Product summary:
This is a Children's Money Back Plan that
provides financial protection against
death during the term of plan with periodic
payments on survival at particular durations.
This plan can be purchased by any of the
parent or grandparent for a child aged
0 to 10 years.
Commencement of risk cover: The
risk commences either after 2 years from
the date of beginning of policy or from
the policy anniversary immediately following
the completion of 7 years of age of child,
whichever is later.
Premiums: Premiums
are payable yearly, half-yearly, quarterly,
monthly or through Salary deductions,
as opted by you, up to the policy anniversary
immediately after the life assured (child)
attains 18 years of age or till the earlier
death of the life assured. Alternatively,
the premium may be paid in one lump sum
(Single premium).
Guaranteed Additions: The
policy provides for the Guaranteed Additions
at the rate of Rs.75 per thousand Sum
Assured for each completed year. The Guaranteed
Additions are payable at the end of the
term of the policy or earlier death of
the Life Assured.
Loyalty Additions: 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 loyalty additions,
which are terminal bonuses payable along
with death or maturity benefit. Loyalty
addition may be payable depending on the
experience of the Corporation..
Survival Benefit: The
percentage of sum assured as mentioned
below will be paid on survival to the
end of specified durations:
On
the policy anniversary immediately
following the Life assured attains
the age of
%
of Sum Assured
18
years
20%
20
years
20%
22
years
30%
24
years
30%
Death Benefit:
In case of death of the life assured before
the commencement of risk, the policy shall
stand cancelled and premiums paid (excluding
the Premium for Premium waiver Benefit)
under the policy will be refunded. However,
if death occurs after the commencement
of risk but before the policy matures,
the full Sum Assured plus Guaranteed Additions
together with Loyalty Additions, if any,
is payable.
Maturity Benefit:
The Guaranteed Additions together with
Loyalty Additions, if any, is payable
in a lump sum on survival to the end of
the policy term.
Premium Waiver Benefit:
This is an optional benefit that can be
added to your basic plan. An additional
premium is required to be paid for this
benefit. By payment of this additional
premium, the proposer can secure the benefit
of cessation of premiums from his/her
death to the end of the deferment period.
The deferment period for this purpose
is to be taken as 18 minus age at entry
of child. .
Surrender Value:
Buying a life insurance contract is a
long-term commitment. However, surrender
value is 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
Guaranteed Surrender Value before the
date of commencement of risk is 90% of
the premiums paid excluding the premiums
paid during the first year and any extra
premium paid. After the date of commencement
of risk, the Guaranteed Surrender Value
is 90% of the premiums paid before the
date of commencement of risk excluding
the premiums paid during the first year
and any extra premium paid plus 30% of
the premiums paid after the date of commencement
of risk..
Corporation's policy on surrenders: In
practice, the company 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 claim
amount that would be payable on death
or at maturity. This value will depend
on the duration for which premiums have
been paid and the policy 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.
