LIC Komal Jeevan Plan

LIC Komal Jeevan is no longer sold by the LIC of India. It was originally designed as a child insurance plan to help parents create a safety net while also saving for their children’s future. Its money-back nature made sure to finance key milestones of a child's life with survival benefits. 

Read more
LIC, Policybazaar join hands to
accelerate insurance growth
LIC investment
  • Buy LIC policy online
    hassle free

  • Guaranteed maturity with life
    cover for securing family's future

  • Tax saving under Sec 80C &
    10(10D)

  • Sovereign guarantee as per
    Sec 37 of LIC Act

Now Available on Policybazaar
Grow wealth through
100% Guaranteed Returns with LIC
+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans", you agree to our Privacy Policy and Terms of Use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp

Introduction to LIC Komal Jeevan Plan

The LIC Komal Jeevan policy offered specific portions from the assured amount on the occasion of the child turning 18, 20, 22, and 24 years of age. These are some of the most important years in a child’s education, often involving huge costs. The proceeds from the LIC Jeevan Komal Plan helped parents fund their kids’ tuition fees, accommodation, other interests, etc. during this period.

Moreover, the final amount on the life assured’s death comes with additional payments in the form of guaranteed and loyalty additions. This increases the total benefit amount from the original sum assured.

  1. Key Features of LIC Komal Jeevan Plan

    • The LIC Komal Jeevan maturity amount is comprised of guaranteed additions and loyalty additions.

    • Death of the child is covered only after completing 2 policy years or after the child turns 18, whichever is later.

    • The policy can be surrendered after completing 3 years, following which a higher of the guaranteed surrender value or special surrender value is paid to the insured.

    • This child education plan could only be bought for children in the age group of 0 to 10 years.

    • The premium for the policy can be paid in a lump sum or regular monthly, quarterly, half-yearly, or yearly installments.

    • If the premium paying parent dies, the premium waiver rider ensured that all the remaining premiums were waived off by LIC. Extra premium is charged for this rider benefit.

  2. Eligibility Conditions for LIC Jeevan Komal Plan

    Criteria Minimum Maximum
    Entry Age of Child 0 10 years
    Maturity Age of Child NA 26 years
    Policy Term 18 years – Entry Age of Child
    Premium Payment Single or Regular
    Sum Assured Rs. 1 Lakh Rs. 25 Lakhs

    Only if these conditions are met can one claim the benefits offered by this LIC child plan.

What are the benefits offered by LIC Komal Jeevan Plan?

  1. Survival Benefits

    The LIC Komal Jeevan plan allows for the child to receive survival benefits when they reach a certain age within the policy term.

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

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

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

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

  2. Maturity Benefits

    LIC offers the accumulated guaranteed addition and the terminal loyalty addition as maturity benefits. This LIC Komal Jeevan maturity amount is paid to the child only if he/she survives the whole tenure of the policy.

  3. Death Benefits

    If the child insured passes away during the policy term, LIC is liable to give out the sum assured along with the loyalty addition & the accumulated guaranteed additions. Note that the life cover starts only after completing 2 years of the policy or when the child turns 8, whichever comes later.

  4. Additions to the Basic Sum Assured

    The LIC Komal Jeevan maturity amount & the death benefit come with extra returns. These are:

    • Guaranteed Additions – It accrues every year at Rs.75 per Rs.1000 of the sum assured.

    • Loyalty Additions – This is a one-time bonus added to the final benefit amount. It is equal to a percentage of the profits earned by LIC in a year.

  5. Tax Benefits

    Under Section 80C of the Income Tax Act of India, the premiums that have been paid towards a life insurance policy are tax-free. Further, the maturity proceeds of the policy are free from tax under Section 10(10D).

    *Tax benefit is subject to changes in tax laws. Standard T&C Apply.

Premium Structure of LIC Komal Jeevan Plan

  • Customers of the LIC Komal Jeevan policy can pay premiums monthly, quarterly, half-yearly, or annually.

  • They can also make a single payment of the premium.

  • Another option provided is that of the SSS - Salary Saving Scheme. In this scheme, the premium amount will be deducted from the customer’s salary account directly.

  • The premiums are required to be paid until the anniversary of the policy which occurs instantly after the child turns eighteen or until the unfortunate demise of the child.

Documents Required to buy LIC Komal Jeevan Plan

The following are a few standard documents required to avail of a life insurance plan from LIC-

  • Proof of identity

  • Proof of address

  • Proof of age

  • Passport-size photo of the life to be insured

  • Proposal form, as prescribed by the insurance provider

Documents Required for Claims

  1. Maturity Claims

    • Maturity claim form, as prescribed by the insurance provider

    • Original policy documents

    • Bank details

    • Proof of address

    • Proof of age

    • Proof of identity

    • Other documents as required by the Corporation

  2. Death Claims

    • Original policy documents

    • Claim form, as prescribed by the insurance provider

    • Age proof

    • Certificate of death

    • Deeds of assignment or reassignment (if applicable)

    • Medical reports

    • Cremation certificate

    • Other documents as required by the Corporation

LIC Komal Jeevan Exclusions

Few standard exclusions of life insurance policies are -

  • Death of the insured life due to an act of suicide

  • Death or injuries caused while participating in any riot or any incident that is against the law of the country

It is advisable to read the policy instructions and manuals carefully before purchasing a plan. One should also use LIC premium and maturity calculators before purchase as this gives them an idea about the total cost and final benefit amounts of a policy.

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

*All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C Apply

“Tax benefit is subject to changes in tax laws. Standard T&C apply.”

LIC of India articles

Recent Articles
Popular Articles
LIC New Pension Plus Plan

21 Sep 2022

LIC New Pension Plus Plan The LIC New Pension Plus Plan is the...
Read more
LIC Linked Accidental Death Benefit Rider

06 Sep 2022

LIC Linked Accidental Death Benefit Rider LIC riders are an...
Read more
Is LIC Maturity Amount Taxable?

30 Aug 2022

Is LIC Maturity Amount Taxable? The maturity amount is the sum LIC...
Read more
LIC New Endowment Plan 914 Bonus Rate

26 Aug 2022

This is one of LIC’s insurance cum savings plans that offer...
Read more
What Is Survival Benefit in LIC?

22 Aug 2022

LIC survival benefits come with money-back plans. As the name...
Read more
Surrendering LIC Policy Before Maturity Time: Your Guide!
The Life Insurance Corporation of India is one of the most prominent insurance companies. It has an unparalleled...
Read more
12,000 Monthly Pension On One-Time Investment: Buy LIC Saral Pension Scheme
LIC Saral Pension Yojana make sure that investors get 12,000 monthly by paying a single premium. Life Insurance...
Read more
How to Check the Maturity Amount of LIC Policies?
Life Insurance Corporation of India is one of the leading public companies in the service of insurance plans. And...
Read more
LIC Jeevan Saral (With-Profit) Maturity Calculator
LIC Jeevan Saral has been withdrawn by LIC and is therefore not available for sale anymore. It is an endowment...
Read more
LIC Policy for Girl Child in India
A child insurance plan is a plan that acts as a blend of investment and savings while also providing the child...
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL