CHILD FUTURE INSURANCE POLICY BY LIC (Table no.
185, with profits)
Features of plan Life Insurance Corporation has introduced a new with profit child future plan (Table No.185) w. e. f. 8th February 2007. this plan meets the increasing educational and other need of growing children providing the risk cover on the child's life during the policy term as will as extended term (i.e. 7 years after the expiry of policy term). Child's father or mother of female category I and II having his/ her own income can be the proposer In the absence of parents legal guarding can be the proposer. If the consent of parent is obtained, the grand parents can propose even if the parents are alive. Premium are payable regularly during the policy term with yearly, half- yearly or quareterly. Premium may be paid either for 6 years or up to 5 years before the policy term. No premium are payable during the extended term (i.e. 7 years after the expiry date). Risk commencement: risk under this plan will commencement either after 2 years from the date of commencement of the policy or from the policy anniversary coinciding with or immediately following the completion of 5 years of age life assured, whichever is later, (if the life assured age at entry is less then or equal to 10 years). In case the age at entry is more then 10 years but less then 12 years, the risk shall commence from the policy anniversary coinciding with or next following 12th birthday of the life assured, in the life assured age 12 years or more, the risk will commence immediately. Plan parameters Age at entry : min. 0 yrs. (LBD) max. 12 yrs (LBD) Maturity age : min. 23 yrs. (LBD) max. 27 yrs (LBD) Sum assured : min. 1lac max.1cror S.A in multiples of : Rs.5000 PPT : 6 yrs. & policy term- 5 yrs Mode of payment : YLY/ HLY/QLY Policy loan : No Housing loan : No Assignment: No by the proposer, but assignable after the policy has vested in the life assured Revival : yes Underwriting conditions Form no Age proof Actual sum assured Dating back *Age proof: aged 5 yrs. & above- school certificate aged less then 5 yrs- certificate from municipal/ local village panchayat records Auto cover: after payment of two full year's premium, if any subsequent premium be not duly paid, full death cover shall continue for a two years from the due date of the first unpaid premium (FUP). PWB, if any shall remain in force during the auto cover period. : : : : 340/360 * basic SA allowed @ 8% p.a.
Benefits Death benefit: on death after the date of risk commencement. 1. if death occurs within the period from the date of risk commencement to 5 years before expiry date of policy term: sum assured + vested simple reversionary bonuses + F.A.B, if any, is payable. I 2. if death occurs within 5 years before the expiry the date of policy term: sum assured + F.A.B if any, is payable. 3. on death during the extended term: sum assured is payable. 4. if death occurs before the date of risk commencement: all the premium paid (excluding premium for extra and PWB, if any) + interest @ 3% p.a. compounding yearly shall be payable. 5. if death occurs during the auto cover period: death benefits after deducting unpaid premium with interest as also the premium falling due before the next bonus, if any. Survival benefit: on life assured survival till the end of the specified durations an amount is payable as survival benefit as under: 5 yrs before the expiry date of policy term: 25% of the SA 4 yrs before the expiry date of policy term: 10% of the SA 3 yrs before the expiry date of policy term: 10% of the SA 2 yrs before the expiry date of policy term: 10% of the SA 1 yrs before the expiry date of policy term: 10% of the SA on the expiry date of policy term: 50% of the S.A + Vested simple reversionary bonus + final additional bonus (FAB, if any. Premium waiver benefit: under this plan (PWB) is available on payment of an additional premium during the premium payable term or till death of the proposer, whichever occurs earlier. i) after the date of death of the proposer the premium falling due shall be waived. ii) during the auto cover period the premium waiver benefit shall remain in force. iii) the premium waiver benefit as stated in (i) shall be granted on the basic of proposer age personal health declaration and other requirements. In case any given information is found to be untrue and incorrect, all clime to the benefit shall cease. iv) in the event of the proposer by his own hands whether sane or insane within one yearly from the issuance of FPR the PWB described in (i) and (ii) shall not operate. Cooling off period: in case the policyholder is not satisfied with the 'terms and condition' of the policy, he/she may return the policy to the corporation within 15 days from date of the policy.
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