Bal Amrit Endowment Policy
This policy is Endowment Assurance with profit plan designed to provide education and other expenses of the child in case of death of the proposer.
· Entry age : 1 Year to 15 Years
· Proposer Entry Age : 20 to 50 Years
· Minimum Policy Term : 11 Years
· Maximum Policy Term : 20 Years
· Minimum Sum Assured : Rs. 50,000/-
· Maximum Sum Assured : Rs. 2,500,000/-
· Premium Payment Frequency : Yearly, Half Yearly, Quarterly, monthly
· Proposer : Mother, Father or Legal Guardian
· Age computation : Age next birthday
Proposer's risk will be covered from the commencement of policy.
Assured risk will be covered at the age six and two years after commencement of policy.
Payment Benefit: on active policy
On the survival of Assured (Child)
Sum Assured plus bonus on maturity
On the death of Assured (Child)
Death before commencement of risk, paid premium with 3% annual interest will be paid
On death after commencement of risk, sum assured plus bonus will be paid
Proposer's (on active policy)
In case of death of proposer, 20% of the sum assured shall be provided to the assured
Premiums are waived on death/disablement of the proposer and thereafter 1% of the sum insured is paid as monthly income to the child till attainment of specified age.
On maturity there shall be a payment of lumsum amount of sum insured together with bonus, where the proposer is alive or not.
Accidental death benefit(ADB) is not applicable
· Paid up and surrender claim shall be provided
· Loan Facility provided.
· Tax exemption as per ITA,2058