Features
- Assurance – In case of an unfortunate demise, your child’s dreams will still be fulfilled. There will be no burden on your family to pay the premiums to receive the benefits as planned by you.
- Safety to your loved ones – Comprehensive financial protection of your family depending on your choice of Sum Assured.
- Growth to your savings – Enhance your savings with accrued bonuses starting from the first policy year which continue to accrue till maturity.
Death Benefit
In the unfortunate event of the death of the life insured during the policy term, the nominee will be paid -
- Sum Assured on Death; plus
- No premiums are required to be paid in future; plus
- Assured Payouts on the scheduled dates as explained in the Assured Payout section; plus
- Bonuses accrued till policy maturity date and terminal bonus, if any, will be payable on the policy maturity date.
Sum Assured on Death is the maximum of Sum Assured chosen at inception irrespective of any
guaranteed payouts paid or 10 times the annual premium payable.
The death benefit will be subject to minimum of 105% of total premiums paid to date excluding taxes, any, applicable rider premiums and underwriting extras, if any.
You may also consider taking this plan under MWP Act provision to protect your child’s future as planned by you.
Assured Payout
Starting from 5th year after the premium paying term is over, you shall start receiving Assured Payouts which are a pre-defined percentage of the Sum Assured chosen by you. Depending on your perceived need for a biannual or annual payout, you can choose one of the following options at inception to receive the Assured Payouts after five years after the premium paying term is over.
Option A
|
|
X + 5 |
X + 7 |
X + 9 |
X + 11 |
|
%age of Sum Assured |
20 |
20 |
30 |
30 |
Option B
|
|
X + 5 |
X + 6 |
X + 7 |
X + 8 |
X + 9 |
|
%age of Sum Assured |
15 |
15 |
20 |
20 |
30 |
Where X denotes the premium paying term.
These benefits will continue as scheduled irrespective whether life insured is alive or not provided all due premiums are paid till date of unfortunate death of life insured.
You can choose to defer the due Assured Payout until the time the next Assured Payout is due to be paid. The payout will happen only when the Assured Payout is due to be paid. On deferral, the percentage of Assured Payout will be enhanced as given below:
|
Option A |
Assured Payout (% of SA) |
Year till the Assured Payout is deferred/Enhanced Assured Payout | |||
|
Year when Assured Payout is due |
X + 5 |
X + 7 |
X + 9 |
X + 11 | |
|
X + 5 |
20% |
20% |
22% |
25% |
28% |
|
X + 7 |
20% |
NA |
20% |
22% |
25% |
|
X + 9 |
30% |
NA |
NA |
30% |
33% |
|
X + 11 |
30% |
NA |
NA |
NA |
30% |
|
Option B |
Assured Payout (% of SA) |
Year till the Assured Payout is deferred/Enhanced Assured Payout | ||||
|
Year when Assured Payout is due |
X+ 5 |
X+ 6 |
X + 7 |
X + 8 |
X + 9 | |
|
X + 5 |
15% |
15% |
16% |
17% |
18% |
19% |
|
X + 6 |
15% |
NA |
15% |
16% |
17% |
18% |
|
X + 7 |
20% |
NA |
NA |
20% |
21% |
22% |
|
X + 8 |
20% |
NA |
NA |
NA |
20% |
21% |
|
X + 9 |
30% |
NA |
NA |
NA |
NA |
30% |
Where X denotes the premium paying term
Upon death or surrender, the discounted value of enhanced assured payouts will be paid along with the normal surrender/ death benefit subject to minimum of the value as payable on the original due date of the assured benefit payment.
Maturity Benefit
If the life insured survives, the following shall be paid on the maturity date
- Accrued bonuses till date; plus
- Terminal bonus (if any)
The policy shall be terminated once the maturity benefit is paid.