Let's look at some examples that are based on a standard male life :
Age of Life Insured (Years)
Age of the Child (Years)
Policy Term (Years)
Premium PaymentTerm (Years)
Maturity Value (@4%)
Maturity Value (@8%)
Please note that the above assumed rates of return, 4% and 8%, are only scenarios at these rates after recovering all applicable charges. These are not guaranteed and they are not the upper or lower limits of returns of the Funds selected in your policy, as the performance of the Funds is dependent on a number of factors including future investment performance.
For more information, please request for your Policy specific benefit illustration. Premium Payment Mode : Annual; Fund Chosen : Balanced Fund ; Sum Assured Multiple : 10 times the Annualised Premium.
Comprehensive Protection For Your Child’s Future: The plan offers comprehensive Life Insurance coverage including Family Income Benefit and Funding of Future Premiums in case of Death of the Life Insured to ensure that your dreams for your child remain intact
Choose Your Policy Term Basis Your Need: You have the option to choose Policy Term basis your need i.e. 10 years or any term between 15 to 25 years. The Premium Payment Term is same as the Policy Term except for a 10 year Policy Term where the Premium Payment Term is 5 years
Safeguarding Your Fund Against Market Volatility With Systematic Transfer Plan And Dynamic Fund Allocation: Choose from the two investment strategies to protect your Fund against market volatilities
Increase Your Fund With Guaranteed Loyalty Additions: Additional Units will be added to your Fund every year starting from the end of 11th policy year
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Death Benefit:(provided Policy is in force)
In case of Death of the Life Insured anytime during the Policy Term, following shall be payable:
Lump Sum Payout on Death - Higher of [Sum Assured or 105% of all premiums paid or (0.5 X Policy Term X Annualised Premium)] is payable immediately on Death
Family Income Benefit (FIB) – An amount equal to 10% of the Sum Assured will be paid on each Policy anniversary following or coinciding with the Date of Death of the Life Insured till the end of the Policy Term, but not exceeding 10 such installments
A minimum of three such installments are guaranteed in case of Death of the Life Insured any time during the Policy Term. In case of Death when less than three Policy anniversaries are left till the end of Policy Term, any excess installments, to meet the minimum requirement of three installments, will be paid on the Maturity Date
Funding of Premium (FOP) - Under this Benefit, the Company will fund all outstanding premiums payable under the Policy and the Fund Value will be paid on maturity
The Policy will continue even after the Death of the Life Insured till the end of the Policy Term. All the benefits under the Policy shall be payable to thebeneficiary
Fund Value as on Date of Maturity, provided Settlement Option has not been exercised.
Please Note: In case, Maturity Date is a non-working day for the Company or markets then next working day's NAV will be applicable.
Guaranteed Loyalty Additions
0.20% of Fund Value shall be added to the Fund by creation of additional Units, at the end of every Policy Year starting from 11th Policy Year. The Loyalty Additions increase by 0.02% (absolute) each year thereafter. The additional Units shall be created in different Funds in the same proportion as the Fund Value at the time of credit. Loyalty Additions will be payable only on premium paying policies. Loyalty Additions will also be given in case of Death of the Life Insured where premiums are being funded by the Company. In case of revival of policies, the Loyalty Additions for previous years will be paid based on the Fund Value prevailing at the Revival Date. It should be noted that the Loyalty Additions are only payable in case of Regular Pay variant.
Tax Benefit: You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of Premium or receipt of benefits by you. It is advisable to seek an independent tax consultation
Eligibility conditions and other restrictions
Minimum Entry Age – 21 years
Maximum Entry Age - 50 years
The Policyholder (who shall also be the Life Insured) should have a child (own or legally adopted) aged 0 - 18 years
Maximum Maturity Age (Age as on last birthday)
For 5 Pay – 60 years
For Regular Pay - 65 Years
Premium Payment Term / Policy Term
5 Pay Variant
10 year Policy Term
Regular Pay Variant
15 to 25 year Policy Term - Policy Term is equal to the Premium Payment Term
Premium Payment Mode
Annual, Semi-annual, Quarterly, Monthly
Minimum Annualised Premium
Annual Mode : Rs. 25,000
Maximum Annualised Premium
10 times the Annualised Premium
Maximum Sum Assured
No limit, subject to the Board approved underwriting policy of the Company
Minimum Sum Assured
Annual Mode : Rs. 2,50,000
Non Annual Mode : Rs. 4,80,000
What happens if
Surrender within the Lock in Period
If You surrender the Policy within the Lock in Period, We will credit the Fund Value by creation of Units into the Discontinuance Policy Fund after deducting applicable Discontinuance/Surrender Charges.
On the expiry of the Lock in Period, We will close the Unit Account and the value of Units in the Discontinuance Policy Fund as at that date shall be paid to You. .
Until the expiry of the Lock in Period, only the Fund Management Charge applicable on the Discontinuance Policy Fund shall be levied and no other Charges will be levied by Us.
If the Life Insured dies after the Fund Value has been transferred to the Discontinuance Policy Fund, We will close the Unit Account and the value of Units in the Discontinuance Policy Fund on the date of death of the Life
Surrender after the completion of the Lock in Period
If You surrender the Policy after the completion of the Lock in Period, We shallclose the Unit Account and pay the Fund Value of Units in the segregated fund(s) (prevailing on the date of receipt of a valid request for surrender)
You are not entitled to any loan under this Policy
Discontinuance of Payment of Regular Premium during the Lock in Period
If the Regular Premium is not received by the expiry of the Grace Period, We will, within 15 (Fifteen) days of the expiry of the Grace Period, give a written notice to You to exercise one of the following options in writing within 30 (Thirty) days of the receipt of such notice (“Notice Period”):
revive the Policy within the Revival Period;
complete withdrawal (i.e. surrender) of the Policy without any risk cover.
If You do not exercise any of the above options during the Notice Period, You will be deemed to have completely withdrawn from the Policy. During the period up to the Date of Discontinuance, the risk cover will continue and all Charges under the Policy will continue to apply.
REVIVAL OF POLICY
Revive the Policy, subject to the following conditions:
You give Us a written request to revive the Policy; and
Life Insured produces an evidence of insurability, at Your own cost, acceptable to Us as per Our board approved underwriting policy; and