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.
Benefits:
A.
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. |
B.
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.
Auto Cover:
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.
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.
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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 |
Participation in Profits of the Corporation:
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.
Paid-up Value:
Not withstanding the death benefit provided under the Auto Cover period, if at
least three full years’ premiums have been paid and any subsequent premium be not duly paid, this policy shall not be wholly void but
shall become paid-up.
If policy becomes paid-up before the commencement of risk, then
the policy shall be entitled to receive the Guaranteed Surrender Value. If the
policy is not surrendered, this Guaranteed Surrender Value shall be payable
on the expiry of policy term or on death of Life Assured, if
earlier.
If policy becomes paid-up after the
commencement of risk, then the sum assured of policy shall be reduced to such a
sum, called paid-up value, as shall bear the same proportion to the full Sum
Assured as the number of premiums actually paid bears to the total number of
premiums stipulated for in the policy. This reduced value (called paid up
value) along with vested bonuses, if any, shall be payable on the date of
expiry of policy term or at Life Assured’s prior
death. No survival benefit shall be payable under a reduced paid-up policy.
Extended Term cover shall cease to apply if the policy is in lapsed/ Paid-up
condition.
Surrender Value:
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:
i.
Before commencement of risk: 90% of
the total amount of premiums (excluding premiums for the first year ) paid.
ii.
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.
Grace Period:
A grace period of one calendar month but not less than 30 days will be allowed
for payment of premiums.
Revival:
If the policy is lapsed, it can be revived by paying arrears of premium
together with interest within a period of five years, subject to production of
satisfactory evidence of continued insurability. The rate of interest
applicable will be as fixed by the Corporation from time to time.
cooling-off period:
If you are not satisfied with the “Terms and Conditions” of the policy you may
return the policy to us within 15 days.
Exclusions:
Suicide is excluded for Premium Waiver Benefit for first year. No other
exclusions.
Miscellaneous Provisions:
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.
Date of Vesting: The policy
shall automatically vest in the Life Assured on the policy anniversary
coinciding with or immediately following the completion of 18 years of age and
shall on such vesting be deemed to be a contract between the Corporation and
the Life Assured