Untitled Document
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Bal
Vidya
Suitable
The plan has been designed to make
a provision for education of a child. It is most suitable for
Insurance on the life of a parent who has a child aged 3 or more.
The plan has been introduced to give a high level of financial
security for the child; to empower the child with the best of
education and possible support to launch a career at a later date.
By payment of a single premium, the breadwinner can have life
insurance cover and also provide monthly income for the child
and receive lump sum amounts at specified intervals
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Features
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A single premium plan taken
on the life of the parent for the benefit of children.
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The plan provides for monthly
payments of specified amounts after the child attains age of
5 years or after two years from date of commencement of policy,
whichever comes later.
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A lump sum equal to the sum
assured is payable on the policy anniversary after the child
completes 18 years of age.
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On policy anniversary after
the child completes 23 years, sum assured plus a fixed guaranteed
and loyalty additions are payable.
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If the life assured i.e. the
parent / guardian dies during the term of the policy, an amount
equal to sum assured is paid.
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Death Benefit
If the parent /guardian dies during the term an amount equal to
basic sum assured is payable to the child proposer.
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Other Conditions
- Age of the child: 0-12 years.
- Minimum premium must be Rs.800 per annum
- Age of parent – Minimum: 20 years.
- Maximum: 70 years.
- Minimum Sum assured: Rs 25000 and in multiples
of
Rs. 25,000 thereafter.
- Maximum sum assured: Rs. 10 lakhs.
- On date of 1st payment, child should
have completed 5 years or 2 years have elapsed from the date
of commencement of policy, whichever is later.
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