LIC Children’s Plan – Komal Jeevam is a money back plan for children aged 0-10 years and offers financial protection on the unfortunate event of the death of the parent or grandparent who is eligible to purchase the policy for the child
This is a money back plan for children aged 0 – 10 years, which can be purchased by a parent or grandparent and which provides financial protection against death during the term of plan with periodic payments on survival at specified durations. Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, 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 one lump sum.
Some of the Key Benefits are
– Survival benefit – A specific percentage of sum assured will be paid on survival to the end of specified durations.
– Death benefit – In case of death of the life assured before the commencement of risk, the policy shall stand cancelled and premiums paid (excluding the Premium for Premium waiver Benefit ) under the policy will be refunded. However, if death occurs after the commencement of risk but before the policy matures, the full Sum Assured plus Guaranteed Additions together with Loyalty Additions, if any, is payable.
– Maturity Benefit – The Guaranteed Additions together with Loyalty Additions, if any, is payable in a lump sum on survival tothe end of the policy term.
a single premium policy maturing at age of 18 for grandson aged 1 year