| 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 | - 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.
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.
| 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.
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