Introduction:
This plan is specially designed to meet
the increasing educational, marriage
and other needs of growing children.
It provides the risk cover on the life
of child not only during the policy
term but also during the extended term
(i.e. 7 years after the expiry of policy
term). A number of Survival benefits
are payable on surviving by the life
assured to the end of the specified
durations.
Options:
You may choose Sum Assured (S.A.), Maturity
Age, Policy Term, Mode of Premium payment
and Premium Waiver Benefit.
Payment
of Premiums:
You may pay the premiums regularly at
yearly, half-yearly, quarterly or through
Salary deductions over the term of policy.
Premiums may be paid either for 6 years
or upto 5 years before the policy term.
Benefits:
A. Survival Benefit:
On life assured surviving to the end
of the specified durations an amount
specified below is payable:
5 years before the date of expiry of
policy term - 25% of the Sum Assured
4 years before the date of expiry of
policy term - 10% of the Sum Assured
3 years before the date of expiry of
policy term - 10% of the Sum Assured
2 years before the date of expiry of
policy term - 10% of the Sum Assured
1 years before the date of expiry of
policy term - 10% of the Sum Assured
On the date of expiry of policy term
- 50% of the Sum Assured along with
vested Simple Reversionary Bonuses and
Final (Additional) Bonus, if any.
Death Benefit:
On death (after the Date of Commencement
of Risk) - Sum Assured along with vested
Simple Reversionary Bonuses and Final
(Additional) Bonus, if any shall be
payable.
On
death during the Extended Term - Sum
Assured is payable.
On death (before the Date of Commencement
of Risk) - All the premiums paid (excluding
extra premium and premium for premium
waiver benefit, if any,) along with
interest of 3% p.a compounding yearly
shall be payable.
.Auto
Cover:
If after at least two full year's premiums
have been paid, and any subsequent premium
be not duly paid, full death cover shall
continue for a period of two years from
the due date of the First Unpaid Premium
(FUP). During this Auto Cover Period,
one or more instalments of premiums
with interest can be paid without submission
of evidence of health. On payment of
one or more of the arrears of instalment
premiums with interest, the Auto Cover
Period of 2 years shall be extended
from the due date of new FUP. Premium
Waiver Benefit shall remain inforce
during the Auto Cover period.
Premium Waiver Benefit:
The proposer can opt for this benefit
if aged between 18 and 55 and is medically
fit. It provides waiver of premiums
on death of proposer. Further the benefit
shall remain in force during the Auto
cover period. Any premiums that have
fallen due and not paid during the Auto
Cover period shall also be waived. This
benefit shall not be available in case
of suicide by the proposer within one
year of policy. Further, revival of
the policy shall be subject to medical
fitness of the proposer.
Eligibility Conditions and Other
Restrictions:
(a) Minimum Entry Age : 0 years (last
birthday)
(b) Maximum Entry Age : 12 years (last
birthday)
(c) Minimum Maturity Age : 23 years
(last birthday)
(d) Maximum Maturity Age : 27 years
(last birthday)
(e) Minimum Sum Assured : Rs. 1,00,000
(f) Maximum Sum Assured : Rs. 100,00,000
(g) Policy term : 11 to 27 years
(h) Premium Paying term : 6 years and
Policy term less 5 years
Participation in Profits of the
Corporation:
Simple Reversionary Bonuses shall be
declared per thousand Sum Assured annually
at the end of each financial year depending
upon the Corporation's experience, provided
the policy is in full force. In case
of a paid up policy, bonuses shall be
payable only if, at least, 3 full years'
premiums have been paid. On surrender,
the discounted value of vested bonuses,
if any, will be payable. Final (Additional)
Bonus may also be declared in addition.
Paid-up Value:
Not withstanding the death benefit provided
under the Auto Cover period, if at least
three full years' premiums have been
paid and any subsequent premium be not
duly paid, this policy shall not be
wholly void but shall become paid-up.
If policy becomes paid-up before the
commencement of risk, then the policy
shall be entitled to receive the Guaranteed
Surrender Value. If the policy is not
surrendered, this Guaranteed Surrender
Value shall be payable on the expiry
of policy term or on death of Life Assured,
if earlier.
If policy becomes paid-up after the
commencement of risk, then the sum assured
of policy shall be reduced to such a
sum, called paid-up value, as shall
bear the same proportion to the full
Sum
Assured as the number of premiums actually
paid bears to the total number of premiums
stipulated for in the policy. This reduced
value (called paid up value) along with
vested bonuses, if any, shall be payable
on the date of expiry of policy term
or at Life Assureds prior death. No
survival benefit shall be payable under
a reduced paid-up policy. Extended Term
cover shall cease to apply if the policy
is in lapsed/ Paid-up condition.
Surrender Value:
You may surrender the policy for cash
after at least three full years' premiums
have been paid. The Guaranteed Surrender
Value will be as under:
i. Before commencement of risk: 90%
of the total amount of premiums (excluding
premiums for the first year ) paid.
ii. After commencement of risk: 90%
of the total amount of premiums (excluding
premium for the first year) paid before
commencement of risk and 30% of premiums
paid on and after the commencement of
risk.
The Guaranteed Surrender value calculated
above will be subject to the deduction
of the total amount of survival benefits
that might have become due on or before
the date of surrender. Further all extra
premiums and/or any other premium including
premium for Premium Waiver Benefit shall
not be considered in the premiums refunded.
The cash value of any existing vested
bonuses, if any, will also be paid.
Corporation may, however, pay Special
Surrender value as the discounted value
of Paid up value and existing vested
bonus, as applicable on date of surrender.
The Special Surrender value will be
subject to the deduction of the survival
benefits which have become due on or
before the date of surrender.
The Special Surrender value will be
payable provided the same is higher
than Guaranteed Surrender value.
Grace Period:
A grace period of one calendar month
but not less than 30 days will be allowed
for payment of premiums.
Revival:
If the policy is lapsed, it can be revived
by paying arrears of premium together
with interest within a period of five
years, subject to production of satisfactory
evidence of continued insurability.
The rate of interest applicable will
be as fixed by the Corporation from
time to time.
cooling-off
period:
If you are not satisfied with the "Terms
and Conditions" of the policy you
may return the policy to us within 15
days.
Exclusions:
Suicide is excluded for Premium Waiver
Benefit for first year. No other exclusions.
Miscellaneous
Provisions:
Date
of commencement of risk : If age of
Life Assured is upto 10 years, risk
shall commence either after 2 years
from the date commencement of policy
or from the policy anniversary coinciding
with or immediately following the completion
of 5 years of age of Life assured, whichever
is later. In other cases, risk shall
commence from the policy anniversary
coinciding with or next following 12th
birthday of the Life Assured.
Date
of Vesting:
The policy shall automatically vest
in the Life Assured on the policy anniversary
coinciding with or immediately following
the completion of 18 years of age and
shall on such vesting be deemed to be
a contract between the Corporation and
the Life Assured.
