Child Career Plan

This 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.

Payment of Premiums:

You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or upto 5 years before the policy term.

Benefits:
  • 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 30% of the Sum Assured along with vested
    Simple Reversionary Bonuses
    4 years before the date of expiry of policy term 15% of the Sum Assured
    3 years before the date of expiry of policy term 15% of the Sum Assured
    2 years before the date of expiry of policy term 15% of the Sum Assured
    1 years before the date of expiry of policy term 15% of the Sum Assured
    On the date of expiry of policy term 15% of the Sum Assured along with Final (Additional) Bonus, if any.
  • Death Benefit

On death (after the Date of Commencement of Risk) -
(i) If death occurs within the period from date of commencement of risk to 5 years before the date of expiry of policy term: Sum Assured along with Vested Simple Reversionary Bonuses and Final (Additional) bonus (if any) is payable.
(ii) If death occurs within 5 years before the date of expiry of policy term: Sum Assured along with Final (Additional) bonus (if any) is 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.

  • Premium Waiver Benefit:

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.

  • Auto Cover:

If after at least two full years’ 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.

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

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

30% of the Sum Assured along with vested
Simple Reversionary Bonuses

4 years before the date of expiry of policy term

15% of the Sum Assured

3 years before the date of expiry of policy term

15% of the Sum Assured

2 years before the date of expiry of policy term

15% of the Sum Assured

1 years before the date of expiry of policy term

15% of the Sum Assured

On the date of expiry of policy term

15% of the Sum Assured along with Final (Additional) Bonus, if any.

· Death Benefit:

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