Child Plan

Name of the Plan: Child Endowment Plan – Jeevan Kiran Beema

Product Type: Endowment

With/Without Profit: With Profit

Age at Entry (Insured): Min: 30 Day,  Max: 16 Years

Age at Maturity (Insured): 30 Years

Age at Entry (Proposer): 18 Years

Age at Maturity (Proposer): 70 Years

Policy Term: Min: 10 years, Max: 30 years

Sum Assured: Min 50,000, Max  No Limit

Mode of Payment: Yearly, Half-Yearly, Quarterly & Monthly

Benefits:

Maturity Benefit: Sum Assured + Vested Bonus

Death of Insured: 25% of SA or the total Premium is paid whichever is higher

Death of insured after the death of proposer: 25% of SA + Vested Bonus or total premium paid (whichever is higher)

Death of proposer: PWB & MIB should commence until maturity (% of MIB as opted by the proposer 1%, 1.5% & 2%)

Death of insured and proposer at the same time: SA + Vested Bonus and 25% of SA (Insured Benefit)

Early Surrender Benefit:  After payment of 3 full year premium and completion of 3 complete years and benefit is calculated as per Beema Pradhikaran product development directive (Annexure 5).

Rider Benefit: MIB and PWB Rider is inbuilt within the product and ADB, PTD & CI rider benefit shall be available by paying additional Premium.

Loan Related Provision: The policy is eligible for loan acquiring the Surrender Value. The maximum loan amount should not exceed 25% of Sum Assured. The maximum loan amount should be 90% of Surrender Value based on 25% of Sum Assured. In the event of the death of the child, the death benefit will be reduced to the outstanding loan amount.