CHILD CAREER PLAN

A MONEY BACK PLAN WITH RISK COVER

Plan-184 W.E.F 08-02-2007
 Unique Selling Prepositions
• A Plan for your beloved children for their future
• Money back type plan with risk cover
• Extended risk cover after policy term
• Auto cover facility
• Premium Waiver Benefit provision
• Limited premium payment period
• Grand parents can take this policy
 Prospects

• Couple with just born baby

• Parents with child aged 1 to 8 years
• Parents who want to provide best higher
education to their children
• Grant parents who want to give gifts to
their grand children
• Parents who have future plans for their
children
 PARAMETERS

Minimum Entry age (LBD) 0 Yrs

Maximum Entry age (LBD) 12 Yrs

Minimum maturity age 23 Yrs

Maximum maturity age 27 Yrs

Minimum Sum Assured 1,00,000

Maximum Sum Assured 100,00,000

Policy Term 11 to 27 Yrs

Premium paying term 6 Or (N-5) Yrs

Sum Assured in multiples of 5000

P.W.B- Age of proposer 18 to 55 ( age at the
end of premium paying term 70 yrs nbd)
 AUTO COVER
After payment of at least 2 yrs full premium, if any
subsequent premium is not paid, the full death cover
shall continue for a period of 2 yrs from the 1st unpaid
premium. This is called AUTO COVER.
During auto cover period, 1or more installments
premium can be paid with interest without any evidence
of health. By paying the installment auto cover can get
extended further from the new FUP. In case death
during the period, death benefit less unpaid premiums
with interest and also premium falling due before next policy
anniversary is payable along with any vested bonus.
PWB if any will remain in force during the auto cover period.
 SPECIAL FEATURES
A. D.o.c of risk: ( 1) Where the age of the L.A is less
than or equal to 10 years, the risk under the policy shall
commence after 2 years from DOC or from policy
anniversary coinciding with or immediately following
the completion of 5 yrs of age of L.A which ever is later.
(2) Where age is > 10 years but less than 12 years, the
risk shall commence from the policy anniversary
coinciding with or next following the 12th birthday of
the L.A. (3) Where age is 12 or more the risk shall
commence immediately.
B. Date of vesting : The policy shall vest in the L.A on
the Policy anniversary coinciding with or immediately
Following The completion of 18 years on such vesting.
 BENEFITS
On Survival : Life assured surviving to the
end of specified durations an amount as
Mentioned below is payable
5 yrs before expiry of policy term – 30 % S.A + Bonus
4 ,, ,, ,, -- 15 % S.A
3 ,, ,, ,, -- 15% S.A
2 ,, ,, ,, -- 15 % S.A
1 ,, ,, ,, -- 15 % S.A
On maturity ,, ,, -- 15 % S.A + FAB if
any is payable
EXTENDED COVER : The risk cover is extended for 7 yrs
from the expiry of the policy term for the BSA.
 BENEFITS
On death of the policy holder after the D.O.C of risk :
1. If death occurs after commencement of risk but
before 5 years from expiry of policy term –
Sum assured + Bonus + FAB if any is payable
2. If death occurs with in 5 years from expiry of the
policy term – Sum assured + FAB if any is payable
3. If death occurs before commencement of risk
- All PREMIUMS paid will be refunded with
interest @ 3% P.A compounding yearly
(excluding extra and PWB premiums ).
4. On death during extended term - S.A is
payable
 PREMIUM WAIVER BENEFIT
Proposer can avail PWB by extra premium. On
availing this :
A. The premiums falling due after the death of
proposer are waived
PWB will be in force during auto cover also and
unpaid premiums shall be waived
PWB is granted on the basis of the age of
proposer, P.S.H and other requirements
PWB shall not operate in the event of death of
the proposer by his own hands , whether sane or
in sane with in 1 year from THE DATE OF
ISSUANCE OF F.P.R
 CONCESSIONS

MODE REBATE
YEARLY 2%
HALF YEARLY 1%
SUM ASSURED REBATE
3,00,000 to 4,99,999 1.50 ‰ of S.A
5,00,000 and above 2.00 ‰ of S.A
 LAPSE
Where premium is paid for less than 2 yrs and the
policy lapses, then on death or at expiry of policy
term nothing shall be payable.
Where more than 2 but less than 3 years premiums
have been paid and the policy lapses, then
1.If death occurs during the Auto cover period,
then death benefit shall be payable as in auto Cover.
2. Where death occurs after the Auto cover period
OR on expiry of policy term, nothing shall be
payable.
 Guaranteed surrender value
Policy can be surrendered for cash provided 3 full yrs
premiums have been paid.
G.S.V under the policy is : (1) Before DOC of risk –
90% of the premiums paid excluding 1st yr premiums.
(2) After DOC of risk : 90 % of the premiums
paid before risk commencement PLUS 30% of the
premium paid after commencement risk excluding
the 1st year premiums.
G.S.V shall be subject to deduction of S.Bs if any paid.
Extra and rider premiums shall not be refunded.
 Other details
• Actual S.A is the basic S.A under the policy
• Special reports as per chart
• Age proof –
Birth certificate for children < than 5 yrs
Certified extract of School records for children ≥ 5yrs
• Matching parental insurance not required
-- up to 2 lacs if PWB not opted
-- up to 5 lacs if PWB is opted and allowed
The grand parents can propose with the consent of
Parents
 OTHER DETAILS

 More favourable S.S.V is available

 Revival allowed after auto cover with in 5 yrs from FUP
 No loan is available
 Paid up after 3 full yrs premiums paid
 Suicide clause applicable to PWB
 Dating back allowed @ 8% interest
 Nomination / Assignment allowed as per rules
 Actual S.A for PWB is future premiums falling after first
premium paid
 PWB for cat I & II ladies
 Pregnant ladies are not given PWB
 Standard age proof only
 PWB allowed under NMS / NMG (P)
 EXAMPLE
Child -2 yrs, Father- 30 yrs, M.age -- 26 yrs,S.A –3 Lacs,
PWB , PPT– (N-5) 26--2 = 24-- 5=19 yrs, Mode --Yly
T.P 48.95 On survival up to( Completion of )
Mode (98%) 47.971 Age 21 yrs 90000 + 165300
S.A 1.500 22 45000
Balance 46.471 23 45000
S.A 13941.30 24 45000
PWB 418.239 25 45000
Yearly 14359.00 26 45000 + FAB if any
Total premium Bonus assumed @ 7% = 29 ‰
paid 272821 FAB ,, 7% = 206‰
Total 480300 + 61800=542100
 EXAMPLE
Child -2 yrs, Father- 30 yrs, M.age --26 yrs,S.A –3 Lacs,
PWB , PPT– 6 yrs, Mode --Yly
T.P 106.95 On survival up to
Mode 104.811 Age 21 yrs 90000 + 220500
S.A 1.500 22 45000
Balance 103.311 23 45000
S.A 30993.300 24 45000
PWB 929.799 25 45000
Yearly 31923.00 26 45000 + FAB if any
Total premium Bonus assumed @ 7% = 35 ‰
paid 191538 FAB ,, 7% = 268 ‰
Total 535500 +80400=615900