The future is tricky to predict. One thing a person can somewhat predict however is the cost of living, especially the rising cost of education. With the growing exposure and needs to and by the competitive world, the children of today and adults of tomorrow require a safety net to fall in. Child insurance plans let the parents create this safety net while making savings for their children’s future. The Life Insurance Corporation of India, more widely known as LIC, caters to this need of their customers.
Guaranteed Tax SavingsUnder sec 80C & 10(10D)
Life Cover10 times of Annual Premium
Zero LTCG TaxUnlike 10% in Mutual Funds
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
The LIC KomalJeevan plan is a child insurance plan designed by LIC for this purpose.
The LIC Komal Jeevan policy is a money-back plan limited to children. This plan allows for the beneficiary to receive a particular percentage from the amount that has been assured under the child’s name on the occasion of the child reaching specific milestones in their life. This would be carried out in four phases, i.e. when the child turns eighteen, twenty, twenty-two, and twenty-four years old. The accumulated sum of money can be used for providing the child with a safe future. This would help in ensuring that the child will have something on their name that will give them a sense of security and safety. In addition to the amount that has been assured, the plan also calls for guaranteed or pledged additions and loyalty additions, if applicable. Further features and details regarding the plan are discussed in brief in the following sections.
The eligibility criteria of life insurance plans are based on the kind of population they intend to serve. Since the LIC KomalJeevan policy has been designed to benefit the child, the age requirements set by the Corporation are small in number. A brief note of the eligibility criteria of this policy is noted in points below-
Minimum and maximum age required (of the child) at the time of entry-Zero to 10 years old.
Age of the child during the time of maturity-26 years old
Each life insurance plan comes with benefits. Understanding the benefits helps the customer in both comprehending the selected plan better and in comparing plans. This comparison helps the customer in selecting a life insurance plan that is best suitable to them and their needs. The benefits accompanied by the LIC KomalJeevan plan are discussed in brief below-
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 proceedings of the policy are free from tax under the Section 10 (10D).
*Tax benefit is subject to changes in tax laws. Standard T&C Apply.
The LIC Komal Jeevan plan allows for the child to receive partial survival benefits in the form of installments. These installments will be started once the child turns eighteen years old. To be more specific, the child will be receiving the installment based amount that has been assured in the following phases-
When the policy reaches the maturity period, the child would be receiving the cumulative sum of pledged additions and loyalty additions (if any) along with the sum of money that has been assured.
If the child insured passes away due to reasons and circumstances, the insurance provider would give out the amount that has been assured in addition to any accumulated bonuses. If the child passes away prior to the beginning of the period of risk, the insurance provider would then refund the premiums that have been paid. The benefits would be payable to the nominees of the policy.
The period of risk begins after two full years since the start of the policy tenure or from the date of the anniversary of the policy which is instantly followed by the child completing seven years. The period of risk is declared upon whichever occurs later.
Like several other LIC policies, the LIC Komal Jeevan policy also has various options for the customer to select from when it comes to making a premium payment. The customer can select to pay the premiums monthly, quarterly, half-yearly, or annually. Customers can also select to make a single payment of the premium. Another option provided is that of 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 insured child turns eighteen or until the unfortunate demise of the child.
Life insurance plans require specific documents and records from the customers to complete the process. The documents can vary from plan to plan, depending on what the plan deals with and what it needs to fulfill its benefits. The following are few standard documents required for the availing of a life insurance plan-
Documents required for raising a maturity claim under the LIC Komal Jeevan policy are listed below-
Documents required for raising a death claim are listed below-
The Process to Buy Online
The rise of digital platforms is causing all industries to establish and strengthen their presences online. The insurance sector is no exception. The insurance providers are now offering their services to the customers online. The interfaces are constantly under development to make them more simple and easy to access. The customers can now avail of services like checking the status of their policies, making the payments of premiums and interests, and also purchasing life insurance plans online. The subsequent notes serve as standard steps to perform in order to purchase a life insurance cover online-
Every life insurance policy has exclusions. These exclusions can vary from policy to policy. Few standard exclusions of life insurance policies are noted in points below-
*For more information about exclusions, please refer to the plan brochure or the policy document.
No, there is no provision for availing a loan under this plan.
The minimum amount to be assured under this policy is one lakh rupees.
The maximum amount to be assured under this policy is twenty-five lakh rupees.
The parents or grandparents of the child can purchase this plan.
No, this policy does not require a medical examination.
Yes, there is an availability of accessing the term rider under this plan.
The term rider can be availed from the second anniversary of the plan or after the child turns seven.
To avail of a term rider, the premiums are to be paid regularly until the child reaches the age of seventeen.
The maximum tenure of this policy is twenty-six years.
Yes, there is a guaranteed or pledged addition of seventy-five rupees payable for every thousand rupees of the amount that has been assured by the policyholder.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Standard T&C apply.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.