Untitled Document
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Suitabile
This policy can be taken for children from 0 years. Hence, maximum
Endowment period is available under this plan, which means low amount
of premiums need to be paid. Therefore, an assurance for a relatively
large amount is secured for the child, at a substantially small
premium amount. For age entry age 0 years with maturity of policy
at 50 years, the premium to be paid per Rs. 1000 sum assured is
only Rs. 8.70 |
Features
- This plan can be taken for the benefit of children
by parents/ legal guardians.
- Basically an Endowment Assurance plan with
risk commencing at a select age of the child.
- An option is available as regards the age at
commencement of risk on the life of the child which may be 18
years (complete) or 21 years (complete).
- The period from the commencement of the policy
to the age at which it vests i.e. risk commences, is called
Deferred period.
- On expiry of deferred period the policy automatically
vests on life assured.
- The life assured receives the full sum assured
on survival to date of maturity or on early death.
- No medical exam is required where the deferment
period is 10 years or more.
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Benefits
- In case the child happens to die before the
deferred date i.e. before the policy vests, the premiums paid
are refunded.
- In case, the proposer i.e. the parent happens
to die during the deferment period, the policy has to be continued
by regular payment of premiums. (However, by payment of an additional
premium, the proposer can secure a waiver of premium benefit
i.e. premium need not be paid on proposer's death till date
of vesting).
- Before the expiry of the deferred period, the
proposer can receive the cash option available under the policy
by making a request in writing.
- If the request for cash option is not
made before the deferred date, and the policy is in force, then
risk commences on the life assured from the vesting date, and
the contract becomes an ordinary Endowment Assurance plan. Sum
assured is payable on survival to date of maturity or on death,
whichever is earlier.
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Other Conditions
- Minimum premium must be Rs.800 per annum
- On the deferment date the child should have
attained majority.
- During deferred period, reduced cash option
is available if premiums are not paid regularly after payment
of 3 years premium.
- Medical exam is required if deferred period
is less than 10 years.
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