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LIC Komal Jeevan Plan

As your child grows up, you tend to get worried thinking of their future. Have you ever tried to understand the reason behind it? Several things come to your mind when you start speculating your child's future. The most important concern that almost all parents have is about the financial security of their children.

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Future financial security is indeed a matter of great concern among middle-class Indian parents. This concern stems not only from the thought of an uncertain future lying ahead but also from the skyrocketing cost of education that has a major contribution to it. 

Here, we will show you how investing in a child insurance plan can help you secure your child’s future financially.

What is Komal Jeevan Plan by LIC?

LIC’s Komal Jeevan Plan is a child insurance plan that offers a guaranteed money-back facility. When your child turns 18 years, the insurer pays back the premiums periodically to the beneficiary every two years.  

In the unfortunate event of the child's death during the policy tenure, the sum assured along with the guaranteed additions are paid out and the policy terminates.

The following are the key features of this LIC Child Plan:

  • No medical examination is required to avail of this policy.

  • Either the parent(s) of the grandparent(s) of the child can purchase this policy.

  • Guaranteed Terminal Bonus is payable on maturity or death.

  • A guaranteed sum of Rs 75 per thousand Sum Assured is added at the end of each policy year.

  • A premium waiver rider can be taken additionally with this plan.

  • Term rider is also available with this plan.

    • After the completion of the 2nd policy year or from the 7th birthday of the child (whichever is later), risk starts to commence.

    • The policyholder has to pay premiums regularly till the child is 17 years old.

LIC Komal Jeevan - Benefits

Listed below are some key benefits of the LIC policy.

  • Maturity Benefit:  On the maturity of the policy, both guaranteed additions and loyalty additions are paid out along with the lump sum assured.

  • Death Benefit: On the unfortunate demise of the life insured, the insurer pays out the sum assured as the death benefit along with the accrued additional bonuses. If the death occurs before the commencement of the risk, only the basic premiums are paid back to the nominee.

  • Survival Benefit:  As soon as your child attains 18 years, he/she starts receiving the survival benefits from the insurer. 

    • At the age of 18 years, the child receives 20% of the sum assured. 

    • At the age of 20 years, the child receives 20% of the sum assured. 

    • At the age of 22 years, the child receives 30% of the sum assured. 

    • At the age of 24 years, the child receives 30% of the sum assured.

  • Income Tax Benefit – Under sections 80C and 10(10D) of the Income Tax Act, you are eligible to enjoy income tax benefits on the premiums you pay and the maturity proceeds respectively.

LIC Komal Jeevan Policy - Eligibility Criteria

  Minimum Maximum
Child’s Age at Entry 0 10 years
Child’s age at maturity - 26 years
Premium Paying Term 8 years 18 years
Payment Frequencies Single pay/ Yearly, Half-yearly,  Quarterly, Monthly
Policy Term 18 years minus child's age at entry
Sum Assured Rs. 1,00,000 Rs.25,00,000/-

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

LIC Komal Jeevan Life Insurance Policy is a great plan to invest in for a brighter future for your child. Unfortunately, this plan has been recently withdrawn. However, the popularity of the policy makes it worth mentioning.


  • Q1. Does LIC Jeevan Komal offer tax benefits?

    Ans. Yes. You get tax benefits against the premiums that you have paid for this policy. The sections under which the Income Tax Deductions are allowed under this plan are:
    • Section 80C and
    • Section 10D (D)
  • Q2. Is it possible to pay the premiums of this policy online?

    Ans. Yes, you can pay the premiums of this policy online through net banking or phone banking. 
  • Q3. What documents are needed for surrendering this policy?

    Ans. The following documents are needed to surrender this policy:
    • Original policy documents
    • NEFT form provided by LIC
    • Cancelled bank cheque of the policyholder or copy of the passbook
    • ID proof – original as well as photocopy

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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