It is specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her own life.
Features
• Benefits are payable to beneficiary at prespecified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy
• It also provides an immediate payment of basic sum assured amount o death of the life assured during the term of the policy.
• Premiums can be paid yearly, half yearly, quarterly, monthly or through salary deductions in case of regular premium.
• Various premium paying terms are offered
1. Single premium: One year
2. Regular premium payable during(n-3) yrs, where n is the policy term
3. Regular premium payable throughout the policy term
Benefits
Death benefit
Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.
Assured Benefit
At start of every year during last 3 policy years 20% of basic sum assured will be paid. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable.
Other Benefits
Grace Period:
A grace period of one month will be allowed for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums
15 –days Cooling-off period:
If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days.
Paid up Value:
If at least three full years' premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void, but the Sum Assured by it shall be reduced to such a Sum, called the paid-up value, as shall bear the same ratio to the full Sum Assured as the number of premiums actually paid shall bear to the total number of premiums originally stipulated in the policy
Loan:
Policy Loan is permissible under the policy after it acquires a paid-up value but before starting of payment of assured benefits
Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium and all extra premiums and the premiums paid for optional / rider benefits. In case of single premium, the guaranteed surrender value will be 90 per cent of the premiums paid excluding all extra premiums and the premiums paid for optional / rider benefits.
Revival:
Subject to production of satisfactory evidence of continued insurability, a lapsed policy can be revived by paying arrears of premium together with interest within a period of five years from the due date of first unpaid premium. The rate of interest applicable will be as fixed by the Corporation from time to time.
Optional Rider Benefits.
The plan offers following optional riders on payment of additional premium and subject to the eligibility conditions mentioned below:
a)Accidental Death and Disability Benefit
b)Term Assurance Rider Benefit
In both the cases benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 25 lakh under all policies of the life assured with the Corporation taken together
c) Critical Illness Rider Benefit
Critical Illness Rider Benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 5 lakh under all policies of the life assured with the Corporation taken together.
If Premium Waiver Benefit is opted for, then in case of diagnosis by any of the critical illness conditions covered under the policy, the total future premiums in respect of the policy will be waived. Sum Assured under such policies will not exceed Rs 5 lakh.
ACCIDENTAL DEATH AND DISABILITY BENEFIT:
On death arising as a result of accident an additional amount equal to the Accident Benefit Sum Assured is payable. On total and permanent disability arising due to accident (within 180 days from the date of accident) an amount equal to the Accident Benefit Sum Assured will be paid over a period of 10 years in monthly installments.
The disability due to accident should be total and such that the Life Assured is unable to carry out any work to earn the living. Following disabilities due to accidents are covered:
a) Permanent loss of the entire sight of both eyes, or
b) Amputation of both hands at or above the wrists, or
c) Amputation of both feet at or above ankles, or
d) Amputation of one hand at or above the wrist and one foot at or above the ankle
No benefit will be paid if accidental death or disability arises due to accident in case of:
a) Intentional self-injury, attempted suicide insanity or immorality or the Life Assured is under the influence of intoxicating liquor, drug or narcotic
b) Engagement in aviation or aeronautics other than that of a passenger in any air craft
c) Injuries resulting from riots, civil commotion, rebellion, war, invasion, hunting, mountaineering, steeple chasing or racing of any kind
d) Accident resulting from committing any break of law
e) Accident arising from employment in armed forces or military services or police organisation.
TERM ASSURANCE RIDER BENEFIT:
An amount equal to Term Assurance Rider Sum Assured will be payable on death of the life assured during the policy term.
CRITICAL ILLNESS RIDER BENEFIT:
An amount equal to Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of critical illness subject to certain terms and conditions.
If Premium Waiver Benefit has been opted for, then in case of diagnosis by any of the critical illness conditions covered under the policy, the total future premiums payable (total installment premium) will be waived.
EXCLUSIONS:
This policy shall be void if the Life Assured commits suicide at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk. In case of death due to suicide during this period, the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party’s bona-fide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the office where this policy is serviced, at least one calendar month prior to death.
Eligibility
For Basic Plan
Entry age: 20 to 60 yrs (age nearest birthday)
Age of the life assured at maturity: max 70 yrs
Term: 10 to 25 yrs. In case of single premium min term is 5 yrs
Min sum assured: Rs 50,000/-
Max sum assured: No limit but Sum Assured will be in multiples of Rs.5, 000 /-
For Term Assurance Rider
Entry age: 20 to 50 yrs (age nearest birthday)
Age at maturity: Maximum 60 years (age nearest birthday)
Minimum Sum Assured: Rs. 1,00,000 /-
Maximum Sum assured : An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 25 lakh overall limit taking all term assurance riders availed under all existing policies of the life assured and the term assurance rider under the new proposal into consideration and The Term Assurance Rider Sum Assured will be in multiples of Rs.25, 000 /-
FOR CRITICAL ILLNESS RIDER:
Entry Age : 20 to 50 years (age nearest birthday)
Age at maturity: Maximum 60 years (age nearest birthday)
Minimum Sum Assured: Rs. 50,000 /-
Maximum Sum assured : An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 5 lakh overall limit taking all critical illness riders availed under all existing policies of the life assured and the critical illness rider under the new proposal into consideration and The Critical Illness Rider Sum Assured will be in multiples of Rs.10, 000 /- only.
REBATES / EXTRA FOR MODE OF PREMIUM PAYMENT AND HIGH SUM ASSURED :
Mode rebate: 2% for yearly mode and 1% for half yearly mode on the tabular premium. There are no rebates for quarterly and SSS modes. For monthly mode, 5% extra will be charged on the tabular premium.
Large Sum Assured Rebate: 2% of Sum Assured for Sum Assured Rs.1,05,000/- and above. No rebate for Sum Assured up to and including Rs.1, 00,000 /-
