New Children`s Deferred Assurance Plan

New Children`s Deferred Assurance Plan Eligibility Minimum age at entry 0 Maximum age at entry 11 years Maximum age at maturity 55 years Minimum sum assured Rs 10,000 Maximum sum assured Rs 2,00,000 Features This policy can be taken for children from 0 years. Hence, maximum Endowment period is available under this plan, which means low amount of premiums, need to be paid. Therefore, an assurance for a relatively large amount is secured for the child, at a substantially small premium amount. For age 0 years with maturity age of child at 50 years, the premium to be paid per Rs. 1,000 sum assured is only Rs. 8.70. This plan can be taken by for the benefit of children by parents/ legal guardians. Risk under the policy commences on child attaining age 12. The period from the commencement of the policy to the age at which it vests i.e. risk commences, is called deferred period. Before the expiry of the deferred date, the proposer can opt for the cash option to be paid. On expiry of deferred period the policy automatically vests on life assured. The life assured receives the full sum assured on survival to date of maturity or on early death. No medical exam is required at the select age. Benefits In case the child happens to die before the deferred date i.e. before the policy vests, the premiums paid are refunded. In case, the proposer i.e. the parent happens to die during the deferment period, the policy has to be continued by regular payment of premiums. (However, by payment of an additional premium, the proposer can secure a waiver of premiums i.e. premium need not be paid on proposer's death till date of vesting). Once the policy vests, i.e. on the expiry of the deferred period, there are two options: An option to receive cash can be exercised by the proposer. Cash option is the amount payable to the proposer on his request to terminate the contract on the deferred date OR Risk commences on the life assured and the contract becomes an ordinary Endowment Assurance plan. Sum assured is payable on survival to date of maturity or on earlier death

New Children`s Deferred Assurance Plan

New Children`s Deferred Assurance Plan Eligibility Minimum age at entry 0 Maximum age at entry 11 years Maximum age at maturity 55 years Minimum sum assured Rs 10,000 Maximum sum assured Rs 2,00,000 Features This policy can be taken for children from 0 years. Hence, maximum Endowment period is available under this plan, which means low amount of premiums, need to be paid. Therefore, an assurance for a relatively large amount is secured for the child, at a substantially small premium amount. For age 0 years with maturity age of child at 50 years, the premium to be paid per Rs. 1,000 sum assured is only Rs. 8.70. This plan can be taken by for the benefit of children by parents/ legal guardians. Risk under the policy commences on child attaining age 12. The period from the commencement of the policy to the age at which it vests i.e. risk commences, is called deferred period. Before the expiry of the deferred date, the proposer can opt for the cash option to be paid. On expiry of deferred period the policy automatically vests on life assured. The life assured receives the full sum assured on survival to date of maturity or on early death. No medical exam is required at the select age. Benefits In case the child happens to die before the deferred date i.e. before the policy vests, the premiums paid are refunded. In case, the proposer i.e. the parent happens to die during the deferment period, the policy has to be continued by regular payment of premiums. (However, by payment of an additional premium, the proposer can secure a waiver of premiums i.e. premium need not be paid on proposer's death till date of vesting). Once the policy vests, i.e. on the expiry of the deferred period, there are two options: An option to receive cash can be exercised by the proposer. Cash option is the amount payable to the proposer on his request to terminate the contract on the deferred date OR Risk commences on the life assured and the contract becomes an ordinary Endowment Assurance plan. Sum assured is payable on survival to date of maturity or on earlier death

Jeevan Kishore

Jeevan Kishore Eligibility Minimum term 15 years Maximum term 35 years Minimum sum assured Rs 10,000 Maximum sum assured For child aged below 10 years Rs 5,00,000 For a child aged 11 years Rs 10,00,000 Minimum maturity age 20 years Maximum maturity age 45 years Other conditions For children aged 1 to 4 years, certified extracts from municipal records or horoscope or baptism certificates, will be accepted as age proof if submitted along with a declaration signed by both the parents For children aged 5 to 11 years, certified extracts from school records will have to submitted Features This is an improved version of the New Children's Deferred Assurance plan. Parents or legal guardians can propose the policy for children between ages 1 and 12 years, with risk commencing at an early age Parents can propose the child’s life The Plan is basically endowment type .i.e. sum assured is payable either on survival to the term or on death happening within the term Risk commencement age For children aged 1 to 4 years, risk commences from policy anniversary after attaining age 7 years For children aged 5 to 10 years, risk commences from second policy anniversary from the date of commencement of policy For children aged 11 years, risk commences from first policy anniversary from the date of commencement of policy Benefits On death of child during waiting period all premiums are refunded In case, the proposer i.e. the parent happens to die during the deferment period, the policy has to be continued by regular payment of premiums. (However, by payment of an additional premium, the proposer can secure a waiver of premiums i.e. premium need not be paid on proposer's death till date of vesting) Once the risk is commenced, sum assured is payable on survival to term or on earlier death of life assured i.e. the child

Jeevan Kishore

Jeevan Kishore Eligibility Minimum term 15 years Maximum term 35 years Minimum sum assured Rs 10,000 Maximum sum assured For child aged below 10 years Rs 5,00,000 For a child aged 11 years Rs 10,00,000 Minimum maturity age 20 years Maximum maturity age 45 years Other conditions For children aged 1 to 4 years, certified extracts from municipal records or horoscope or baptism certificates, will be accepted as age proof if submitted along with a declaration signed by both the parents For children aged 5 to 11 years, certified extracts from school records will have to submitted Features This is an improved version of the New Children's Deferred Assurance plan. Parents or legal guardians can propose the policy for children between ages 1 and 12 years, with risk commencing at an early age Parents can propose the child’s life The Plan is basically endowment type .i.e. sum assured is payable either on survival to the term or on death happening within the term Risk commencement age For children aged 1 to 4 years, risk commences from policy anniversary after attaining age 7 years For children aged 5 to 10 years, risk commences from second policy anniversary from the date of commencement of policy For children aged 11 years, risk commences from first policy anniversary from the date of commencement of policy Benefits On death of child during waiting period all premiums are refunded In case, the proposer i.e. the parent happens to die during the deferment period, the policy has to be continued by regular payment of premiums. (However, by payment of an additional premium, the proposer can secure a waiver of premiums i.e. premium need not be paid on proposer's death till date of vesting) Once the risk is commenced, sum assured is payable on survival to term or on earlier death of life assured i.e. the child

Jeevan Baalya

Jeevan Baalya Eligibility Minimum age of life assured at entry 0 years Maximum age of life assured at entry 17 years Minimum premium payable under the policy (excluding premium for premium waiver benefit and Income benefits). Rs 1,000 Minimum sum assured Rs 25,000 Life assured to undergo medical exam if deferred period is less than 10 years. Premium waiver benefit is optional. No rebate on additional policy premium.  Features The income benefits being phenomenal, the plan is ideal for meeting the educational expenses of children. The plan can be secured by the proposer for a relatively low premium. Children in the age group of 0 to 17 years can take this policy. Risk on the child's life commences at 21 years, and thereafter the policy continues like any other Endowment Assurance. Sum assured is payable either on survival to the term or on death happening within the term. The policy can be taken in units, where 1 unit = Rs. 25,000, maximum being 4 units. Basic premiums are payable throughout the term or till the death of the child if the proposer is alive on the vesting date. The premiums in respect of additional benefits are payable up to date of vesting or earlier death of the proposer. Income benefits are available under this plan by payment of an appropriate additional premium. Benefits After vesting The policy continues as an Endowment Assurance plan. Full Sum Assured is payable on death during the term or on survival to date of maturity. Premiums to be paid by the life assured till date of maturity or earlier death. Accident benefits are available as per rules. Death of proposer during deferment period In the event of the death of the proposer during deferment period, income benefits on a quarterly basis till the vesting date are given to the child as detailed below. This benefit is available on the payment of an additional premium The first income benefit is paid on the next quarterly policy anniversary following the death of the proposer. This payment will be on a proportionate basis for the actual number of days from the date of death The last installment will fall due on vesting date Income benefit Rs. 300/- per quarter if the child's age is less than 5 years. Rs. 600/- per quarter if the child's age is 5 years and above. Rs. 900/- if the child's age is 15 years and above. Future premiums till vesting date are waived by securing the premium waiver benefit. Death of the child during the deferment period The policy shall stand cancelled and a sum equal to all premiums paid is refunded. If premium waiver benefit has been secured, i.e. in the event of the child dying after the proposer dies, waived premiums are also refunded. Conditions for proposers Only standard male and female (category I) are eligible to have this policy. Sub standard lives and persons following hazardous occupation are not eligible. Minimum age at entry: 21 years. Maximum age at entry: 50 years. Standard age proof on both lives required (life assured and proposer). Proposer to undergo medical examination. Cost of special reports to be borne by proposer and the cost will not be reimbursed. No loan will be granted. No paid up value if deferred period is less than 10 years. If the policy is discontinued, and if the deferred period is more than 10 years, a reduced cash option is available on deferred date. Minimum three years premiums have to be paid. After deferment period paid up value will be quoted on application. No paid up value on additional benefits. Guaranteed surrender values are available on surrender of policy.

Jeevan Baalya

Jeevan Baalya Eligibility Minimum age of life assured at entry 0 years Maximum age of life assured at entry 17 years Minimum premium payable under the policy (excluding premium for premium waiver benefit and Income benefits). Rs 1,000 Minimum sum assured Rs 25,000 Life assured to undergo medical exam if deferred period is less than 10 years. Premium waiver benefit is optional. No rebate on additional policy premium.  Features The income benefits being phenomenal, the plan is ideal for meeting the educational expenses of children. The plan can be secured by the proposer for a relatively low premium. Children in the age group of 0 to 17 years can take this policy. Risk on the child's life commences at 21 years, and thereafter the policy continues like any other Endowment Assurance. Sum assured is payable either on survival to the term or on death happening within the term. The policy can be taken in units, where 1 unit = Rs. 25,000, maximum being 4 units. Basic premiums are payable throughout the term or till the death of the child if the proposer is alive on the vesting date. The premiums in respect of additional benefits are payable up to date of vesting or earlier death of the proposer. Income benefits are available under this plan by payment of an appropriate additional premium. Benefits After vesting The policy continues as an Endowment Assurance plan. Full Sum Assured is payable on death during the term or on survival to date of maturity. Premiums to be paid by the life assured till date of maturity or earlier death. Accident benefits are available as per rules. Death of proposer during deferment period In the event of the death of the proposer during deferment period, income benefits on a quarterly basis till the vesting date are given to the child as detailed below. This benefit is available on the payment of an additional premium The first income benefit is paid on the next quarterly policy anniversary following the death of the proposer. This payment will be on a proportionate basis for the actual number of days from the date of death The last installment will fall due on vesting date Income benefit Rs. 300/- per quarter if the child's age is less than 5 years. Rs. 600/- per quarter if the child's age is 5 years and above. Rs. 900/- if the child's age is 15 years and above. Future premiums till vesting date are waived by securing the premium waiver benefit. Death of the child during the deferment period The policy shall stand cancelled and a sum equal to all premiums paid is refunded. If premium waiver benefit has been secured, i.e. in the event of the child dying after the proposer dies, waived premiums are also refunded. Conditions for proposers Only standard male and female (category I) are eligible to have this policy. Sub standard lives and persons following hazardous occupation are not eligible. Minimum age at entry: 21 years. Maximum age at entry: 50 years. Standard age proof on both lives required (life assured and proposer). Proposer to undergo medical examination. Cost of special reports to be borne by proposer and the cost will not be reimbursed. No loan will be granted. No paid up value if deferred period is less than 10 years. If the policy is discontinued, and if the deferred period is more than 10 years, a reduced cash option is available on deferred date. Minimum three years premiums have to be paid. After deferment period paid up value will be quoted on application. No paid up value on additional benefits. Guaranteed surrender values are available on surrender of policy.

Children`s Money Back Assurance Plan

Eligibility

• Children (both boys and girls) up to 10 years of age only are eligible.

• Father is the proposer. The child's mother, if she has an income of her own, can also propose the policy. If both parents are not alive, legal guardian can propose.

• Policy can be gifted by grand parents, elder sisters and brothers, uncles by taking a single premium plan.

• No Medical exam is required.

• Premium waiver benefit is available by payment of additional premium.

• Family benefit is available. Risk is covered on the life of the proposer to the extent of 20% of basic sum assured subject to maximum of Rs.50, 000. The benefit is payable only if the proposer dies before the policy anniversary that follows after the child /life assured attains age 18. Proposer's age at entry should be 50 nbd (near birthday) or less. This is not available on the life of donors i.e. policies under gift.

• No Accident Benefit and EPDB available.

• Maximum sum assured allowed depends on income of proposer, adequacy of insurance on the lives of parents and other children. This can be taken apart from the limit prescribed for minor lives viz 10 lakhs.

• Rate of interest for revival is 12% p.a. on the defaulted premium.

• Minimum sum assured Rs.25, 000.
• Maximum sum assured Rs.5, 00,000.

Features

• This plan is evolved to help parents make provisions for anticipated educational expenses of their children. Both boys and girls up to 10 years of age are eligible.

• Parents can propose the child's life.

• Risk commences after 2 years from the date of commencement of policy or on policy anniversary following completion of 7 years by the child, whichever is later.

• Policy vests on life assured on the policy anniversary or the child attaining the age of 18 years.

• On vesting the life assured is the absolute owner of the policy and the proposer ceases to have any interest in the policy.

• Premiums cease on the policy anniversary immediately after the child /life assured attains age 18.

• Premiums are payable up to a term equal to 18 minus the age of the child at entry.

Benefits

Installment benefits

Sum assured will be paid in installments as under:

1. 20% on policy anniversary after completing 18 years of age.
2. 20% on policy anniversary after completing 20 years of age.
3. 30% on policy anniversary after completing 22 years of age.
4. 30% on policy anniversary after completing 24 years of age.

Guaranteed additions

Payable along with sum assured either on death within the term or on policy anniversary after attaining age 26 years. The policy has to be kept in full force at Rs.80 for each policy year to receive this benefit.

Death benefits

In the event of unfortunate death during the term, after commencement of risk but before maturity, sum assured becomes payable together with guaranteed additions, irrespective of installment benefit received earlier.

Loyalty additions

Loyalty additions depending on policy duration and sum assured are paid on maturity

Children`s Money Back Assurance Plan

Eligibility

• Children (both boys and girls) up to 10 years of age only are eligible.

• Father is the proposer. The child's mother, if she has an income of her own, can also propose the policy. If both parents are not alive, legal guardian can propose.

• Policy can be gifted by grand parents, elder sisters and brothers, uncles by taking a single premium plan.

• No Medical exam is required.

• Premium waiver benefit is available by payment of additional premium.

• Family benefit is available. Risk is covered on the life of the proposer to the extent of 20% of basic sum assured subject to maximum of Rs.50, 000. The benefit is payable only if the proposer dies before the policy anniversary that follows after the child /life assured attains age 18. Proposer's age at entry should be 50 nbd (near birthday) or less. This is not available on the life of donors i.e. policies under gift.

• No Accident Benefit and EPDB available.

• Maximum sum assured allowed depends on income of proposer, adequacy of insurance on the lives of parents and other children. This can be taken apart from the limit prescribed for minor lives viz 10 lakhs.

• Rate of interest for revival is 12% p.a. on the defaulted premium.

• Minimum sum assured Rs.25, 000.
• Maximum sum assured Rs.5, 00,000.

Features

• This plan is evolved to help parents make provisions for anticipated educational expenses of their children. Both boys and girls up to 10 years of age are eligible.

• Parents can propose the child's life.

• Risk commences after 2 years from the date of commencement of policy or on policy anniversary following completion of 7 years by the child, whichever is later.

• Policy vests on life assured on the policy anniversary or the child attaining the age of 18 years.

• On vesting the life assured is the absolute owner of the policy and the proposer ceases to have any interest in the policy.

• Premiums cease on the policy anniversary immediately after the child /life assured attains age 18.

• Premiums are payable up to a term equal to 18 minus the age of the child at entry.

Benefits

Installment benefits

Sum assured will be paid in installments as under:

1. 20% on policy anniversary after completing 18 years of age.
2. 20% on policy anniversary after completing 20 years of age.
3. 30% on policy anniversary after completing 22 years of age.
4. 30% on policy anniversary after completing 24 years of age.

Guaranteed additions

Payable along with sum assured either on death within the term or on policy anniversary after attaining age 26 years. The policy has to be kept in full force at Rs.80 for each policy year to receive this benefit.

Death benefits

In the event of unfortunate death during the term, after commencement of risk but before maturity, sum assured becomes payable together with guaranteed additions, irrespective of installment benefit received earlier.

Loyalty additions

Loyalty additions depending on policy duration and sum assured are paid on maturity

Children`s Deferred Assurance Plan

Children`s Deferred Assurance Plan Eligibility On the deferment date the child should have attained majority. During deferred period, reduced cash option is available if premiums are not paid regularly after payment of 3 years premium. Medical exam is required if deferred period is less than 10 years. Features This policy can be taken for children from 0 years. Hence, maximum endowment period is available under this plan, which means low amount of premiums need to be paid. Therefore, an assurance for a relatively large amount is secured for the child, at a substantially small premium amount. For entry at age 0 years with maturity of policy at 50 years, the premium to be paid per Rs. 1,000 sum assured is only Rs. 8.70 This plan can be taken for the benefit of children by parents/ legal guardians. Basically an Endowment Assurance plan with risk commencing at a select age of the child. An option is available as regards, the age at commencement of risk on the life of the child, which may be 18 years (complete), or 21 years (complete). The period from the commencement of the policy to the age at which it vests i.e. risk commences, is called Deferred period. On expiry of deferred period the policy automatically vests on life assured. The life assured receives the full sum assured on survival to date of maturity or on early death. No medical exam is required where the deferment period is 10 years or more. Benefits In case the child happens to die before the deferred date i.e. before the policy vests, the premiums paid are refunded. In case, the proposer i.e. the parent happens to die during the deferment period, the policy has to be continued by regular payment of premiums. (However, by payment of an additional premium, the proposer can secure a waiver of premiums i.e. premium need not be paid on proposer's death till date of vesting). Before the expiry of the deferred period, the proposer can receive the cash option available under the policy by making a request in writing. If the request for cash option is not made before the deferred date, and the policy is in force, then risk commences on the life assured from the vesting date, and the contract becomes an ordinary Endowment Assurance plan. Sum assured is payable on survival to date of maturity or on death, whichever is earlier.

Children`s Deferred Assurance Plan

Children`s Deferred Assurance Plan Eligibility On the deferment date the child should have attained majority. During deferred period, reduced cash option is available if premiums are not paid regularly after payment of 3 years premium. Medical exam is required if deferred period is less than 10 years. Features This policy can be taken for children from 0 years. Hence, maximum endowment period is available under this plan, which means low amount of premiums need to be paid. Therefore, an assurance for a relatively large amount is secured for the child, at a substantially small premium amount. For entry at age 0 years with maturity of policy at 50 years, the premium to be paid per Rs. 1,000 sum assured is only Rs. 8.70 This plan can be taken for the benefit of children by parents/ legal guardians. Basically an Endowment Assurance plan with risk commencing at a select age of the child. An option is available as regards, the age at commencement of risk on the life of the child, which may be 18 years (complete), or 21 years (complete). The period from the commencement of the policy to the age at which it vests i.e. risk commences, is called Deferred period. On expiry of deferred period the policy automatically vests on life assured. The life assured receives the full sum assured on survival to date of maturity or on early death. No medical exam is required where the deferment period is 10 years or more. Benefits In case the child happens to die before the deferred date i.e. before the policy vests, the premiums paid are refunded. In case, the proposer i.e. the parent happens to die during the deferment period, the policy has to be continued by regular payment of premiums. (However, by payment of an additional premium, the proposer can secure a waiver of premiums i.e. premium need not be paid on proposer's death till date of vesting). Before the expiry of the deferred period, the proposer can receive the cash option available under the policy by making a request in writing. If the request for cash option is not made before the deferred date, and the policy is in force, then risk commences on the life assured from the vesting date, and the contract becomes an ordinary Endowment Assurance plan. Sum assured is payable on survival to date of maturity or on death, whichever is earlier.

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.

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.