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Komal Jeevan Plan
Description :-
Komal Jeevan Plan introduced w.e.f. 14th November, 2002. This is a money back plan with guaranteed addition and payment of premiums ceases on the policy anniversary immediately after the child attains 18 years of age. This policy is suitable for parents who wants to secure money for there children’s higher education. It can be availed by parents having children aged between 0 to 10 years.In the ever demanding and competitive environment , it is essential to provide the best education to your children which can be very expensive. Fortunately, the sooner you start investing for their education , the more flexibility you'll have and will enable your children to achieve proficiency in their career endeavors.
Salient Features :-
 
  • Parents can propose the child's life.
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  • Risk under this plan will commence either after 2 years from the date of commencement of the policy or from the policy anniversary immediately following the completion of 7 years of age by the child, whichever is later. No medical examination of the life to be assured would be required under this plan.
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  • Premiums are payable upto a term equal to 18 minus the age of the child at entry.
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  • In most cases, Father would be the proposer. But, if Mother has an income of her own, can also propose the policy. If both parents are not alive legal guardian can propose.
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  • Policy can be gifted by grand parents, elder sisters or brothers and uncles both from paternal or maternal side, by taking a single premium policy for love and affection. In such cases also, the policies will be proposed by father, mother or legal guardian.
  • Benefits :-
    In the ever demanding and competitive environment , it is essential to provide the best education to your children which can be very expensive. Fortunately, the sooner you start investing for their education , the more flexibility you'll have and will enable your children to achieve proficiency in their career endeavors. This would make the children proud of their parent's effort and call them The Best Parents. 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.
    Restrictions :-
     
  • Children from 0 to 10 years of age are eligible.
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  • Minimum Age at Entry : 0 years
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  • Maximum Age at Entry : 10 years
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  • Maturity Age : 26 Years
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  • Mode of Premium : Single Premium, Yearly, Half-Yearly, Quarterly, SSS.
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  • Minimum Sum Assured Rs.1,00,000/-
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  • Maximum Sum Assured Rs.25,00,000/- within the overall permissiable limit of Rs.50,00,000/-
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  • Policy will be issued only in multiples of Rs.25,000/-
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  • Loan against the Policy is not available.
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