Child Protection Policy

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CHILD PROTECTION POLICY

An endowment assurance for the protection of his / her child as provided in Table – VIII attached to these Rules.

The terms and conditions of these policies would be as follow:-

  1. The policies will be issued jointly on the lives of the child and the father or the mother of the child who will be called the “payer”. The mother will be allowed to be the payer subject to any special condition applicable to female lives. 
  2. The age on entry, term of policy, age of child and payer on maturity will be as follow:-

    AGE ON ENTRY
    MINIMUM
    MAXIMUM
    CHILD
    06-MONTHS
    17-YEARS
    PAYER
    20-YEARS
    50-YEARS
    TERM OF POLICY
    08-YEARS
    24-YEARS
    Age of Child at the time of Maturity of policy
    18-YEARS
    25-YEARS
    Age of payer at the time of Maturity of policy
    35-YEARS
    70-YEARS

  3. If the payer and child both survive on the maturity of the policy the sum assured alongwith accumulated bonus becomes payable to the payer. 
  4. If the child dies during the life time of the payer before the maturity of the policy, the payment becomes due to the payer according to the following schedule.

    Age on Next Birthday of The Assured Child at Death
    1-Year 20 % of sum assured + 20 % of bonus (if any)
    2-Years 40 % of sum assured + 40 % of bonus (if any)
    3-Years 60 % of sum assured + 60 % of bonus (if any)
    4-Years 80 % of sum assured + 80 % of bonus (if any)
    5-Years FULL sum assured + FULL bonus (if any) 
     
  5. In case of the death of the payer all further premium will be waived off. In addition an amount of Rs.150/- per annum per thousand of the sum assured will be paid as stipend, in equal monthly installments for the remaining years of the policy or till death of child whichever is earlier. The full sum assured and bonus will also be paid to the child on maturity of the policy provided he is then surviving otherwise to his legal heirs. 
  6. Both the payer and the child shall have to undergo the prescribed medical examination in case the proposal exceeds the value of Rs.200,000/-. 
  7. The premium would be payable till the end of the specified term of or till death of either of the insured persons, if it occurs earlier