LIC Komal Jeevan Plan 159 Calculator
Children's Money Back Plan
Plan Name: LIC Komal Jeevan (Table No. 159)
UIN: 512N216V01
Launch Date: 28th February 2003
Date of Withdrawal: 1st January 2014
Plan Type: Children's Money Back Plan
Calculation Results
Survival Benefits (Money Back)
| Age of Child | Year | Benefit Amount | % of Sum Assured |
|---|
- Risk cover commences from age 7 or 2 years from date of commencement, whichever is later
- Premium ceases on policy anniversary immediately after the child attains 18 years of age
- Death benefit includes Sum Assured + Bonus + Final Addition Bonus (if applicable)
- Maturity benefit includes Guaranteed Additions + Loyalty Addition (if applicable)
- This is an indicative calculation. Actual premium may vary based on LIC's underwriting
LIC Komal Jeevan Plan 159 is a unique money-back insurance policy designed specifically for the financial needs of children, with guaranteed returns and a structured payout schedule.
LIC Komal Jeevan Plan 159 – Introduction
LIC Komal Jeevan Plan 159, is a Children’s Money Back Plan created to help parents secure their children’s future through systematic savings and periodic payments. Parents and grandparents can purchase the plan for children aged 0 to 10 years, with options for regular or single premium payments.
Launch and Withdrawal Dates
- Launch Date: LIC Komal Jeevan Plan 159 was introduced in November 2003, coinciding with Children’s Day.
- Withdraw Date: The plan was withdrawn by LIC on January 1, 2014, and is no longer available for new purchases.
Who Should Invest in Komal Jeevan?
LIC Komal Jeevan is intended for parents and grandparents seeking a secure investment for a child’s future education and other major expenses. It suits those who want:
- Guaranteed money-back payouts at key milestones in the child’s life.
- Risk cover and protection for the child.
- Structured, tax-efficient savings.
Key Features of LIC Komal Jeevan Plan 159
Money-Back Payouts
At specific ages of the child (18, 20, 22, and 24 years), Komal Jeevan pays a percentage of the Sum Assured as Survival Benefit:
| Age (Years) | Survival Benefit (% of Sum Assured) |
|---|---|
| 18 | 20% |
| 20 | 20% |
| 22 | 30% |
| 24 | 30% |
Maturity Benefit
On maturity (at age 26), the policyholder receives the Guaranteed Additions and Loyalty Additions (if applicable) in a lump sum.
Risk Cover
The risk cover (insurance) commences either after 2 years from the policy start or from the policy anniversary after the child turns 7, whichever is later. If death occurs before risk commencement, premiums (excluding those for optional benefits) are refunded.
Premium Waiver Benefit (Optional)
If the proposer (parent) opts for the Premium Waiver Benefit, all future premiums are waived if the proposer dies before the child turns 18.
Loan Facility
Loan options are available after 1 year of policy completion, providing liquidity in emergencies.
Surrender Value
Policy can be surrendered after 3 years, with guaranteed surrender value based on the premium payment schedule.
Eligibility Criteria
- Entry Age: 0 to 10 years
- Term: 26 years
- Minimum Sum Assured: ₹1 lakh
- Maximum Sum Assured: ₹25 lakh
- Premium Payment Term: Till policy anniversary after child turns 18 years
Premium Modes
Premiums can be paid annually, half-yearly, quarterly, monthly, or in a single lump sum. Salary deduction mode is also available for salaried individuals.
Guaranteed Additions and Loyalty Bonus
- Guaranteed Additions: ₹75 per ₹1000 Sum Assured per completed year.
- Loyalty Bonus: Paid at maturity or death, depending on LIC’s profit experience, and is not guaranteed.
Death and Survival Benefits
Death before Risk Commencement
- Policy is cancelled, and total paid premiums are refunded (excluding Premium Waiver cover).
Death after Risk Commencement
- Full Sum Assured, Guaranteed Additions, and Loyalty Bonus (if any) are paid, even if survival benefits have already been disbursed.
How Komal Jeevan Plan Works
Let’s understand with a simple example:
Suppose you buy a ₹1,00,000 Sum Assured policy for a newborn. You pay premiums till the child turns 18. On survival, the payouts are structured as follows:
- Age 18: ₹20,000
- Age 20: ₹20,000
- Age 22: ₹30,000
- Age 24: ₹30,000
- Age 26 (Maturity): Remaining Guaranteed Additions & Loyalty Addition
This ensures lump-sum returns for education and other major expenses.
LIC Komal Jeevan Plan 159 Calculator
Parents considering the plan often want to know the premium, payouts, maturity values, surrender values, and bonuses. The LIC Komal Jeevan Calculator helps you estimate:
- Premiums: Based on Sum Assured, entry age, and optional features.
- Survival Benefits: At each scheduled milestone.
- Maturity Values: Including guaranteed and loyalty additions.
- Surrender Values: If policy is closed before completion.
Illustration Tables
Single Premium Example
- Entry Age: 0 years
- Sum Assured: ₹1,00,000
- Single Premium: ₹73,980
- Policy Term: 26 years
Survival Benefits:
| Age | Amount (₹) |
|---|---|
| 18 | 20,000 |
| 20 | 20,000 |
| 22 | 30,000 |
| 24 | 30,000 |
| 26 | Maturity: Guaranteed Additions + Loyalty Bonus |
Yearly Premium Example
- Entry Age: 0 years
- Sum Assured: ₹1,00,000
- Annual Premium: ₹7,281
- Premium Paying Term: 18 years
Total premium paid and projected benefits are clearly structured.
Surrender and Paid-up Values
- Policy can be surrendered after 3 years.
- Surrender before risk commencement: 90% of premiums (excluding first year’s and extra premium).
- Surrender after risk commencement: 90% of pre-risk premiums plus 30% of post-risk premiums (excluding the first year’s and extra premium).
- Special surrender value may be higher than guaranteed surrender value depending on LIC’s current policy.
Tax Benefits
Premiums paid may be eligible for deduction under Section 80C of the Income Tax Act. Survival benefits, maturity, and death benefits may be tax-free under Section 10(10D).
Important Points
- No medical examination required up to age 9 for a sum assured up to ₹25 lakhs.
- Vesting: The policy vests in the child after attaining adulthood.
- Premium waiver benefit secures the child’s future in case of the parent’s death.
How to Use LIC Komal Jeevan Calculator
- Enter the sum assured, the child’s entry age, and the desired premium mode (annual, half-yearly, etc).
- Choose optional features (like the Premium Waiver Benefit).
- The calculator estimates total premiums, survival benefits, maturity payout, and surrender values.
- You can compare projections at different assumed interest rates (typically 6% and 10%) as per IRDA guidelines.
Pros and Cons
Pros
- Guaranteed payouts at important life stages.
- Life cover for child with option to maximize protection.
- Tax benefits for the proposer.
- Loan facility for emergencies.
Cons
- Withdrawn since January 2014 – Only available to existing policyholders.
- Returns dependent on loyalty bonuses, which are not guaranteed.
- Surrender value may be less than total premiums if closed early.
FAQs
What is LIC Komal Jeevan Plan 159?
It is a children’s money-back insurance plan by LIC with periodic payouts for children’s future financial needs.
Who could buy this plan?
Parents or grandparents for children aged 0 to 10 years (only when the plan was available).
Is LIC Komal Jeevan Plan 159 still available?
No, it was withdrawn by LIC on January 1, 2014. Existing policyholders continue to enjoy benefits.
What are the key benefits of this plan?
Money-back payouts at ages 18, 20, 22, and 24, maturity benefit at 26 years, risk cover, and optional premium waiver.
When do survival benefits get paid?
At the child’s age of 18, 20, 22, and 24 years as a percentage of sum assured.
What happens if the proposer dies before the child turns 18?
If premium waiver benefit is opted, future premiums are waived to continue the policy.
Conclusion
LIC Komal Jeevan Plan 159 was a reliable investment for children’s financial future, with a well-defined payout, risk cover, and loan facility. While the plan is no longer available for new purchases, existing policyholders can use online calculators to estimate the value and benefits at every stage.