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Features of plan
This is money back plan for children with guaranteed
addition @ 75/- per 1000 S.A. the above policy has been
introduced to provide the best education which can be
very expensive for the proposer's children. The payment
of premium ceases on policy anniversary immediately
after the child attain 18 years of age The plan, besides
offering risk cover, also offers payment of S.A. in
installments at age 18, 20,22,24 and guaranteed and
loyalty addition, if any, at the age of 26. Risk covers
starts from the policy anniversary after completion
of 7th year of the child or 2 yrs. From the commencement
of the policy, whichever is later.
POLICY AS A GIFT: the close relation such as
grandparents, elder brothers or sister, uncles both
from paternal or maternal side can gift single premium
policy for love and affection under this plan, in such
cases also, the policy will be proposed by father, mother
or legal guardian. No medical examination is required
for the child
Premium waiver benefit: Premium waiver benefit
can be availed by the proposer under this plan for which
addition premium will be payable. Lives up to the age
of 50 (nearer birthday) are eligible, subject to normal
underwriting requirements like production of proposer's
standard age proof and medical exam. Of the proposer
is must.
Term rider benefit: term rider benefit can be
availed by the proposer to the extent of 20% of the
basic S.A. under the policy not exceeding Rs.100000/-
the benefit will be payable in case the proposer dies
before the policy anniversary on which the child completes
18 years.
Lives up the age of 50 (nearer birthday) are eligible
for this benefit subject to normal underwriting requirements.
Plan parameters
Age at entry: Min.0 yrs. LBD Max.10 yrs LBD
Maturity age: 26 yrs. LBD
PPT: Min. 8 yrs. Max.18 yrs
Sum assured: min. 1Lac Max. 25Lac
S.A. in multiples: 25,000
Mode of payment: YLY/HLY/QLY/SSS/MLY & single premium
Accidents benefit: N.A.
Policy loan: N.A.
Housing loan: N.A.
Revival: yes
Surrender of policy: yes
P.W.B.: yes
Term rider: yes
CIR: N.A.
Underwriting
Form no: 360
Age proof:
Child 5 yrs. & above: school certificate
If not5yrs. And above: Birth certificate with parent
joint declaration
Female lives category: I/II
Non-medical: Not required for L.A.
When PWB + TRB is: Medical exam. Is necessary with
Opted by the proposer, Standard age proof and form no.300
Actual sum assured: Basic SA
Risk coverage: SA+GA+LA
Dating back @ 8%: Allowed
BENEFIT
Maturity benefit: at the end of age 18 yrs, and
20 yrs. 20% of S.A. is paid and at the end of age 22
& 24 yrs. 30% of S.A. is paid finally, at the end
of age 26 yrs G.A. + L.A. if any is paid.
Example: Mr. Rahul Gandhi aged 32 yrs. Takes
a komal jeevan policy for his daughter akanksha aged
4 years for Rs.2 Lac S.A. with PWB and TRB. Risk cover
of baby akanksha starts from the policy anniversary
after completion of 7th year.
Akanksha will get Rs.40,000 as ist instalment, at the
age of 18 years, then Rs.60,000 respectively finally,
at the age of 26 years she will get Rs.3,30,000 as Guaranteed
Addition @ 75/- per thousand + loyally addition, if
any if akanksha dies after commencement of the risk
i.e. 7 years maturity full S.A. i.e. Rs.2 Lac + G.A
@ 75/- per thousand S.A+ L.A , if any, will be given
to the nominee without deducting earlier paid installments.
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