child education & marriage plan
child education & marriage plan .it is a plan for protection of child financial future.this plan provides coverage for a specified term. it provides a payment profit for the kid at the completion of the policy term. the term of the plan is such that the lump sum benefit becomes payable when the child attains of a predetermined age of 18,21,25 years. these ages could also be hand-picked considering the occasion at that kids typically would like monetary help for education, marriage or setting up business.
the salient feature of the plan is.
if the policyholder dies before the expiry of the term;
regular income benefits of RS240 per 1000 sum insured per annum is paid to the childer until the completion of the policy term. further, the long run premiums below the policy square measure waived and also the policy remains operative with full add assured and continues to participate in state life s; surplus and receive bonuses.
upon the completion of the policy term, the child receives the full sum assured plus bonuses accrued over the entire term. at this stage the child has 2 options;
1- receive the proceeds in a lump sum;
2- receive the proceeds in 5 equal annual installments.
if the child dies before the expiry of the term;
the policyholder has the following 3 options;
1- continue the policy in the same manner as earlier by switching the plan for the benefit of the other child.
2- get a refund of all the previous premium paid till the death of the child or the cash value of the policy, which ever is higher and terminate the contract.
3-continue the policy without naming another child in which case the benefit of refund of premium will not be available.
if the policyholder survives the term of the policy;
full sum assured to together with the accrued bonuses becomes payable to the policyholder on the maturity date.
child education & marriage plan TABLE 76
this plan is similar to table 75 except that it does not incorporate an income benefit. this plan caters the needs of ensuring public where the income benefit is not required, such as grandparents who want to provide the child only the lum sum benefit at a specified date.all other benefits under the plan are same as table 75.
state life could grant a loan to the customer on his/her written request, against the net surrender value of the policy. the amount of loan shall not exceed eightieth of the aforementioned internet surrender worth. the rate of profit or come and also the different terms and conditions are determined by state life at the time of granting the loan.loans of less then RS will not be given.
the amount of loan along with accumulated profit or come are the primary charge on the policy, prior to all other claims.
The policy can acquire a surrender worth when it’s been operative for a minimum of 2 consecutive years provided no premiums square measure in default. The surrender worth are quoted by state life for the asking of the customer. the surrender worth is absolute to be not but half-hour mixture premiums.
It is a matter of nice pleasure that your policy has matured. It is a time to meet the goals that you just had set years back. For grouping maturity edges, please send a written request along with following documents to your State Life zonal office:
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