Children’s
Deferred Endowment Plan
Table No. 50
(Deferred
Endowment vesting at 18 years with profits)
This
Plan of assurance is designed to enable a parent or a legal guardian or any near relative of the child to provide
for the child by payment of a very low rate of premium. This is an endowment
assurance policy, risk under which will commence at 18 years of age. The policy envisages two stages, one covering
the period from the date of commencement of the policy to the deferred date
(that is the date of commencement of risk on child's life) called the deferment
period and the other covering the period from the deferred date to the date on
which the policy emerges as claim by the death of the child or its survival to
a stipulated date.
A
combined policy will be issued covering both the aforesaid periods. Ordinarily,
policies under this scheme will be issued on the lives of children, both male
and female who have not completed 15 years.
No medical examination would be
required where the deferment period is 10 years or more but where it is
less than 10 years , medical examination of the child would be required.
Under
this plan, proposals on the lives of minor girls will be entertained only if
the social, cultural educational background of the family is good and provided
the father and the other insurable members of the family are adequately
insured.
The
chief advantage of this scheme is that an assurance for a relatively large amount
can be secured to a child on reaching the selected age for a premium substantially smaller than what
would be required if the assurance were
to be effected at the age and this
irrespective of the state of the child's health then.
The
special provisions applicable to this policy provide that if the life assured
shall be alive on the deferred date, if all premium due prior to the deferred
date have been paid, the policy shall vest in the life assured on the deferred date and shall on such
vesting be deemed to be a contract
between the corporation and the life
assured as the absolute owner of the policy and the proposer shall cease to
have any right or interest herein.
Benefits
Ø Maturity Benefits:
ü
Basic Sum Assured + Vested Bonus + Final Additional
Bonus
Ø Death Benefits:
ü
Basic Sum Assured + Vested Bonus + Final Additional
Bonus, if death occurs after date of
commencement of risk.
ü
Total Premiums paid excluding the premiums for premium
waiver benefit will be refund, if death occurs before date of commencement of risk.
Ø Mode Benefit:
ü
The following table shows the rebate available on the
mode of premium payment.
Mode
|
Rebate
|
Yearly
|
1.5% of tabular premium
|
Half - Yearly
|
Nil
|
Quarterly
|
Nil
|
Ø Sum Assured Benefit:
ü
The following table shows the rebate available on the
sum assured.
Sum Assured
|
Rebate
|
Up To Rs. 50,000
|
Nil
|
Rs. 50,001 To Rs. 1,00,000
|
Re. 0.50 Per Thousand
|
Rs. 1,00,001 And Above
|
Re. 1 Per Thousand
|
Features
Ø
Risk cover starts at the age of 18.
Ø
Premium Waiver
Benefit is available.
Ø
Minimum Sum Assured Rs.
50,000
Ø Minimum
age at entry - No limit
Ø
Maximum age at entry -
14
Ø
Minimum Term – 11
Ø
Maximum Term - 50
Ø
Modes Allowed - Yearly,
Half Yearly, Quarterly, Monthly.
Ø
No Medical Examination will be necessary if the
deferment period is 10 years or more.
Other wise Medical examination will be necessary.
Ø
No Loans are granted during the deferment period.
Ø
Policy will vest in the life of life assured on the
deferred date and the proposer shall cease to have any right.