LIC now introduces a new plan to take care of these needs – A Komal Jeevan Plan with payment of premium ceasing on policy anniversary immediately after the child attains 18 years of age. The plan, besides offering risk cover , also offers payment of Sum Assured in installments at age 18,20,22,24 and Guaranteed and Loyalty additions, if any, at the age 26.
Eligibility:
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, Salary Savings Scheme.
Minimum Sum Assured - Rs.1,00,000/- Maximum Sum Assured - Rs.25,00,000/-
Proposer:
In most cases, father would be the proposer under the plan. But, if mother of the child has income of her own i.e. female category I and II she can also propose under the plan. If both parents are not alive, then legal guardian can propose under the plan.
Medical Examination :
No medical examination of the Life assured is required.
Vesting:
Policy shall automatically vest in the life assured on the policy anniversary immediately after the life assured attains majority .
Guaranteed Surrender Value:
This policy can be surrendered for cash after expiry of 3 policy years, provided at least 3 years’ premiums have been paid under an annual premium policy or the premium under Single Premium Policy. The Guaranteed surrender value allowable under this policy is –
(a) Annual Premium Policy:
Before the date of commencement of risk : 90% of the premiums paid excluding the premiums paid during the first year.
After the date of commencement of risk : 90% of the premiums paid before the date of commencement of risk excluding the premiums paid during the first policy year plus 30% of the premiums paid after the date of commencement of risk.
(b) Single Premium Policy:
The surrender value will be 90% of the Single Premium.
The Guaranteed Surrender Value calculated above will be subject to following deductions:
Total amount of installment benefits that might have been paid earlier.
All extra premiums and/or any other premium including premium for Premium Waiver Benefit and/or Term Rider Premium, if any.
Cash value of any existing Guaranteed Additions will also be allowed, provided the risk has commenced under the policy.
Revival of Discontinued Policies:
If the policy has lapsed, it may be revived during the life time of the Life Assured, but within a period of 5 years from the date of the first unpaid premium and before the premium ceasing date, on submission of proof of continued insurability of the life assured or proposer, if Term Rider Benefit or Premium Waiver Benefit is opted for, to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest at such rate as may be fixed by the Corporation from time to time compounding half-yearly. In case of revival of policy before the date of commencement of risk, the submission of Declaration of Good Health in form No. 720 only will be necessary.
Benefits:
Installment Benefits:
The Sum Assured under this plan will be paid in installments at periodic intervals provided the policy is in force for full sum assured as under:
a) 20% of the Sum Assured on the policy anniversary immediately after the Life Assured attains the age of 18 years.
b) 20% of the Sum Assured on the policy anniversary immediately after the Life Assured attains the age of 20 years.
c) 30% of the Sum Assured on the policy anniversary immediately after the Life Assured attains the age of 22 years.
d) 30% of the Sum Assured on the policy anniversary immediately after the Life Assured attains the age of 24 years.
Guaranteed Additions:
Rs.75 per thousand Sum Assured per annum at the end of each policy year will be added to the policy by way of guaranteed additions provided the policy is in full force,
The Guaranteed Additions will be payable
(i) on death or
(ii) on maturity i.e. on policy anniversary immediately after the Life Assured attains the age of 26 years, provided the risk has commenced under the policy.
Loyalty Addition:
Loyalty Additions will also be payable on maturity or on death after the commencement of the risk under the policy based on the rates declared from time to time , depending on the experience of the Corporation.
Death Benefit:
In the event of unfortunate death during the term, after the commencement of risk but before policy matures, the Sum Assured together with Guaranteed Additions is payable without any deduction or adjustment for the amount that may have been paid earlier by way of instalment benefits.
Premium Waiver Benefit:
Premium waiver benefit can be availed by the proposer under this plan for which additional premium will be payable. Lives up to the age of 50 (nearer birthday) are eligible, subject to normal underwriting requirements.
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.100000/-. The benefit will be payable in case the proposer dies before the policy anniversary on which the child completes 18 years. Lives up to the age of 50(nearer birthday)are eligible for this benefit subject to normal underwriting requirements .
For More Information Please Call:- Giribabu, 09885126368, 9246826368.
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