• Non – linked, with-profits, regular premium payment Endowment plan for the age group of 0 -12 years.
  • Provides survival benefit at the right and crucial stage of financial needs of children’s life. It covers risk as an additional benefit.
  • Plan provides compulsory and regular saving facility to build up child’s future.
  • Premium is exempted u/s 80 C and maturity amount is fully tax free u/s 10 (10 ) D.

Certain important features of the plan are.

1 – Maximum policy term is 25 years.

2 – Sum assured – Minimum Rs. 1,00,000 to maximum no limit ( subject to certain conditions ).

3 – Wide range of premium modes are available, Yearly, half-Yearly, quarterly and monthly (ECS only or through salary deduction – SSS) .

4 – Loan facility is available, provided full 3 years premium is paid and policy is in force.

5 – Policy can be surrendered at any time during the policy term, if it is in force.

Benefits

  1. A) Survival Benefit :

20% of the basic sum assured on completion of ages 18 years, 20 yrs & 22 years provided the policy is in full force. For example, if the policy of sum assured is Rs 10,00,000/- the child will get Rs. 2,00,000/- on the completion of age 18 years, 20 years and 22 years.

  1. B) Maturity Benefit:
  • At the age of 25 years of the child, 40% of the basic sum assured along with vested simple reversionary bonuses and final additional bonus, if any. For example if the policy of Sum assured is Rs 10,00,000/- the child will get Rs. 4,00,000/- on the completion of age 25 plus bonus and final additional bonus.
  1. C) Death Benefit:
  • If it happens before the commencement of risk then an amount equal to total premium paid ( excluding taxes, extra premium and rider premium ) shall be payable. If age of life assured is less than 8 years at the entry risk will commence after completion of two years of the policy or the completed age of LA is 8 years, whichever is earlier.
  • If it happens after the commencement of risk then basic sum assured ( not less than 105% of the total premium paid ) along with accumulated simple reversionary bonus and final additional bonus, if any, shall be payable.