Introduction:
This plan is specially designed to meet the
increasing educational 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.
Sample
Premium Rates:
Following are some of the sample premium rates
per Rs. 1000/- S.A.:
| For
6 years’ Premium paying term |
| Age |
Maturity
Age |
|
23
|
24
|
25
|
26
|
27
|
|
0
|
111.25
|
107.25
|
103.35
|
99.60
|
95.95
|
|
4
|
128.35
|
123.80
|
119.35
|
115.05
|
110.90
|
|
8
|
148.15
|
143.05
|
138.05
|
133.20
|
128.50
|
|
12
|
170.20
|
164.55
|
159.05
|
153.65
|
148.40
|
| For
6 years’ Premium paying term |
| Age |
Maturity
Age |
|
23
|
24
|
25
|
26
|
27
|
|
0
|
111.25
|
107.25
|
103.35
|
99.60
|
95.95
|
|
4
|
128.35
|
123.80
|
119.35
|
115.05
|
110.90
|
|
8
|
148.15
|
143.05
|
138.05
|
133.20
|
128.50
|
|
12
|
170.20
|
164.55
|
159.05
|
153.65
|
148.40
|
Mode
Rebate:
| Yearly
mode |
- |
2%
of Tabular Premium |
| Half-yearly
mode |
- |
1%
of the tabular premium |
| Quarterly
& Salary deduction |
- |
NIL |
Sum
Assured Rebate:
| Sum
Assured |
- |
Rebate
(Rs.) |
| 1,00,000
to 2,99,999 |
- |
Nil |
| 3,00,000
to 4,99,999 |
|
1.5
%o S.A. |
| 5,00,000
and above |
- |
2
%o S.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 |
- |
30%
of the Sum Assured along with vested
Simple Reversionary Bonuses |
| 4
years before the date of expiry of policy
term |
- |
15%
of the Sum Assured |
| 3
years before the date of expiry of policy
term |
- |
15%
of the Sum Assured |
| 2
years before the date of expiry of policy
term |
- |
15%
of the Sum Assured |
| 1
years before the date of expiry of policy
term |
- |
15%
of the Sum Assured |
| On
the date of expiry of policy term |
- |
15%
of the Sum Assured along with Final (Additional)
Bonus, if any. |
- Death
Benefit:
On death (after the Date of Commencement of
Risk) -
(i) If death occurs within
the period from date of commencement of risk
to 5 years before the date of expiry of policy
term: Sum Assured along with Vested Simple
Reversionary Bonuses and Final (Additional)
bonus (if any) is payable.
(ii) If death occurs
within 5 years before the date of expiry of
policy term: Sum Assured along with Final
(Additional) bonus (if any) is 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.
If after at least two full years’
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.
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.
| (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 |
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, (if not paid earlier)
will be payable. Final (Additional) Bonus may
also be declared in addition.
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 Assured’s 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.
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:
- Before
commencement of risk: 90% of the total amount
of premiums (excluding premiums for the first
year ) paid.
- 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 if not paid earlier.
Corporation
may, however, pay Special Surrender value as
the discounted value of Paid up value and existing
vested bonus, if not paid earlier, 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.
A grace period of one calendar month but not
less than 30 days will be allowed for payment
of premiums.
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.
If you are not satisfied with the “Terms
and Conditions” of the policy you may
return the policy to us within 15 days.
Suicide is excluded for Premium Waiver Benefit
for first year. No other exclusions.
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.
