A policy can be bought for children aged 0 to 10 years
• Guaranteed addition of Rs.75 per thousand sums assured on completion of each policy year
• Risk coverage commences after 2 policy years or after the child has turned 7 years, whichever is later
• Availability of term rider with this plan

Benefits of LIC Komal Jeevan Insurance Policy

Maturity Benefit: On maturity of the policy, both guaranteed additions and along additions is paid in a lump sum.

Death Benefit: In the event of unfortunate death of the policyholder, the sum assured in the form of death benefit along with accrued additional bonuses is paid by the insurer. But if death occurs before the commencement of risk, then only the sum of basic premiums are paid back.

Survival Benefit: As your child attains 18 years,  he/she starts receiving survival benefits on a periodic basis from the insurer.

• -20% of sum assured at 18 years of age
• -20% of sum assured at 20 years of age
• -30% of sum assured at 22 years of age
• -30% of sum assured at 24 years of age

Income Tax Benefit: Under section 80C of the Income Tax Act, you get tax benefit on the paid premiums, and under section 10 (10D), you get tax benefit on the maturity proceeds.

Eligibility criteria for LIC Komal Jeevan Insurance Policy

Surrendering the Policy

You can also surrender the policy after keeping the policy in force for 3 years or more. The guaranteed surrender value before the date of commencement of risk is 90% of the premium paid excluding the premiums paid during the first year and any extra premium paid. After the date of commencement of risk, the guaranteed surrender value is 90% of the premiums paid before the date of commencement of risk excluding the premiums paid during the first year and any extra premiums paid plus 30% of the premiums paid after the date of commencement of risk.

Lastly, the plan is an appropriate plan to take care of the financial requirement of your child at various stages of life and enable you to live worry-free. Investing early in this plan will give you an edge and will prove to be a cost-effective proposition.

Documents Required

To buy LIC Komal Jeevan Policy

Before using any kind of service, you need to identify yourself with those unique id’s and with along with this, you also have to verify whether you are eligible for this scheme or not. For all these things, we have to submit the documents and this is what the original process is carried forward with. 

Documents:

• Proof of identity 
• Proof of address
• Passport size photo of the life to be insured 
• Proposal form, as prescribed by the insurance provider.

Documents required for raising a maturity claim:

This document is much needed, in terms of your maturity claim, as mentioned that under this policy you will get maturity benefit, and documents needed for maturity claim are listed below.

• Proof of identity 
• Proof of address
• Original Policy Documents
• Maturity Claim form, as prescribed by the insurance provider.

Documents required for raising a death claim are listed below:

This document is much needed, in terms of your death, as mentioned that under this policy you will get the death benefit, and documents needed for maturity claim are listed below.

• Original policy documents 
• Claim form, as prescribed by the insurance provider 
• Proof of identity 
• Proof of address
• Death Certificate
• Deeds of assignment or reassignment (if applicable) 
• Medical reports 
• Cremation certificate 
• Other documents as required by the Corporation.