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Komal Jeevan: Children's Money Back Plan By LIC Of India
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Posted On :
Jun-28-2011
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Article Word Count :
589
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Life Insurance Corporation of India has come out with a new Komal Jeevan policy to realize the dreams of each and every parent for providing higher education to his child and satisfying the need of financial support for entering business and career.
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Life Insurance Corporation of India has come out with a new Komal Jeevan policy to realize the dreams of each and every parent for providing higher education to his child and satisfying the need of financial support for entering business and career. It is necessary to provide the foremost education to your children who can be very costly. Fortunately, the sooner you start investing for their education, the more flexibility you will have and will enable your children to achieve proficiency in their career tasks. Komal Jeevan can be purchased by any of the parent or grand parents or legal guardian for a child aged between zero year to ten years. The payment of the premium stops at the age of 18 years .
Features of Komal Jeevan
1. Low premium comparable to other plans of Insurance.
2. Automatic acceptation at the age of 18 or 21.
3. Income tax benefits to parents.
4. To infuse the habit of savings in the minds of children at the earliest age .
5. Affinity between the parents and child may grow.
6. Large insurance protection can be availed irrespective of the future health
and habit of the child.
Benefits of Komal Jeevan
Death benefit: In case of death of life secured before the beginning of risk, the policy is canceled and premiums paid are refunded. 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.
Guaranteed additions: The policy gives guaranteed additions at Rs 75 per Rs 1,000 sum assured on every policy anniversary till age 26.
Commencement of risk cover: The risk commences only after the child attains age seven or two years after the commencement of the policy, whichever is later.
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.
Premiums: Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, up to the policy anniversary immediately after the life assured (child) attains 18 years of age or till the earlier death of the life assured. Alternatively, the premium may be paid in a lump sum.
Loyalty additions: This is a with-profit plan and participates in the profits of the corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions, which are terminal bonuses payable along with the death or maturity benefits. Loyalty addition may be payable trusting on the experience of the corporation.
Eligibility Criteria
Age at entry: minimum 0 years.
Maturity age: 26 years.
Sum assured: minimum 1 lakh and maximum 25 lakh.
Maximum maturity age: 26 years.
Sum assured in multiples: 25,000/-
The real benefits under LIC's Komal Jeevan plan, however, are the total guaranteed additions on the maturity date. In case of fall of interest, the life assured is fully protected because of the contractual obligations as imagined in the policy. In the case of the modification in an interest rate, the life assured will get augmented benefit under the plan through loyalty additions.
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Article Source :
http://www.articleseen.com/Article_Komal Jeevan: Children's Money Back Plan By LIC Of India_64837.aspx
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Author Resource :
Visit To Know More About LIC or komal jeevan
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Keywords :
LIC, komal jeevan,
Category :
Finance
:
Finance
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