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Home Products Services SMS Service FAQ Contact Details LIC of India :Komal Jeewan Plan for Children

Investment In the ever demanding and competitive environment , it is essential to provide the best Life Insurance
education to your children which can be very expensive. Fortunately, the sooner you start investing for their education , the more flexibility you'll have and will enable your children to achieve proficiency in their career endeavors. This would make the children proud of their parent's effort and call them The Best Parents.

Medical LIC now introduces a new plan to take care of these needs A Komal Jeevan Plan with Insurance payment of premium ceasing on policy anniversary immediately after the child attains 18 Children Plans
years of age. The plan, besides offering risk cover , also offers payment of Sum Assured in installments at age 18,20,22,24 and Guaranteed and Loyalty additions, if any, at the age 26. Eligibility: Maximum Age at entry - 10 years

Car Minimum Age at entry - 0 years Insurance

Maturity age - 26 years

Retirement Planning Mode of Premium - Single premium, Yearly, Half-yearly, Quarterly, Salary Savings Scheme. Financial Planning
Minimum Sum Assured - Rs.1,00,000/Proposer: In most cases, father would be the proposer under the plan. But, if mother of the child has income of her own i.e. female category I and II she can also propose under the plan. If both parents are not alive, then legal guardian can propose under the plan. Medical Examination : No medical examination of the Life assured is required. Vesting: Policy shall automatically vest in the life assured on the policy anniversary immediately after the life assured attains majority . Guaranteed Surrender Value: This policy can be surrendered for cash after expiry of 3 policy years, provided at least 3 years premiums have been paid under an annual premium policy or the premium under Single Premium Policy. The Guaranteed surrender value allowable under this policy is Maximum Sum Assured - Rs.25,00,000/-

(a) Annual Premium Policy: Before the date of commencement of risk : 90% of the premiums paid excluding the premiums paid during the first year. After the date of commencement of risk : 90% of the premiums paid before the date of commencement of risk excluding the premiums paid during the first policy year plus 30% of the premiums paid after the date of commencement of risk. (b) Single Premium Policy: The surrender value will be 90% of the Single Premium. The Guaranteed Surrender Value calculated above will be subject to following deductions: Total amount of installment benefits that might have been paid earlier. All extra premiums and/or any other premium including premium for Premium Waiver Benefit and/or Term Rider Premium, if any. Cash value of any existing Guaranteed Additions will also be allowed, provided the risk has commenced under the policy.

Revival of Discontinued Policies:

If the policy has lapsed, it may be revived during the life time of the Life Assured, but within a period of 5 years from the date of the first unpaid premium and before the premium ceasing date, on submission of proof of continued insurability of the life assured or proposer, if Term Rider Benefit or Premium Waiver Benefit is opted for, to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest at such rate as may be fixed by the Corporation from time to time compounding half-yearly. In case of revival of policy before the date of commencement of risk, the submission of Declaration of Good Health in form No. 720 only will be necessary.

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Benefits: Installment Benefits: The Sum Assured under this plan will be paid in installments at periodic intervals provided the policy is in force for full sum assured as under: a) 20% of the Sum Assured on the policy anniversary immediately after the Life Assured attains the age of 18 years. b) 20% of the Sum Assured on the policy anniversary immediately after the Life Assured attains the age of 20 years. c) 30% of the Sum Assured on the policy anniversary immediately after the Life Assured attains the age of 22 years. d) 30% of the Sum Assured on the policy anniversary immediately after the Life Assured attains the age of 24 years. Guaranteed Additions: Rs.75 per thousand Sum Assured per annum at the end of each policy year will be added to the policy by way of guaranteed additions provided the policy is in full force, The Guaranteed Additions will be payable (i) on death or (ii) on maturity i.e. on policy anniversary immediately after the Life Assured attains the age of 26 years, provided the risk has commenced under the policy. Loyalty Addition: Loyalty Additions will also be payable on maturity or on death after the commencement of the risk under the policy based on the rates declared from time to time , depending on the experience of the Corporation. Death Benefit: In the event of unfortunate death during the term, after the commencement of risk but before

policy matures, the Sum Assured together with Guaranteed Additions is payable without any deduction or adjustment for the amount that may have been paid earlier by way of instalment benefits. Premium Waiver Benefit: Premium waiver benefit can be availed by the proposer under this plan for which additional premium will be payable. Lives up to the age of 50 (nearer birthday) are eligible, subject to normal underwriting requirements. Term Rider Benefit: Term Rider Benefit can be availed by the proposer to the extent of 20% of the basic Sum Assured under the policy not exceeding Rs.100000/-. The benefit will be payable in case the proposer dies before the policy anniversary on which the child completes 18 years. Lives up to the age of 50(nearer birthday)are eligible for this benefit subject to normal underwriting requirements .

Benefit illustration: Komal Jeevan Age Yearly at Sum Assured Premium entry Payable Amount payable on death during the 8th Year 12th Year Amount payable on Survival Rs.20,000/on attainment of age 18 yrs. Rs.20,000/on attainment of age 20 yrs. Sum of Rs.1,95,000/plus Loyalty Rs.30,000/- addition* if any on attainment of age 22 yrs. Rs.30,000/on attainment of age 24 yrs. Rs.1,00,000/- Sum of on attainment Rs.7,87,500/of age 18 yrs. plus Loyalty addition* if any Rs.1,00,000/on attainment of age 20 yrs. Rs.1,50,000/on attainment Guaranteed Addition payable on maturity

Rs.1,00,000/- Rs.7281/-

Sum Assured of Rs.1,00,000/Plus Guaranteed Addition of Rs.52,500/plus Loyalty Addition* if any

Sum Assured of Rs.1,00,000/Plus Guaranteed Addition of Rs.82,500/plus Loyalty Addition* if any

Rs.5,00,000/- Rs.50,632/- Sum Assured of Rs.5,00,000/Plus Guaranteed Addition of Rs.2,62,500/plus Loyalty Addition* if any

Sum Assured of Rs.5,00,000/Plus Guaranteed Addition of Rs.4,12,500/plus Loyalty Addition* if any

of age 22 yrs. Rs.1,50,000/on attainment of age 24 yrs The illustration assumes that all premiums are paid when due. The annual premium shown above excludes premium for Premium Waiver Benefit and Term Rider Benefit. * Loyalty Addition may be paid for certain term and duration only, depending on future experience of the Corporation.

Prohibition of Rebates under Section 41 of Insurance Act 1938. 1 ) No person shall allow or offer to allow either directly or indirectly as an inducement to any person to (take out or renew or continue) an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or the part of the Commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing. 2) Any person making default in complying with the provisions of this section shall be punishable with fine, which may extend to Rs.500 Exclusion: Suicide: This policy shall be void if the Life Assured commits suicide at any time on or after the date on which the risk on the policy has commenced but before the expiry of one year from the date of the policy. In case of death due to suicide during this period, the Corporation will not entertain any claim by virtue of this policy except to the extend of a third partys bona fide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the office to which premiums under this policy were paid, at least one calendar month prior to death.

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