KOMAL JEEVAN

‘KOMAL JEEVAN’ 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.
FEATURES

1.  Parents can propose the child’s life.

2. It is money back plan wherein survival benefits are paid at regular

intervals after the child attains the age of 18 years.

3.  Guaranteed additions @ Rs.75 per Rs.1000sum assured are payable

under the policy.

4.  This additions are payable either on death within the term (after

commencement of risk) or on child attaining he age of 26 years.

5.  Loyalty additions are paid either on death or on maturity depending on

the performance of the company.

6. Risk commences after 2 years from the date of commencement of policy

or on policy anniversary following completion of 7 years by the child,

whichever is later.

7.  Policy vests on life assured on the policy anniversary or the child

attaining the age of 18 years.

8. On vesting the life assured is the absolute owner of the policy and the

proposed ceases

9.  to have any interest in the policy.

10.  Premiums cease on the policy anniversary immediately after the child

/life assured attains age 18.

11.  Premiums are payable up to a term equal to 18 minus the age of the

child at entry.

12. Premium waiver benefit can be availed by proposed by paying

additional premium

13.  wherein premiums under the policy stand waived on death of the

proposed within the term.

14.  Proposed can avail insurance cover to the extent of 20% of basic sum

assured subject to a maximum of Rs.100,000 by paying additional

premium. Father is the proposed. The child’s mother, if she has an

income of her own, can also propose the policy. If both parents are not

alive legal guardian can propose.

BENEFITS
Installment Benefits: The Sum assured under this plan will be paid installments at periodic intervals provided the policy is in force for full sum assured as under: 20% on policy anniversary after completing age 1820% on policy anniversary after completing age 2030% on policy anniversary after completing age 2230% on policy anniversary after completing age 24Guaranteed additions:Payable along with sum assured either on death within the term or on policy anniversary after attaining age 26 years. The policy has to be kept in full force at Rs.75 per thousand for each policy year to receive this benefit Death Benefit: In case of death of life assured before the commencement of risk, the policy is cancelled and premiums paid are refunded.After the commencement of risk, if the life assured dies before policy matures, full sum assured plus guaranteed additions are payable without deduction of earlier installment benefits paid.Loyalty Additions: Special benefit on maturity -Loyalty Additions depending on policy duration and sum assured are paid on maturity.
RESTRICTIONS
1.  Children (both boys and girls) from 0 to 10 years of age are eligible.
2.  Minimum Age at Entry : 0 years
3.  Maximum Age at Entry : 10 years
4.  Maturity Age : 26 Years
5.  Mode of  Premium : Single Premium, Yearly, Half-Yearly, Quarterly, SSS.
6.  Minimum Sum Assured Rs.1,00,000/-
7.  Maximum Sum Assured Rs.25,00,000/-within the overall permissiable
limit of Rs.50,00,000/-
8.  Policy will be issued only in multiples of Rs.25,000/-
9.  Loan against the Policy is not available.
RECOMMENDATION
This is a good policy for the Proposed and Parents. This is highly recommended for every parent to buy. Thou this policy is a little costly compared to other endowment policy, it is a good insurance policy. The benefit is the Guaranteed Return on a  money back.
This is a good investment. We buy insurance for the future, and family. The policy 100 % fits to the requirement of every person needs. This can be an investment from a very low amount to a high value.