Komal Jeevan

Childrens Plans -

Money Back Plan for Children

Realise your dream of giving your
child a bright future.

- This is a Money Back Plan for Children with G.A.@ 75/- per 1000 S.A. & L.A. [ if any ]

- The Payment of premium ceases on the policy anniversary coinciding with or immediately following the completion of 17 years of age.

- Ideal gift for the child [ can make provision in advance for children's higher education ].

- Father can propose. Mother also can propose, if she has her own income [ Cat.1 & 2 only ].

- If both the parents are not alive, legal guardian can propose.

- Close relatives of the child, like grand parents, uncles [ maternal / paternal ], elder brothers, elder sisters etc., can gift Single Premium Policy for love and affection. However, proposer will be either father of mother or legal guardian.

- Risk cover starts from the policy anniversary after completion of 7th year of the child or 2 years from the commencement of the policy, whichever is later.

- No medical examination is required for the child.

- Premium Waiver Benefit is available on payment of payment of extra premium and production of proposer's Standard Age Proof. Proposers upto 50 years [n.b.d.] only are allowed. PWB is allowaed under Non-Med. Special & Non-Med. General [proof] only. Medical is compulsory when PWB + TRB is opted.

- Term Rider Benefit can be availed by the Proposer to the extent of 20% of basic S.A. not exceeding Rs.1 lakh. The benefit is payable in case the Proposer dies before the policy anniversary on which the child is 18 years last birthday.

Maturity Benefits :

At the end of Age       18          20          22          24          26

% of S.A.                    20%       20%      30%      30%      GA+LA 

Death Benefits : If the policyholder [child] dies after commencement of the risk but before maturity, full S.A. together with G.A.@75/- per thousand S.A. + L.A., if any, is given to the nominee without deducting earlier installments paid.

- If child dies before the policy risk commences, the policy gets cancelled & premiums paid [ excluding Premium Waiver Benefit & Term Rider Premiums ] till then is refunded.

Product summary : This is a Children's Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. This plan can be purchased by any of the parent or grand parent for a child aged 0 to 10 years.

Commencement of risk cover : The risk commences either after 2 years from the date of commencement of policy or from the policy anniversary immediately following the completion of 7 years of age of child, whichever is later.

Premiums : Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, up to the policy anniversary immediately after the life assured (child) attains 18 years of age or till the earlier death of the life assured. Alternatively, the premium may be paid in one lump sum (Single premium).

Guaranteed Additions : The policy provides for theGuaranteed Additions at the rate of Rs.75 per thousand Sum Assured for each completed year. The Guaranteed Additions are payable at the end of the term of the policy or earlier death of the Life Assured.

Loyalty Additions : This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death or maturity benefit. Loyalty addition may be payable depending on the experience of the Corporation.

Survival Benefit : The percentage of sum assured as mentioned below will be paid on survival to the end of specified durations: