LIC Komal Jeevan Plan 159 Calculator

LIC Komal Jeevan Plan 159 is a children’s money-back policy that provided scheduled payments during important stages of a child’s life. It also offered life cover, Guaranteed Additions and a possible Loyalty Addition.

LIC withdrew Plan 159, UIN 512N216V01, on 1 January 2014. It cannot be purchased as a new policy. This guide and calculator are intended for existing policyholders who want to understand the survival benefits, maturity payment, death benefit, premium record and surrender value.

What Is the Komal Jeevan Plan 159 Calculator?

LIC Komal Jeevan Calculator is online tool which is desigend for helping existing policiholders to calculate their policy bonus rate, and maturity value, and other details. This calculator use the Sum Assured and policy details to calculate the money-back payments due around ages 18, 20, 22 and 24. It can also helps to estimate Guaranteed Additions, the final maturity payment and the total amount scheduled across the policy term.

Also Check:

• LIC Navjeevan Plan 853
• LIC Jeevan Tarun Calculator 
• LIC Insurance Plan Calculator

Plan 159 at a Glance

What Is Komal Jeevan Plan 159?

Komal Jeevan was a with-profit children’s money-back plan. A parent or grandparent could purchase it for a child aged 0 to 10 years.

The plan paid parts of the Sum Assured when the child reached specified ages. The final maturity payment consisted of Guaranteed Additions and Loyalty Addition, if applicable. The Sum Assured was not paid again at maturity because 100% of it was already scheduled through the survival benefits.

If the child died after risk commencement but before maturity, the full Sum Assured plus eligible Guaranteed Additions and Loyalty Addition, if any, became payable. Before risk commencement, the policy provided a refund of premiums after excluding the Premium Waiver Benefit charge.

Key Highlights

• Money-back payments linked to the child’s age
• Total survival benefits equal to 100% of the Sum Assured
• Guaranteed Addition of ₹75 per ₹1,000 Sum Assured
• Possible Loyalty Addition
• Life cover after risk commencement
• Regular and single-premium options
• Optional Premium Waiver Benefit
• Surrender facility after satisfying the required conditions

How the Plan Works

The Sum Assured is divided into four survival benefits:

At the end of the policy term, LIC pays the eligible Guaranteed Additions and Loyalty Addition, if any. This creates two different results:

• Final maturity payment: Guaranteed Additions plus applicable Loyalty Addition
• Total scheduled policy value: Survival benefits plus final maturity payment

Survival Benefits

For a Basic Sum Assured of ₹2,00,000:

The payments are due on the policy anniversaries that coincide with or immediately follow the specified ages. Exact dates should be taken from the policy schedule or LIC records.

Guaranteed Additions

The policy provides Guaranteed Additions at ₹75 per ₹1,000 Sum Assured for each eligible completed policy year.

Guaranteed Additions
= Sum Assured ÷ 1,000
× ₹75
× Eligible Completed Policy Years

For a ₹2,00,000 Sum Assured with 22 eligible completed years:

₹2,00,000 ÷ 1,000 × ₹75 × 22
= ₹3,30,000

The calculator should not count years only because time has passed. For a normal in-force policy at maturity, eligible years will generally match the policy term. A lapsed, paid-up, revived or surrendered policy may require a different calculation.

Loyalty Addition

Komal Jeevan participated in LIC’s profits through Loyalty Addition. This is a terminal benefit, not a fixed annual bonus or interest rate. It may apply on maturity or death according to LIC’s declaration and the policy’s eligibility.

When LIC confirms an applicable rate:

Loyalty Addition
= Sum Assured ÷ 1,000
× Applicable Loyalty Addition Rate

The rate can vary according to the claim year and duration from risk commencement. Do not use one old rate for every policy. Leave the field blank when the applicable rate or amount has not been confirmed.

Maturity Benefit

The final payment at the end of an eligible policy term is:

Final Maturity Payment
= Guaranteed Additions
+ Loyalty Addition, if applicable

The Sum Assured is not added again to this payment because it has already been distributed through the four survival benefits.

The complete scheduled value is:

Total Scheduled Policy Value
= Survival Benefits
+ Final Maturity Payment

This distinction prevents double counting.

Death Benefit

Death benefit depends on whether life cover has started.

The brochure describes the post-risk benefit as the full Sum Assured. A calculator should not automatically reduce it because an earlier survival benefit was paid. LIC’s claim calculation remains final.

When Does Life Cover Start?

Risk cover starts on the later of:

1. Two years after the policy commencement date; or
2. The policy anniversary immediately following completion of age seven by the child.

Risk Commencement Date
= Later of:

Policy Commencement Date + 2 Years

OR

First Policy Anniversary After
the Child Completes Age 7

The complete date of birth and policy commencement date are required. Entry age alone is not enough to calculate the exact date.

Premium Payment Term

Regular premiums were payable up to the policy anniversary coinciding with or immediately following the child’s 18th birthday, or until earlier death. A single-premium option was also available.

Do not calculate the policy term only from the child’s entry age. The brochure illustrates a 26-year term for a child aged zero, but it does not provide a complete term table for every entry age. Enter the exact term printed in the policy bond.

For premium calculations, use the actual instalment premium and payment mode shown in LIC records. Keep tax, late fees, extra premium and Premium Waiver Benefit charges separate.

Premium Waiver Benefit

Premium Waiver Benefit was optional and required an additional premium. If it was included and its conditions were satisfied, premiums falling due after the proposer’s death were waived until the end of the deferment period.

Deferment Period
= 18 − Child's Age at Entry

For entry age four:

18 − 4 = 14 years

This benefit is not a separate cash payment. Its purpose is to help the policy continue after the proposer’s death.

How to Use LIC Komal Jeevan Calculator Plan 159

1. Enter the child’s date of birth and policy commencement date.
2. Enter the exact policy term and Basic Sum Assured from the policy bond.
3. Select the premium mode and enter the basic instalment premium.
4. Enter the eligible completed policy years supported by the policy record.
5. Add a verified Loyalty Addition rate or amount, if available.
6. Select Calculate to view survival benefits, maturity payment and total scheduled value.

The calculator can also show the estimated risk-start date and formula-based Guaranteed Surrender Value.

Complete Calculation Example

LIC’s official regular-premium illustration uses:

Total scheduled annual premiums:

₹7,281 × 18
= ₹1,31,058

Guaranteed Additions:

₹1,00,000 ÷ 1,000 × ₹75 × 26
= ₹1,95,000

Survival benefits:

Final maturity payment before any Loyalty Addition:

₹1,95,000

Total guaranteed scheduled cash flow:

₹1,00,000 + ₹1,95,000
= ₹2,95,000

The illustration’s 6% and 10% scenarios are not guaranteed bonus rates. Any projected variable amount should not be treated as the actual Loyalty Addition of another policy.

Surrender Value

The policy could be surrendered after it had remained in force for at least three years.

Before Risk Commencement

Guaranteed Surrender Value
= 90% × Eligible Premiums Paid

The first-year premium and any extra premium are excluded.

After Risk Commencement

Guaranteed Surrender Value
= 90% × Eligible Premiums Paid Before Risk Start
+ 30% × Premiums Paid After Risk Start

The first-year and extra premiums are excluded from the pre-risk portion.

LIC may pay a Special Surrender Value that is equal to or higher than the Guaranteed Surrender Value. Its exact factors are not provided in the brochure, so the calculator can show only the guaranteed formula.

What If When We Stopped Paying Premiums?

If all required premiums were not paid, the policy may have lapsed or continued with reduced paid-up benefits. The full survival, maturity and death-benefit formulas may not apply.

Do not treat all scheduled Guaranteed Additions as confirmed merely because the policy term has passed. The paid-up benefit, revival amount, eligible additions and surrender value should be checked with LIC.

Tax Benefits and Tax Rules

Tax treatment depends on the policy issue date, premium, Sum Assured, applicable law and chosen tax regime. A deduction or exemption should not be promised without checking these details.

Tax, late fees, extra premium and Premium Waiver Benefit charges should remain separate from the basic-premium calculations. Current tax rules should be checked before claiming any deduction or exemption.

Important Points to Remember

• Use the exact policy term printed in the policy bond.
• Enter complete dates to calculate risk commencement.
• Count only eligible completed policy years.
• Do not add the Sum Assured again at maturity.
• Treat Loyalty Addition as optional unless LIC confirms it.
• Keep Premium Waiver Benefit charges separate.
• Do not show full benefits for an uncertain, lapsed or paid-up policy.
• Confirm the final maturity, surrender or claim amount with LIC.

Frequently Asked Questions

Is LIC Komal Jeevan Plan 159 still available?

No. LIC withdrew Plan 159 on 1 January 2014. Existing policies continue according to their issued conditions.

What are the money-back benefits?

The plan pays 20% of the Sum Assured around ages 18 and 20, followed by 30% around ages 22 and 24.

How is the maturity amount calculated?

The final maturity payment is eligible Guaranteed Additions plus Loyalty Addition, if applicable. The Sum Assured is not added again because it is distributed through survival benefits.

When does risk cover begin?

Risk begins two years after policy commencement or on the policy anniversary immediately after age seven, whichever is later.

Can the policy be surrendered?

Yes. Surrender value becomes available after the policy has remained in force for at least three years. LIC may pay the applicable Guaranteed or Special Surrender Value.

Conclusion

LIC Komal Jeevan Plan 159 was a children’s money-back policy with scheduled survival payments, Guaranteed Additions, possible Loyalty Addition and life cover after risk commencement.

The calculator can show the money-back schedule, final maturity payment, total policy value and illustrative surrender value. Accurate use requires the exact policy term, correct dates, eligible completed years and LIC-confirmed policy status.

Amit Kushwaha

Amit Kushwaha is a financial content creator and SaaS tool developer based in Lucknow, Uttar Pradesh. He has more than seven years of experience creating insurance-related content, online calculators, and practical digital tools for LIC policyholders, insurance buyers, and LIC agents.

Through LICPolicyCalculator.com, he focuses on simplifying complex LIC policy information into easy-to-understand guides and calculators. His work covers LIC premium estimates, maturity calculations, surrender value tools, policy return calculations, term insurance planning, and plan-specific calculator pages.