Komal Jeevan

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Features

Special Features

Benefits

Policy Parameters

Features

Komal Jeevan Plan allows 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 instalments at age 18, 20, 22, 24 as also guaranteed and loyalty additions, if any, at the age of 26.

Special Features

In most cases, father would be the proposer under the plan. But, if the 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 the legal guardian can propose under the plan.

Risk under this plan will commence either after 2 years from the date commencement of the policy or from the policy anniversary immediately following the completion of 7 years of age, whichever is later.

No medical examination of the life assured is required.

Policy shall automatically vest in the life assured on the policy anniversary immediately after the life assured attains majority.

Benefits

Survival 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:

• 20% of the Sum Assured on the policy anniversary immediately after the life assured attains the age of 18 years.
• 20% of the Sum Assured on the policy anniversary immediately after the life assured attains the age of 20 years.
• 30% of the Sum Assured on the policy anniversary immediately after the life assured attains the age of 22 years.
• 30% of the Sum Assured on the policy anniversary immediately after the life assured attains the age of 24 years.

Guaranteed Addition

Guaranteed Addition of Rs 75 per thousand is payable per annum at the age of 26 at the end of each policy year. This will be added to the policy provided the policy is in full force.

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.

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 .

Death Benefits

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.

Accident Benefit

This Plan will not be eligible for accident or permanent disability benefits.

Policy Parameters

Note: Policy will be issued only in multiples of Rs.25,000/-.