| Insurance >> Youngsters >> Endowment Plan >> Marriage Endowment or Educational Annuity Plan |
| Marriage Endowment Policies are intended to set aside a sum required to incurred as marriage expenses of children. Similarly, the provision under Educational Annuity is made to defray expenses on education. With Profits policies are now introduction to partly offset the effect of inflation with a view that intended provision proves to be sufficien |
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| Benefits |
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| The minimum Sum Assured under the Plan Shall be Rs. 5,000/- The basic Sum Assured together with vested Bonus shall be payable at the option of the Life Assured/Nominee/Beneficiary either in lumpsum or in annuity installments to be calculated at the rate declared by the Corporation from time to time with valuation results. Quotation for Annuity shall be sent on maturity. Premium shall cease immediately on the death of the Life Assured. |
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| The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's life or in any other way he may think most suitable at that time. |
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| Eligibilty |
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| Males and females aged not less than 18 years but not more than 60 years of age shall propose for insurance on their lives under this plan for the benefit of their children. |
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| Term |
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5 years shall be minimum policy term and 25 years as the maximum.
Other provisions as applicable to Marriage Endowment / Educational Annuity without Profits shall apply to this Plan also. |
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