This product is with profit child plan. A good education is the best gift that parents can give their children. However, quality education needs more money. Company has launched Bal shiksha Beema Yojana child plan which provides you the dual benefit of investment and insurance.
Under this plan we have features of one policy, double risk coverage (Proposer & Child) as well maturity amount received can be utilized for child’s education.
- Entry Age: From birth till 18 yrs
- Proposer Age: 20 – 65 yrs
- Policy Term: 5 to 30 years (By the end of the term the age of the child should not exceed 30 years and the age of the proposer should not exceed 70 yrs)
- Sum Assured: Proposer – NPR. 5 thousand to 1 Crore
- Child – NPR. 5 thousand to NPR. 25 Lakhs
- Risk Coverage Fee for child: NPR. 1/- per thousand of child’s sum assured
- Premium Payment Mode: Monthly, Quarterly, Half-Yearly and Yearly
- Policy loan shall be available after the policy acquires paid-up/surrender value. Policy Loan shall be a maximum of 90% of the surrender value.
- Proposer's sum assured and respective bonus shall be paid to the proposer in case of maturity of the plan and if the proposer is alive*.
- In case of the demise of the proposer within the policy term.
- Bonus calculated till the time of the proposers death and premium waiver after that till the end of term.
- After the demise of the proposer, 10% of the sum assured shall be paid on an annual basis till the end of the term. If any amount remains after the payment of 10% sum assured annually till the end of the term then that amount shall be paid to the child / nominee.
- In case of the demise of the insured child after the start of the policy risk, the sum assured of the child shall be paid and the policy shall remain enforced for the proposer. Regular premium will have to be paid till the end of the term.
* In case of the end of the policy term with or without the demise of the proposer and if the child is alive by that time then no amount of the child’s sum assured will be paid.
Commencement of Risk :
Risk of the child will commence from 2 years after the date of enforcement of the policy or by the time the child is 5 yrs old (whichever comes first).
Optional Benefits (Rider Benefits):
Critical Illness Benefit:
This is a Rider benefit . If the life assured is diagnosed with specific illness defined under this plan during the policy term, lump sum amount equal to basic sum assured or maximum up to Rs. 50,00,000 will be paid to the insured. Undermentioned conditions should be followed to have Critical Illness ;
Entry age: Minimum 18, Maximum : 65, Policy maturity age: 70, Coverage: Minimum Rs.50, 000 ,Maximum : Rs. 50,00,000 , Policy Term : Minimum 5 Years to Maximum 20 years .