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Features of plan
High bonus from day one child becomes owner of the policy
automatically at the age of 18 yrs child's age should
be between 0 & 12 yrs (LBD) risk commences after
2 years of age policy or on completion of 7 years of
age, whichever is later. No medical examination of the
child if age less then 10 yrs. Else medical examination
is necessary. Premium waiver benefit is available on
payment of extra premium along with standard age proof
and medical examination up up to 50 yrs of proposer's
age.
Parents of children who want provide a lump sum amount
at a particular age of the child can also propose. If
both parents are not alive, legal guardian can propose.
Grand parents can also propose (w. e. f. 1- 12- 2003)
provide premium are paid by grand parents from their
own income and consent letter is given from parents.
This amount can be used for any particular need of the
child like marrige or start in life.
This policy is issued with profit, but bonus for waiting
period will vest immediately on the policy anniversary
from which risk is covered or at the end of 5 years
from commencement of the policy whichever is later,
provided the policy is in force.
If children aged 5yrs. & above, not going to school,
this plan is not allowed to them.
W. e. f. 23-03-2005 this plan is allowed with single
premium mode also.
Plan parameters
Age at entry: Min.0, Max. 12 yrs
Maturity age: Max. 45 yrs.
Sum Assured: Min.5000
Term: Min15yrs, Max. 35 yrs
Mode of payment: YLY/HLY/QLY/SP
Accident benefit: after 18 yrs. Age of child
(Max. 50lac inclusive Re.1 extra per
All plans)
Policy loan: N. A.
Housing loan: N. A.
Assignment: N. A,
Revival: yes
Surrender of policy: yes
Term rider: N.A.
CIR: N.A.
UNDERWRITING CONDITION
Form no.: 300/340
Age proof 0 - 4 yrs: standard
5 yrs. & above: school certificate
Female lives category: I/II
Non-medical (Gen): N. A.
Non-medical (Prof): N. A.
Non-medical (special): N. A.
Actual sum assured: Basic SA
Risk coverage: SA + Bonus
Dating back @ 8%: Allowed
If aged at entry is less then 10 yrs. Then Max. S.A.
will be Rs.15 Lac
BENEFIT
Maturity benefit: on maturity the policy will
get, the full S.A. + Accrued bonus + FAB, if any.
Death benefit: if death occurs after life risk
has been commenced then the S.A.+ vested bonus + FAB,
if any, will be payable on death. In case death occurs
before commenced of risk, only deposited premiums will
be given to the nominee.
Example: Mr. Anil Kapoor aged 35 years takes
a Jeevan kishor policy for his 3 years old son master
sunny for S.A. 2 lac to be matured at the age of 22
of him son. He also opts for premium waiver benefit.
Life risk will commenced from the policy anniversary
after completion of 7 yrs. Of sunny's age. On maturity
master sunny will get Rs.3,89,000+FAB , if any (2 lac
S.A. +Bonus as per bonus rates of 2005 i.e. Rs.45 per
1000 .S.A. per annum 45 x 200 x 21 = 1,89,000 + FAB
if any).
In case of master sunny dies at the age of 12 after
commencement of risk cover, then the nominee will get
2,81,000 (2 lac S.A. + Bonus i.e. 45 x 200 x 9 = 81,000).
On attaining the age of 18 master sunny has the option
to opt for accident benefit by paying Re. 1 extra per
thousand S.A
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