Wednesday, February 10, 2010

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 18th 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 18th 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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3 comments:

  1. whether T.B. for 26 yrs. or 18 yrs. Please rectify if necessary.

    ReplyDelete
  2. If sum assured is 500000 and mode of payment is halfyearly then can you tell me the premium amount and the gauranted addition

    ReplyDelete
  3. Hi, I am paying the premiums of lic policy komal jeewan for my daughter from last 7 years. What is the provision of change in surname in the policy for daughter.

    ReplyDelete