Child Endowment Plan
Child Endowment Plan
Every financial goal needs funding, same way child’s education, and upbringing and providing resources for his/her settlement in the life also needs funds. Though some of us may not think that investment in child’s education is capital investment, but actually it is, as it gives inputs to the child as an entrepreneur in the life to come. Therefore parents have taken to plan for creation of that capital.
Plan Name: Child Endowment life Assurance Plan
Minimum Sum Assured: 50,000/-
Maximum Sum Assured: According to the income of Life Assurance
Entry Age (Child): (New Born) 0 Years to 13Years
Maximum entry age child/ (Proposer): 13 Years to 65 Years
Maximum maturity age child/proposer: 18 years/70 years
Term: min. 5 Years to max. 18 Years
Mode of paying method: Monthly, Quarterly, half Yearly, Yearly
Medical Requirement: As per Company Rule
Age Calculation Method: Age Nearer Birthday
Accidental Benefit: PWB/PTD Available up to Max. 75, 00,000/-
Loan Facility: 2 year complete premium paid should be require for taking loan.
Risk of the Child will be commence either 2 Years after the date of commencement or from the policy anniversary falling immediately after the child completing 6 years of age, whichever is later.
Surrender value, Paid up Value as per policy.
1. On the death of Child before commencement of risk: All the premium Paid Excluding extra premiums (Heath extra and occupation extra, PWB and MIB benefits) will be refunded.
2. On the Death of Child After commencement of Risk : Sum Assured + Accrued Bonus
3. Premium Waiver Benefit: By payment of an additional premium payable during the premium paying term or till the child attains age of 16 years or till the death or permanent and total disablement due to accident of the proposer from the date of death or disablement up to the child attaining age of 16 years.
4. Monthly Income Benefits: by payment of additional premium, amount equal to 1 % of the basic sum Assured is payable from day of the month coinciding with the day of the date of commencement of policy, immediately following date of death of the proposer till the date of maturity of the policy or child attaining age of 16 years, whichever is earlier.