Bal Amrit Endowment Policy-3
This plan is designed to meet the career needs of the children. It is intended to fulfill educational and start-in life needs of the child. Benefits of Plan are payable on maturity date with minimum of 11 years term and maximum of 20 years. Plan assures continuity without interruption in absence of financial support proposer, in case of his or her untimely death upon which no further premium payments is necessary and income is also provided at rate of 1% of Sum Insured per month for remainder of policy period.
Terms and Conditions:
- Minimum Age (Child/Insured): 1 year
- Maximum Age (Child/Insured): 15 years
- Policy Term (Minimum): 11 years
- Policy Term (Maximum): 20 years
- Minimum Sum Insured: 1 lakh
- Maximum Sum Insured: As per Income Source
- Proposer: Father or Mother or Legal Guardian
- Entry Age for Proposer: 20 to 50 years
- Maximum Age of Proposer at Maturity: 70 years
- Proposer Sum Insured (Term Plan): 25% or 50% of Sum Insured
- Age Calculation: Age Next Birthday
- Paymode: Yearly, Half Yearly, Quarterly, Monthly
- Medical Test: As per company rules
Rebate/Extra
- Paymode (Rebate/Extra)
- Monthly: 6% Additional
- Quarterly: 4% Additional
- Half Yearly: 3% Additional
Survival Benefit:
If Insured and Proposer both survive at end of maturity period, Sum Insured and Applicable bonus is paid.
Death benefit (Death of Insured(Child)):
A. Before Risk Start Date:
Premium paid (except for premium for Term Insurance Proposer) will be paid in full.
B. After Risk Start Date:
25% of Sum Insured or (Total Premium Paid + Applicable Bonus) whichever is higher will be paid in full.
Death Benefit (Death of Proposer before Insured):
Remaining Premium payment is waived and 1% of Sum Insured shall be paid monthly to Insured from next month.
Death Benefit (Death of Both Proposer and Insured)
Following benefits are paid:-
A. Proposer Sum Insured
B. In case of Death before Risk Start Date, Premium paid till date is paid
In case of Death after Risk Start Date, 25% of Sum Insured or (Total Premium Paid + Applicable Bonus) whichever higher is paid.
