Best LIC Komal Jeevan Plan Details In English

Before you know about LIC Komal Jeevan Plan Details, You have to know about LIC. Life Insurance Corporation of India (LIC) is an Indian insurance and investment corporation owned by the Government of India. LIC of India was founded on September 1, 1956, when the Parliament of India announced the Life Insurance Act of India, which supported the insurance industry in India.

Today this company does business at a good level and provides good services and provides many types of insurance plans, one of these plans is LIC Komal Jeevan Plan Details In English which is the best life insurance plan which is provided by the company to its customer. In this article, we will tell in detail about LIC Komal Jeevan Plan, what are its benefits and how you can take this plan.

LIC Komal Jeevan Plan Details

What Is LIC Komal Jeevan Plan?

Komal Jeevan Policy offered by LIC is a children’s money-back plan which provides financial protection in case of death during the term of the plan. has been created.

Because when a newborn baby comes into everyone’s house, then everyone becomes happy but they are filled with the responsibilities of the new member like education, marriage, health, etc. Therefore, saving is very important for them, so this plan is for grandparents or parents. You can buy LIC money-back plan for that child. Komal Jeevan plan 159 benefits.

Eligibility For LIC Komal Jeevan Plan Details.

Minimum age of the child 0 years
Maximum age of the child 10 years

Benefits Of LIC Komal Jeevan

Death Benefit – In case of death of the policyholder, before the commencement of risk, the policy will be canceled and the premiums to be paid under the plan will be refunded.

Guaranteed Additions – On completion of each year, the insured will get a specified amount on the sum assured. An additional benefit of Rs 75 will be given for the sum insured of Rs 1000. The amount deposited is duly paid on the date of maturity or on the death of the assured.

Maturity Benefit – If the Life Assured survives till the date of maturity then the Life Assured will receive an amount equal to the Unit Fund Value as Maturity Benefit.

Payout – The plan provides an option to receive the death benefit in installments.

Surrender Value Benefit This Benefit Has Two Aspects:

  • Guaranteed Surrender Value: Under this, the assured is guaranteed surrender of the policy which is in force for at least 3 years. The Life Assured will receive a fixed surrender value equal to 90% of the premiums paid before the commencement of risk (first-year premiums paid plus any additional premiums). After commencement of risk, the guaranteed surrender value will be 90% of premiums paid (excluding first-year premiums and any additional premiums) and 30% of premiums paid after the commencement of risk.
  • Corporation’s Policy on Surrender: The assured will be given a special surrender value which is the percentage value of the claim amount paid on the date of maturity or death. The estimated surrender value will be based on the premium paid and the term of the policy. If the policy terminates at an early stage, the surrender value may be less than the premium.

Tax Benefits:

Under Section 80C of the Indian Income Tax Act, premiums paid for a life insurance policy are tax-free. Further, the maturity proceeds of the policy are exempt from tax under section 10(10D).

Features For LIC Komal Jeevan Plan Details.

  • The minimum and maximum age of entry under this plan is 0 to 10 years
  • Sum Assured in LIC Komal Jeevan Plan is 1 lakh to 25 lakh (in multiples of 1000)
  • The premium payable option under this plan is through monthly/half-yearly/quarterly/yearly / or salary deduction
  • Risk Commencement Period Two years from the date the policy is purchased or the child turns 7 years old
  • Its policy tenure is 26 years (maximum)
  • Premium paying term on the attainment of 18 years or on death (whichever is earlier)
  • A medical checkup is not needed

Documents Required for LIC Komal Jeevan Plan

Life insurance plans need specific certificates and records from the consumers to finish the process. Documents may vary from plan to plan, depending on what the plan pertains to and what it needs to fulfill its benefits. Following are some of the standard documents required to avail life insurance plan-

  • Proof of identity
  • Proof of address
  • Age Proof
  • Passport size photo o
  • Proposal form,

Documents needed for raising a maturity claim under the LIC Komal Jeevan policy are listed below-

  • Bank details
  • Proof of address
  • Age Proof of
  • Proof of identity
  • Other documents as required by the Corporation

Documents needed for raising a death claim are listed below-

  • Original policy documents
  • Claim form, as prescribed by the insurance provider
  • Age proof
  • Certificate of death
  • Deeds of assignment or reassignment (if applicable)
  • Medical reports
  • Cremation certificate
  • Other documents as required by the Corporation

Komal Jeevan Plan 159 Maturity Calculator

READ MORE: HDFC Life Youngstar Udaan

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