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LIC's Komal Jeevan: Review
LICs Komal Jeevan is Child Insurancemoney back plan with the
features like Guaranteed Addition and limited premium paying
term.Money Back planWith periodic money back it helps parent to
makes provision for
higher education and marriage of their child.Money Back amount
increases with increase in the age of child,
this is very helpful as cost of education increases with
increase in age.Entire sum assured is paid as a Survival benefit
between the
term and accumulated GA along with Loyalty addition is paid
atthe end of term, this can be used for marriage.Following table
shows percentage o Sum Assured paid at regular
interval.Age of
child 18 20 22 24 26% of
S.A 20% 20% 30% 30% G.A +L.ALimited Premium Paying term and
maturity agePolicy matures when child attains age of 26
years.Policy also has one more interesting feature, one needs to
pay
premium only till child completes 17years and not for entire
term. However G.A is added for entire term.This means if childs
age is 2 years, Premium needs to be paid
only for 16 years.Guaranteed additionThis plan provides GA of
75/1000(Rs. 7500 per 1,00,000) each
year irrespective of financial performance of
insurer.Hovewer
this comes with a high premium.For 1 Lac S.A policy with entry
age of child is 0 year, G.A
comes to
http://lifeinsureinfo.blogspot.in/2008/11/lics-komal-jeevan-child-money-back.htmlhttp://lifeinsureinfo.blogspot.in/2008/11/lics-komal-jeevan-child-money-back.htmlhttp://www.licindia.com/http://lifeinsureinfo.blogspot.com/2008/07/child-insurance.htmlhttp://lifeinsureinfo.blogspot.com/2008/07/money-back-plans.htmlhttp://lifeinsureinfo.blogspot.com/2008/07/money-back-plans.htmlhttp://lifeinsureinfo.blogspot.com/2008/07/child-insurance.htmlhttp://www.licindia.com/http://lifeinsureinfo.blogspot.in/2008/11/lics-komal-jeevan-child-money-back.html
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7/28/2019 LIC Komal Jeevan Reviews
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(7500 x 26 ) Rs. 1,95,000 for this one needs to pay premium
for
18 years which is (7474 x 18) Rs. 1,34,532.Riders: Premium
Waiver Benefit (PWB) and Death BenefitOne can opt for PWB which
ensure that even if he dies his childwill continue to receive all
the maturity and survival benefit
of policy that too without paying premium.Risk cover on the
childs life starts only after he/she attain
age of 7 year, or policy completes two anniversaries,This means
if child dies before Risk cover starts nominee will
gets only premium paid back (Deducting extra rider premiums).If
child dies after Risk starts, nominee would receive S.A + G.A
+ F.A.B(if any).Proposer if opts for PWB, needs to clear medical
exam and
proposer above 50 years age are not allowed to opt for PWB.
However no medical exam is required for child.Other Conditions
and features.Min. Entry age is 0 years (With PPT 18 years).
Max. Entry age is 10 years (With PPT 8 years).Maturity age is 26
years.Min. S.A is Rs. 1 lakh and Max. is Rs. 25 lakh.Premium can be
paid Yly/Hly/Qly/Mthly.Single Premium Mode is also allowed.No Loan
benefit.Eg: Following table illustrate benefit for a person of age
30
taking policy for his child with age nearer birth day 0
years,with PWB benefit.
S.A 2,00,000 5,00,000
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Yearly prm 14,743 36,857Total Prm 2,65,374 6,63,426Maturity
BenefitOn 18
tYear 40,000 1,00,000
On 20t year 40,000 1,00,000On 22n year 60,000 1,50,000On 24t
Year 60,000 1,50,000On 26 Year 3,90,000 9,75,000Total amount
5,90,000 + LA 13,75,000 + LA
