The best advantage of this policy is the guaranteed addition of 7.5% which nobody in the industry offers. But the biggest disadvantage is the life insured is of Child and not of the parent. This is ridiculous.
Most of the features are similar to that of the other companies product in this segment.
But if you compare this product with ICICI’s or HDFC’s similar product in this category, they insure that, incase of death of the parent, all the future premium are waived off. Other products either cover parent’s risk or atleast have such rider.
The same is not available in Komal Jeevan. So the question remains that who will pay the premium in case of the death of the parent.
So the very purpose of the policy defeats in case of the death of the parent.
Premium too is slightly higher than ICICI’s Smart Kid.
If you are sure that you will be arround till your child gets 18/21 years old than this is the best policy as the guaranteed addition is handsome.