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Features of plan Life Insurance Corporation
has introduced a new with profit child future plan (Table
No.185) w. e. f. 8th February 2007. this plan meets
the increasing educational and other need of growing
children providing the risk cover on the child's life
during the policy term as will as extended term (i.e.
7 years after the expiry of policy term). Child's father
or mother of female category I and II having his/ her
own income can be the proposer In the absence of parents
legal guarding can be the proposer. If the consent of
parent is obtained, the grand parents can propose even
if the parents are alive.
Premium are payable regularly during the policy term
with yearly, half- yearly or quareterly. Premium may
be paid either for 6 years or up to 5 years before the
policy term. No premium are payable during the extended
term (i.e. 7 years after the expiry date).
Risk commencement: risk under this plan will commencement
either after 2 years from the date of commencement of
the policy or from the policy anniversary coinciding
with or immediately following the completion of 5 years
of age life assured, whichever is later, (if the life
assured age at entry is less then or equal to 10 years).
In case the age at entry is more then 10 years but less
then 12 years, the risk shall commence from the policy
anniversary coinciding with or next following 12th birthday
of the life assured, in the life assured age 12 years
or more, the risk will commence immediately.
Plan parameters
Age at entry: min. 0 yrs. (LBD) max. 12 yrs (LBD)
Maturity age: min. 23 yrs. (LBD) max. 27 yrs (LBD)
Sum assured: min. 1lac max.1cror
S.A in multiples of: Rs.5000
PPT: 6 yrs. & policy term- 5 yrs
Mode of payment: YLY/ HLY/QLY
Policy loan: No
Housing loan: No
Assignment: No by the proposer, but assignable after
the policy has vested in the life assured
Revival: yes
Underwriting conditions
Form no: 340/360
Age proof: *
Actual sum assured: basic SA
Dating back: allowed @ 8% p.a.
*Age proof:
aged 5 yrs. & above- school certificate
aged less then 5 yrs- certificate from
municipal/ local village panchayat records
Auto cover: after payment of two full year's
premium, if any subsequent premium be not duly paid,
full death cover shall continue for a two years from
the due date of the first unpaid premium (FUP). PWB,
if any shall remain in force during the auto cover period.
Benefit
Death benefit: on death after the date of risk
commencement.
- if death occurs within the period from the date
of risk commencement to 5 years before expiry date
of policy term: sum assured + vested simple reversionary
bonuses + F.A.B, if any, is payable. I
- if death occurs within 5 years before the expiry
the date of policy term: sum assured + F.A.B if any,
is payable.
- on death during the extended term: sum assured
is payable.
- if death occurs before the date of risk commencement:
all the premium paid (excluding premium for extra
and PWB, if any) + interest @ 3% p.a. compounding
yearly shall be payable.
- if death occurs during the auto cover period: death
benefits after deducting unpaid premium with interest
as also the premium falling due before the next bonus,
if any.
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.
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.
Cooling off period: in case the policyholder
is not satisfied with the 'terms and condition' of the
policy, he/she may return the policy to the corporation
within 15 days from date of the policy.
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