Children Plans

Plans For Childrens

1. Komal Jeevan-  Insurance on child's life with Guaranteed Returns.
2. Marriage Endowment - Insurance on parent's life with child as beneficiary.
3. Educational Annuity Plan- Insurance on parent's life with child as beneficiary.
4. Child Future Plan- Insurance on child's life.
5. Child Career Plan- Insurance on child's life.
6. Jeevan Chhaya- Insurance on parent's life with child as beneficiary.

Features of the above plans are as follows:



*Child Future Plan

Introduction: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.Options:
You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit.




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.

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. 





*Komal Jeevan

Product summary:

This is a Children's Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. This plan can be purchased by any of the parent or grand parent for a child aged 0 to 10 years.

Guaranteed Additions:

The policy provides for theGuaranteed Additions at the rate of  Rs.75 per thousand Sum Assured for each completed year. The Guaranteed Additions are payable at the end of the term of the policy or earlier death of the Life Assured.

Loyalty Additions: 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 loyalty additions which are terminal bonuses payable along with death or maturity benefit. Loyalty addition may be payable depending on the experience of the Corporation.




*Marriage Endowment Or Educational Annuity Plan


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.


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.




*Child Career Plan


IntroductionThis 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.






*Jeevan Chhaya


Product summary:
This is an Endowment Assurance plan that provides financial protection against death throughout the term of the plan. Besides payment of Sum Assured immediately on death, one-fourth of Sum Assured is payable at the end of each of last four years of policy term whether the life assured dies or survives the term of the policy.

Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the term of the policy or till the earlier death.

Bonuses:
This is a with-profits plan and participates in the profits of the Corporation’s life insurance business.  It gets a share of 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. Bonuses for full term on the full Sum assured are paid at the end of the term even if death occurs during policy term. Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.