LIC Komal Jeevan Explanation with Example - 2

Komal Jeevan

Proposer         : Mr. X                Age: 32 Years

Policy Holder : Mr.Y              Age: 0 Year.

Policy Amount: Rs.2,00,000/-

Policy Term: 18 yrs.

Premium Amounts:

Payment Mode	Premium
Yearly	Rs.15044 /-
Half Yearly	Rs.7602/-
Quarterly	Rs.3840 /-

Features:

This is an excellent children money back policy with Guaranteed Addition that is highly useful for the higher education of the children balancing the inflation level.

• The premium amount has to be paid only up to the 18^th age of the child.
• Guaranteed Addition is provided at the rate of Rs.75/- per thousand Sum Assured.
• Full Sum Assured is returned in regular intervals after the 18^th age of the child so that it can be useful for the child’s higher education.

Maturity Benefits:

At the end of Age	18	20	22	24	26
Returns	Rs.40,000/-	Rs.40,000/-	Rs.60,000/-	Rs.60,000/-	Rs.3,90,000/- +  LA, if any (GA+LA, if any)

                                               

What is paid for 18 years		What your child gets
Yearly	Rs.2,70,792/- - T.B for 18 years	SA – 2,00,000 (On Regular Returns)+ GA – 3,90,000 (@ Rs. 75 per 1000 SA for 26 years.)+ LA, if any = Rs.5,90,000 + LA, if any.
Half Yearly	Rs.2,73,672/- - T.B for 18 years
Quarterly	Rs.2,76,480/- - T.B for 18 years

                                                                  

T.B – Tax Benefits: The Net Taxable Annual income can be reduced to a great extent by subtracting the annual premium paid from the net taxable income.

L.A – Loyalty Addition: Based on the experience of LIC this amount will be given.

G.A – Guaranteed Addition: This amount will be given definitely by LIC.          

Policy Holder will also be provided Premium Waiver Benefit + Term Rider Benefit in the given premium amount.

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