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Children's Deferred Endowment Assurance Plan

 

Death Benefit:
The Sum Assured along with vested bonuses is payable in a lump sum upon the death of the life assured after the deferrement period. If death occurs before the deferrement period all premiums paid is refunded.

Maturity Benefit:
Sum assured along with all bonuses declared up to maturity date is payable in lump sum.

Supplementary/Extra Benefits:
These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits.

Surrender Value:
Buying a life insurance contract is a long-term commitment. However, surrender values are available on the plan on earlier termination of the contract.

Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 3 years or more. The minimum surrender value allowable under this policy is as under:

(a) Before the Deferred date : 90% of the premiums paid excluding the premium for the first year.

(b) After the Deferred date:

(i) If deferment period is less than 10 years:

90% of the premiums paid before the deferment date excluding the premiums for the first year plus 30% of premiums paid after the deferred date.

(ii) If deferment period is 10 years or more:

90% of a cash option plus 30% of premiums paid after the deferred date.

Corporation’s Policy On Surrenders:
In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender is the discounted value of the reduced claim amount that would be payable at death or maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender.

The Corporation reviews the surrender value payable under its plans from time to time depending on the economic environment, experience and other factors.

Note: The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

 

benefits

 

Statutory warning:
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on ife insurance business. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance.”

Illustration 1 (Table 41)
Age at entry: 10 years
Policy Term: 25 Years Deferment period: 11 years
Premium Paying Term: 25 Years
Mode of premium payment: Yearly
Sum Assured: Rs. 1,00,000 /-
Annual Premium: Rs. 2673 /-

End of year
Total premiums paid till end of year

Benefit payable on death / maturity at the end of year

Guaranteed

Variable

Total

Scenario 1

Scenario 2

Scenario 1

Scenario 2

1

2673

2673

-

-

2673

2673

2

5346

5346

-

-

5346

5346

3

8018

8018

-

-

8018

8018

4

10691

10691

-

-

10691

10691

5

13364

13364

 

-

13364

13364

6

16037

16037

-

-

16037

16037

7

18709

18709

-

-

18709

18709

8

21382

21382

-

-

21382

21382

9

24055

24055

-

-

24055

24055

10

26728

26728

-

-

26728

26728

12

2073

100000

2100

5500

102100

105500

15

40092

100000

8400

22000

108400

122000

20

53456

100000

18900

49500

118900

149500

25

66819

100000

46400

122000

146400

222000























Note: The proposer will have the option to take a cash payment of Rs.39,890/- on the Deferred Date on cancellation of the policy contract entirely.

Illustration 2 (Table 50)
Age at entry: 10 years
Policy Term: 25 Years Deferment period: 8 years
Premium Paying Term: 25 Years
Mode of premium payment: Yearly
Sum Assured: Rs. 1,00,000 /-
Annual Premium: Rs. 2924 /-