Product
Summary:
This is an Endowment Assurance plan
designed to enable a parent or a legal
guardian or any near relative of the
child (called proposer) to provide insurance
cover on the life of the child (called
life assured). The plan has two stages,
one covering the period from the date
of commencement of policy to the Deferred
Date (called deferment period) and the
other covering the period from the Deferred
Date to the date of maturity. The insurance
cover on the child’s life starts
from the Deferred Date and is available
during the latter period.
The Deferred Date in case of Plan No
41 is the policy anniversary date coinciding
with or next following the date on which
the child completes 21 years of age.
In case of Plan No 50 it is the policy
anniversary date coinciding with or
next following the 18th birthday of
the child.
Premiums:
Premiums are payable yearly, half-yearly,
quarterly or monthly and this shall
cease on the death of the life assured
. Premiums are waived on death of Proposer
provided this benefit is availed.
Bonuses:
This is a with-profits plan and participates
in the profits of the Corporation’s
life insurance business after the deferred
date. It gets a share of the profits
in the form of bonuses. Simple Reversionary
Bonuses are declared per thousand Sum
Assured annually at the end of each
financial year. Once declared, they
form part of the guaranteed benefits
of the plan.
Death Benefit:
The Sum Assured along with vested bonuses
is payable in a lump sum upon the death
of the life assured after the deferrement
period. If death occurs before the deferrement
period all premiums paid is refunded.
Maturity Benefit:
Sum assured along with all bonuses declared
up to maturity date is payable in lump
sum.
Supplementary/Extra Benefits:
These are the optional benefits that
can be added to your basic plan for
extra protection/option. An additional
premium is required to be paid for these
benefits.
Surrender Value:
Buying a life insurance contract is
a long-term commitment. However, surrender
values are available on the plan on
earlier termination of the contract.
Guaranteed
Surrender Value:
The policy may be surrendered after
it has been in force for 3 years or
more. The minimum surrender value allowable
under this policy is as under:
(a) Before the Deferred date : 90% of
the premiums paid excluding the premium
for the first year.
(b) After the Deferred date:
(i) If deferment period is less than
10 years:; 90% of the premiums paid
before the deferment date excluding
the premiums for the first year plus
30% of premiums paid after the deferred
date.
(ii) If deferment period is 10 years
or more: ;90% of a cash option plus
30% of premiums paid after the deferred
date.
Corporation’s Policy On Surrenders:
In practice, the Corporation will pay
a Special Surrender Value – which
is either equal to or more than the
Guaranteed Surrender Value. The benefit
payable on surrender is the discounted
value of the reduced claim amount that
would be payable at death or maturity.
This value will depend on the duration
for which premiums have been paid and
the policy duration at the date of surrender.
The Corporation reviews the surrender
value payable under its plans from time
to time depending on the economic environment,
experience and other factors.
Note: The above is the product
summary giving the key features of the
plan. This is for illustrative purpose
only. This does not represent a contract
and for details please refer to your
policy document.
This
is an Endowment Assurance plan that
provides for benefits on or from the
selected maturity date to meet the Marriage/Educational
expenses of the named child.
Premiums:
Premiums are payable yearly, half-yearly,
quarterly, monthly or through Salary
deductions, as opted by you, throughout
the term of the policy or earlier death.
Bonuses:
This is a with-profit plan and participates
in the profits of the Corporation’s
life insurance business. It gets a share
of the profits in the form of bonuses.
Simple Reversionary Bonuses are declared
per thousand Sum Assured annually at
the end of each financial year. Once
declared, they form part of the guaranteed
benefits of the plan. Such bonuses are
to be added till maturity even if the
life assured dies before the maturity
date. Final (Additional) Bonus may also
be payable provided a policy is of a
certain minimum term.
Death Benefit:
The Sum Assured plus accrued bonuses
up to maturity is payable on maturity
even though death occurs during policy
term. This may be paid in a lump sum
or in ten half-yearly instalments at
the option of the beneficiary.
Maturity
Benefit:
The Sum Assured plus all bonuses declared
up to maturity date is payable on survival
to the end of the term either in a lump
sum or in ten half-yearly installments,
as opted by you.
Supplementary/Extra
Benefits:
These are the optional benefits that
can be added to your basic plan for
extra protection/option. An additional
premium is required to be paid for these
benefits.
Surrender
Value:
Buying a life insurance contract is
a long-term commitment. However, surrender
value will be available under the plan
on earlier termination of the contract.
Guaranteed
Surrender Value:
The policy may be surrendered after
it has been in force for 3 years or
more. The guaranteed surrender value
is 30% of the basic premiums paid excluding
the first year’s premium.
Corporation’s
policy on surrenders:
In practice, the Corporation will pay
a Special Surrender Value – which
is either equal to or more than the
Guaranteed Surrender Value. The benefit
payable on surrender reflects the discounted
value of the reduced claim amount that
would be payable at maturity. This value
will depend on the duration for which
premiums have been paid and the policy
duration at the date of surrender. In
some circumstances, in case of early
termination of the policy, the surrender
value payable may be less than the total
premium paid.
The
Corporation reviews the surrender value
payable under its plans from time to
time depending on the economic environment,
experience and other factors.
