Child Future Plan Table No 185

Product summary: 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.

Plan parameters

Age at entry: min. 0 yrs. (LBD) max. 12 yrs (LBD)
Maturity age: min. 23 yrs. (LBD) max. 27 yrs (LBD)
Sum assured: min. 1lac max.1cror
S.A in multiples of: Rs.5000
PPT: 6 yrs. & policy term- 5 yrs
Mode of payment: YLY/ HLY/QLY
Policy loan: No
Housing loan: No
Assignment: No by the proposer, but assignable after the policy has vested in the life assured
Revival: yes

Underwriting conditions

Form no: 340/360
Age proof: *
Actual sum assured: basic SA
Dating back: allowed @ 8% p.a.

*Age proof:

aged 5 yrs. & above- school certificate
aged less then 5 yrs- certificate from
municipal/ local village panchayat records

Auto cover: after payment of two full year's premium, if any subsequent premium be not duly paid, full death cover shall continue for a two years from the due date of the first unpaid premium (FUP). PWB, if any shall remain in force during the auto cover period.

Benefit 

Death benefit: on death after the date of risk commencement.
  1. if death occurs within the period from the date of risk commencement to 5 years before expiry date of policy term: sum assured + vested simple reversionary bonuses + F.A.B, if any, is payable. I
  2. if death occurs within 5 years before the expiry the date of policy term: sum assured + F.A.B if any, is payable.
  3. on death during the extended term: sum assured is payable.
  4. if death occurs before the date of risk commencement: all the premium paid (excluding premium for extra and PWB, if any) + interest @ 3% p.a. compounding yearly shall be payable.
  5. if death occurs during the auto cover period: death benefits after deducting unpaid premium with interest as also the premium falling due before the next bonus, if any.
Survival benefit: on life assured survival till the end of the specified durations an amount is payable as survival benefit as under:

5 yrs before the expiry date of policy term: 25% of the SA
4 yrs before the expiry date of policy term: 10% of the SA
3 yrs before the expiry date of policy term: 10% of the SA
2 yrs before the expiry date of policy term: 10% of the SA
1 yrs before the expiry date of policy term: 10% of the SA
on the expiry date of policy term:

50% of the S.A + Vested simple reversionary bonus + final additional bonus (FAB, if any.

Premium waiver benefit: under this plan (PWB) is available on payment of an additional premium during the premium payable term or till death of the proposer, whichever occurs earlier.
  • i) after the date of death of the proposer the premium falling due shall be waived.

  • ii) during the auto cover period the premium waiver benefit shall remain in force.

  • iii) the premium waiver benefit as stated in (i) shall be granted on the basic of proposer age personal health declaration and other requirements. In case any given information is found to be untrue and incorrect, all clime to the benefit shall cease.

  • iv) in the event of the proposer by his own hands whether sane or insane within one yearly from the issuance of FPR the PWB described in (i) and (ii) shall not operate.
Cooling off period: in case the policyholder is not satisfied with the 'terms and condition' of the policy, he/she may return the policy to the corporation within 15 days from date of the policy.

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