CHILDREN PLAN [Bal Vidya]

Bal Vidya Eligibility Age of child 0-12 years Minimum age of parent/guardian 20 years Maximum age of parent/guardian 70 years Minimum sum assured Rs 25,000 Maximum sum assured Rs 10,00,000 Mode of premium Only single premium  Features A single premium plan taken on the life of the parent for the benefit of children. The plan provides for monthly payments of specified amounts after the child attains age of 5 years or after two years from date of commencement of policy, whichever comes later. A lump sum equal to the sum assured is payable on the policy anniversary after the child completes 18 years of age. On policy anniversary after the child completes 23 years, sum assured plus a fixed guaranteed and loyalty additions are payable. If the life assured i.e. the parent / guardian dies during the term of the policy, an amount equal to sum assured is paid. Benefits On survival Monthly payment of a specified amount as given in the chart below payable on the policy anniversary after the child attains the age of 5 or after two years from date of commencement of policy, whichever comes later.   Age of the child Yearly benefit (payable for every Rs 25,000 sum assured) up to 9 years Rs 3,000 (12%) 10-17 years Rs 6,000 (24%) 18-23 years Rs 12,000 (48%) A lump sum equal to the sum assured is payable on the policy anniversary after the child completes 18 years of age. On the policy anniversary after the child becomes 23 years old, the sum assured along with guaranteed additions at Rs.70 per Rs.1, 000 of sum assured per year and loyalty additions, if any, will be paid, since it is a without profit plan. On death If the parent /guardian dies during the term an amount equal to basic sum assured is payable to the child proposer.