Features of plan Life Insurance Corporation has introduced a new with profit child future plan
(Table No.185) w. e. f. 8th February 2007. this plan meets the increasing educational and other
need of growing children providing the risk cover on the child's life during the policy term as will
as extended term (i.e. 7 years after the expiry of policy term). Child's father or mother of female
category I and II having his/ her own income can be the proposer In the absence of parents legal
guarding can be the proposer. If the consent of parent is obtained, the grand parents can
propose even if the parents are alive.
Premium are payable regularly during the policy term with yearly, half- yearly or quareterly.
Premium may be paid either for 6 years or up to 5 years before the policy term. No premium are
payable during the extended term (i.e. 7 years after the expiry date).
Risk commencement: risk under this plan will commencement either after 2 years from the date
of commencement of the policy or from the policy anniversary coinciding with or immediately
following the completion of 5 years of age life assured, whichever is later, (if the life assured age
at entry is less then or equal to 10 years). In case the age at entry is more then 10 years but
less then 12 years, the risk shall commence from the policy anniversary coinciding with or next
following 12th birthday of the life assured, in the life assured age 12 years or more, the risk will
commence immediately.
Plan parameters
Age at entry: min. 0 yrs. (LBD) max. 12 yrs (LBD)
Maturity age: min. 23 yrs. (LBD) max. 27 yrs (LBD)
Sum assured: min. 1lac max.1cror
S.A in multiples of: Rs.5000
PPT: 6 yrs. & policy term- 5 yrs
Mode of payment: YLY/ HLY/QLY
Policy loan: No
Housing loan: No
Assignment: No by the proposer, but assignable after the policy has vested in the life assured
Revival: yes
Underwriting conditions
Form no: 340/360
Age proof: *
Actual sum assured: basic SA
Dating back: allowed @ 8% p.a.
*Age proof:
aged 5 yrs. & above- school certificate
aged less then 5 yrs- certificate from
municipal/ local village panchayat records
Auto cover: after payment of two full year's premium, if any subsequent premium be not duly 25
paid, full death cover shall continue for a two years from the due date of the first unpaid
premium (FUP). PWB, if any shall remain in force during the auto cover period.
Benefit
Death benefit: on death after the date of risk commencement.
1. if death occurs within the period from the date of risk commencement to 5 years before
expiry date of policy term: sum assured + vested simple reversionary bonuses + F.A.B, if
any, is payable. I
2. if death occurs within 5 years before the expiry the date of policy term: sum assured +
F.A.B if any, is payable.
3. on death during the extended term: sum assured is payable.
4. if death occurs before the date of risk commencement: all the premium paid (excluding
premium for extra and PWB, if any) + interest @ 3% p.a. compounding yearly shall be
payable.
5. if death occurs during the auto cover period: death benefits after deducting unpaid
premium with interest as also the premium falling due before the next bonus, if any.
Survival benefit: on life assured survival till the end of the specified durations an amount is
payable as survival benefit as under:
5 yrs before the expiry date of policy term: 25% of the SA
4 yrs before the expiry date of policy term: 10% of the SA
3 yrs before the expiry date of policy term: 10% of the SA
2 yrs before the expiry date of policy term: 10% of the SA
1 yrs before the expiry date of policy term: 10% of the SA
on the expiry date of policy term:
50% of the S.A + Vested simple reversionary bonus + final additional bonus (FAB, if any.
Premium waiver benefit: under this plan (PWB) is available on payment of an additional
premium during the premium payable term or till death of the proposer, whichever occurs
earlier.
· i) after the date of death of the proposer the premium falling due shall be waived.
· ii) during the auto cover period the premium waiver benefit shall remain in force.
· iii) the premium waiver benefit as stated in (i) shall be granted on the basic of proposer
age personal health declaration and other requirements. In case any given information is
found to be untrue and incorrect, all clime to the benefit shall cease.
· iv) in the event of the proposer by his own hands whether sane or insane within one
yearly from the issuance of FPR the PWB described in (i) and (ii) shall not operate.
Cooling off period: in case the policyholder is not satisfied with the 'terms and condition' of the
policy, he/she may return the policy to the corporation within 15 days from date of the policy.