Product summary
This plan is specially designed to meet the increasing educational 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.
Benefits
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 -- 30% of the Sum Assured along
with vested Simple Reversionary Bonuses
- 4 years before the date of expiry of policy term -- 15% of the Sum Assured
- 3 years before the date of expiry of policy term -- 15% of the Sum Assured
- 2 years before the date of expiry of policy term -- 15% of the Sum Assured
- 1 years before the date of expiry of policy term -- 15% of the Sum Assured
- On the date of expiry of policy term -- 15% of the Sum Assured along with Final
(Additional) Bonus, if any.
Death Benefit
On death (after the Date of Commencement of Risk)
(i) If death occurs within the period from date of commencement of risk to 5 years
before the date of expiry of policy term: Sum Assured along with Vested Simple Reversionary
Bonuses and Final (Additional) bonus (if any) is payable. (ii) If death occurs
within 5 years before the date of expiry of policy term: Sum Assured along with
Final (Additional) bonus (if any) is 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.
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