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child protection assurance

child protection assurance 

policy issue jointly lives of the child and the father .if the father is not alive or his life is not insurable the mother will be issued jointly allowed to be the payor

1-.policy holder subject to any special conditions applicable for female lives, no other relatives etc will be allowed to be payor  if the payor and child both survived the term of the policy the sum assured along with accrued bonuses if any becomes payable

Image result for child protection logo

.2-if the payor dies before the maturity of the policy during lifetime of the child the payment of premium ceases and the following benefits become payable .an income of Rs 100 per thousand sums assured per annum till the expiry of the policy term.

3-the assured on the expiry of the policy term inclusive of bonuses if any accrued till the death of the payor. if the child dies during the lifetime of the payor before the maturity of the policy the payment according to the under noted schedule becomes due to the payor.

child protection assurance

age nearest birthday of the assured child at death

1years10% of S.A plus 10 % bonus (if any)
2Years20 % of S.A plus 20 % bonus (if any)
3Years30 % of S.A plus 30 % bonus (if any)
4Years40 % of S.A plus 40 % bonus (if any)
5Years50 % of S.A plus 50 % bonus (if any)
6Years60 % of S.A plus 60 % bonus (if any)
7Years70 % of S.A plus 70 % bonus (if any)
8Years80 % of S.A plus 80 % bonus (if any)
9Years90 % of S.A plus 90 % bonus (if any)
10yearsFull sum assured plus full bonus (if any)

child protection assurance

if payment of an additional premium of Rs 1.50 per thousand sum assured is made in cases where the age at entry of the child is 10 years or less the death benefits will be enhanced as follows

1years20 % of S.A plus 20 % bonus (if any)
2Years40% of S.A plus 40 % bonus (if any)
3Years60% of S.A plus 60 % bonus (if any)
4Years80 % of S.A plus 80 % bonus (if any)
5YearsFull sum assured plus bonuses (if any)

child protection plan NOTES                                                                                        the proposal form on the life of a player should be completed in the usual manner.payor may be considered  non medically if the case falls within non medical limits.

up to sum assured of RS1,50,000 child will also be considered non medically. medical of the child on the juvenile medical form is necessary if the sum assured

exceeds RS 1.50,000 .this should be submitted duly attached to the proposal of the payor

Age ate entryminimummaximum
ChildSix month i.e one year nearest birthday15 years nearest birthday
payor20 years nearest birthday50 years nearest birthday

supplementary contract on payor,s life only:

1-term insurance rider

2-family income benefit(FIB) rider .the annual income under this rider must not less than 10% or more than 40% of the basic sum assured.

3-accidental indemnity (AIB)

4-accidental death benefit (ADB)

5-waiver of premium (wp) or special waiver of premium (SWP) this rider cannot be attached to the child protection policy if AIB is also be attached.

supplementary contract on both lives i.e child & payor.

only accidental death benefit(ADB) can be attached to cover both lives i.e the child and payor provided that the child is 5 years old,on the payment of ADB premium of respect of the lives(child and payor)

the benefit,if any under AIB,ADB,TIR, etc contract if attached to protection policy  premium are payable immediately, subject to submission of due proofs satisfactory to state life.

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