| Insurance >> Youngsters >> Endowment Plan >> Deffered Endowment Plan |
| Features |
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| This plan of assurance is designed to enable a parent or a legal guardian or any near relative of the child to provide for the child, by payment of a very low rate of premium, the risk under which will commence at a selected age. |
| The policy envisages two stages, one covering the period form the date of commencement of the policy to the deferred date( that is the date of commencement of risk on the child's life) called the deferment period, and the other covering the period from the deferred date to the date on which the policy emerges as a claim by the death of the child or its survival to a stipulated date. |
| A combined policy will be issued covering both the aforesaid periods. |
| Policy under the scheme will not be issued for deferment periods less then four years or for maturity ages other than quinquennial |
| Option is available as regards the age of commencement of risk on the child's life which may be 18 or 21 completed as desired. In case of assurance vesting at age 18, table no. will be 50 and in case of assurance vesting at age 21, table no. will be 41. |
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| Special Features |
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| The special provisions applicable to this policy provide that if the life assured shall be alive on the deferred date, if all the premiums due prior to the deferred date have been paid, and if a request in writing for receiving the cash option available on the deferred date or for surrendering the policy has not been received by the corporation before the deferred date from the person entitled to policy monies, the policy shall vest in the life assured on the deferred date and shall on such vesting be deemed to be a contract between the corporation and the life assured as the absolute owner of the policy and the proposer or his estate shall cease to have any right or interest herein. |
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| Suitable For |
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| The policy will participate in profits from the date of commencement of risk at rates applicable to Endowment Assurance. |
| The life to be assured for which policy will have to undergo full medical examination. The policy shall automatically vest in the life assured as soon as he/ she attains majority. |
| At the request of the proposer, the premium waiver benefit is available under this plan. Additional premium required for this benefit will be as per the table applicable to C.D.A plan except that the deferment period should be taken as the period equal to 18 or 21 (as per option) minus age at entry. |
| If payment of the premium ceases after at least 3 years premiums have been paid only guaranteed surrender value, equal to 90% of the total premiums paid excluding the first year's premium, will be available. During the deferment period, the guaranteed surrender value will be 90% of the total premiums paid, excluding the first year's premium. After the deferment period, the guaranteed surrender value will be 90% of the total premium paid during the deferment period excluding the first year's premium paid plus 30% of the premium paid on or after the commencement of risk. |
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| Death Benefits |
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f the life assured dies the policy shall stand cancelled before the deferred date, and in such event provided the policy is then in full force or in force for a reduced cash option, a sum of money equal to all the premiums paid without any deduction whatsoever will become payable to the person entitled to the policy moneys.
It should be noted that payment of premium does not cease on the death of the proposer during the deferment period but must be continued during the currency of the policy. |
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| Plan Parameters |
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Minimum |
Maximum |
| Entry Age (years) |
0 |
17 |
| Sum Assured (Rs.) |
50000 |
No Limit |
| Term (years) |
25 |
50 |
| Mode of Premium Payment |
Max Maturity Age |
Policy Loan available |
| Monthly, Quarterly,Half- |
65 years |
No |
| Yearly, Yearly. |
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