Death Benefit – In case of death of the parent (Life Insured), the child (Nominee/Beneficiary) would get Sum Assured as Immediate Death Benefit. The future premiums would be paid by the company in a lump sum and the child would also receive the future benefits
Survival Benefit –
1. Tuition Fee Support Benefit- a guaranteed amount is paid every year after the end of the premium paying term till age 17 of the child as a Tuition Fee Aid
2. College Admission Pool- lump sum amount is paid when the child turns 18 so as to assist in the college admission fees
Maturity Benefit – Higher Education Reserves- The remaining (Sum Assured – Amount paid before as Tuition Fee Support and College Admission Pool) is paid on Maturity
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C
|
Minimum |
Maximum |
Sum Assured (in Rs.) |
Depends on age of Parent, Child and Plan Option selected |
|
Policy Term (in years) |
21 years – Age at Entry of the Child |
|
Premium Payment Term (in years) |
For age 0-8 years: PPT = 13 – Age at Entry of the Child For age 9-12 years: PPT = 5 years |
|
Entry Age of Policyholder |
21 years |
50 years |
Entry Age of Child (Nominee) |
0 years |
12 years |
Age at Maturity |
- |
71 years |
Single Premium (in Rs.) |
NA |
NA |
Payment modes |
Yearly, Half-yearly and Monthly |
Riders – Premium Waiver Benefit Rider is an in-built rider.
There are 2 additional riders available in this policy
1. Term Plus Rider- helps to enhance the life coverage beyond the Sum Assured provided.
2. Accidental Death Benefit Rider
3. Dread Disease Rider
Let's Understand The Plan With An Example:
Please note:
There are 4 plan option with different premium bands, ranging from Rs.10,00,000 per annum.
Taxes including but not limited to servives tax, Cess as applicable shall also be levied as notified by the Government from time to time tax laws are subject to change.
You stop paying the premium - If the policy holder stops paying the premium, the insurance cover will cease and the policy will lapse. However it can be revived within 2 years from the first unpaid premium.
You want to surrender the policy – Surrender is allowed after completion of 2 policy years provided at least 1 years’ premium has been paid.
Guaranteed Surrender Value = 30% of all premiums paid - 1st years premium
You want a loan against your policy - There is no loan available under this plan.