Exide Life Creating Life Child Protection Plan
ING Creating Life Child Protection Plan is Traditional Participating Child Plan. In this plan, the life of the parent is insured for the benefit of the child. In this plan, if the parent dies within the policy matures, the Sum Assured is paid to take care of immediate expenses, the future premiums are paid by the insurer and the policy continues such that the Maturity Benefit is provided to the child. The Sum Assured along with Bonuses are paid on Maturity under all circumstances.
Key Features
There are 3 additional riders available in this policy
- Accidental Death Benefit (ADB)
- Accidental Death, Disability and Dismemberment Benefit (ADDD Benefit) rider
- Term Benefit rider
There is 1 inbuilt rider available in this policy: Premium Waiver Benefit rider
Benefits
If the parent dies within the policy tenure, the Sum Assured is paid to take care of immediate expenses and the future premiums are waived off. It is paid by the insurer so as to continue the plan to its maturity such that Maturity Benefit is paid when due.
On Policy Maturity, Sum Assured + Compounded Reversionary Bonus + Final Addition Bonus (if any) would be paid.
However, the Maturity Benefit can be provided in 3 options: In a Lumpsum or in 3 or 5 instalments after the policy maturity date
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | Not Specified | |
| Policy Term (in years) | 10 | 25 |
| Premium Payment Term (in years) | Equal to PT | |
| Entry Age of Parent (in years) | 18 | 55 |
| Age at Maturity of Parent (in years) | - | 65 |
| Regular Premium (in Rs.) | 8,000 | No Limit |
| Payment modes | Yearly, Half-yearly, Quarterly or Monthly | |
FAQs
You stop paying the premiumIf the policy holder stops paying the premium, the insurance cover will cease and the policy will lapse.
You want to surrender the policyIf all due premiums have been paid for 3 policy years, the policy would acquire a Guaranteed Surrender Value.
The Guaranteed Surrender Value = 30% of the Total Premiums paid – 1st Premium paid and extra Premium paid
You want a loan against your policyThere is a loan facility available in this plan which can be availed under this policy after three full years premiums have been paid.
