KOMAL JEEVAN LIFE INSURANCE POLICY BY LIC

Features of plan

This is money back plan for children with guaranteed addition @ 75/- per 1000 S.A. the above policy has been introduced to provide the best education which can be very expensive for the proposer's children. The payment of premium ceases on policy anniversary immediately after the child attain 18 years of age The plan, besides offering risk cover, also offers payment of S.A. in installments at age 18, 20,22,24 and guaranteed and loyalty addition, if any, at the age of 26. Risk covers starts from the policy anniversary after completion of 7th year of the child or 2 yrs. From the commencement of the policy, whichever is later.

General Conditions:

Age at entry 0 year (lbd)(min) -- 10 years (lbd)(max)Sum assured 1 lakh.(min)-- 25 lakhs(max)

[or multiple of 25,000]Premium paying term 8 years(min)--10 years(max)Max. Maturity age 26 years (lbd)

Modes Allowed: Yly(2% rebate)/Hly(1% rebate)/Qly nil)/SSS/(nil)

Accident benefitNot Available

Age proof Birth Certificate

Policy Servicing:

Policy Loan NoRevival Yes.Surrender of Policy Yes.Survival Benefits Yes.Housing Loan NoP.W.B.( Premium Waiver Benefit) Yes

Special Benefits:

1. Premium Waiver Benefit is available on payment of extra premium and production of proposer’s standard age proof. Proposers up to 50 years nbd only are allowed.

Death Benefits:

1. Before the policy commences if child dies, the policy will get canceled and excluding term rider premiums and premium waiver benefit, premiums paid till then will be refunded.

2. After commence of the risk but before maturity if policy holder (child) dies, full SA together with GA at 75 per 1000 SA + LA, if any is given to the nominee without deducting earlier installments paid.

Maturity Benefits:

At the age Percentage of the Sum assured

18 20%

20 20%

22 30%

24 30%

26 Gauranteed addition (1.5 SA) + Loyalty Addition

Example:

Komal Jeevan Policy on has been taken by Mr. Rakesh for his daughter Rakhi, aged 5 year for Rs. 1 lakh SA. He opted for PWB and TRB. Policy benefits will be as follows:

1. Rakhi at the age of 18 will receive first installment of Rs. 20,000.  She will receive another Rs 20000 at the age of 20 years. Similarly at the age of 22 and 24, she will receive Rs 30000 respectively. At 26, she receives Rs 1,57,500 as guaranteed Addition at 75 per 1000 for 21 years((26-age at plan taken)X75X100).  Rakhi may also receive loyalty addition if any declared by LIC.

2. Life risk cover on Rakhi will starts from the policy anniversary after completion of age 7.

3. If Rakesh dies before the age of 18 of Rakhi, future premiums are waived (If he had not opted for PWB, future premiums have to be paid.)