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.
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 |
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
- 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.
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.
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.
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.
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.
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.
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.
