LIC Komal Jeevan


Is LIC Komal Jeevan worth considering if i want to invest for my child’s future?


It is hard to say if the plan is good for your needs but you can choose as per the benefits offered. LIC Komal Jeevan is a money back insurance plan offering a regular income when the child attains adulthood status. The Policy gives out periodic payments as soon as the child reaches 18, 20, 22 and 24 years of age.


Hi Meera,

We are a neutral financial marketplace and cannot recommend a particular policy. However, here are the features of the policy. You can check them out to decide whether you want to go for it.

Komal Jeevan policy offered by LIC is a children’s money back plan, which offers financial protection in the event of the assured’s demise during the plan’s term as well as periodic payments in case the assured survives. The grandparent or the parent can purchase this LIC money back plan for children aged between 0 to 10 years.

Benefits / Advantages of LIC Komal Jeevan

• Death Benefit - In the event of the demise of the assured, prior to commencement of risk, the plan shall be cancelled and the premiums that are paid under the plan shall be refunded. This refund will exclude the premium paid for the waiver benefit. In case, the death of the assured happens after the commencement of risk, but prior to the maturation of the policy, then the entire assured sum along with the Guaranteed Additions and Loyalty Additions will be payable.
• Maturity Benefit - The Loyalty Additions along with the Guaranteed Additions will be paid upon survival till the end of the term of the policy.
• Premium Waiver Benefit - This particular optional benefit will be an addition to the basic plan. You must pay an additional premium to enjoy this benefit.
• Surrender Value - Purchasing a Life Insurance policy is a very long commitment. By paying the surrender value, you may choose to terminate the contract at an earlier stage.
• Guaranteed Surrender Value - After the commencement of the policy, it must run for a period of three years before it can be surrendered. Guaranteed surrender value prior to risk commencement date is 90 percent of the premiums. However, this is excluding the premiums that have been paid in the first year. After the risk commencement date, the Guaranteed Surrender Value is 90 percent of the premiums that are paid before the risk commencement date. This is excluding any premium paid in the first year along with 30 percent of premiums that are paid after the risk commencement date.
• Survival Benefit - A percentage of the assured sum is payable upon survival till the end of the specified duration.

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BB Expert