Life Insurance Corporation of India

Komal Jeevan

(Unique Children’s Money Back Plan with Guaranteed Additions)

‘KOMAL JEEVAN’ introduced w.e.f. 14th November, 2002. This is a money back plan with guaranteed addition and payment of premiums ceases on the policy anniversary immediately after the child attains 18 years of age.

This policy is suitable for parents who wants to secure money for there children’s higher education. It can be availed by parents having children aged between 0 to 10 years.

Salient Features

• Parents can propose the child’s life.

• Risk under this plan will commence either after 2 years from the date of commencement of the policy or from the policy anniversary immediately following the completion of 7 years of age by the child, whichever is later. No medical examination of the life to be assured would be required under this plan.
• Premiums are payable upto a term equal to 18 minus the age of the child at entry.
• In most cases, Father would be the proposer. But, if Mother has an income of her own, can also propose the policy. If both parents are not alive legal guardian can propose.
• Policy can be gifted by grand parents, elder sisters or brothers and uncles both from paternal or maternal side, by taking a single premium policy for love and affection. In such cases also, the policies will be proposed by father, mother or legal guardian.

Benefits

• Installment Benefits: The Sum assured under this plan will be paid installments at periodic intervals provided the policy is in force for full sum assured as under:

1. 20% on policy anniversary after completing age 18
2. 20% on policy anniversary after completing age 20
3. 30% on policy anniversary after completing age 22
4. 30% on policy anniversary after completing age 24

• Guaranteed additions: Payable along with sum assured either on death within the term or on policy anniversary after attaining age 26 years. The policy has to be kept in full force at Rs.75 per thousand for each policy year to receive this benefit.
• Death Benefit:

1. In case of death of life assured before the commencement of risk, the policy is cancelled and premiums paid are refunded.
2. After the commencement of risk, if the life assured dies before policy matures, full sum assured plus guaranteed additions are payable without deduction of earlier installment benefits paid.

• Loyalty Additions: Special benefit on maturity – Loyalty Additions depending on policy duration and sum assured are paid on maturity.
• Premium Waiver Benefit: Premium Waiver Benefit available with some extra premium amount.
• 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.1,00,000/-. The benefit will be payable in case the proposer dies before the policy anniversary on which the child is 18 years last birthday.

Restrictions

• Children (both boys and girls) from 0 to 10 years of age are eligible.
• Minimum Age at Entry : 0 years
• Maximum Age at Entry : 10 years
• Maturity Age : 26 Years
• Mode of Premium : Single Premium, Yearly, Half-Yearly, Quarterly, SSS.
• Minimum Sum Assured Rs.1,00,000/-
• Maximum Sum Assured Rs.25,00,000/- within the overall permissible limit of Rs.50,00,000/-
• Policy will be issued only in multiples of Rs.25,000/-
• Loan against the Policy is not available.

Exclusions

• 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 party’s 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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