This is non-linked, with profits, limited premium plan for children education needs.

DATE OF COMMENCEMENT OF RISK:

For age at entry less than 8 years LBD : One day before completion of 2 years from DOC or one day before Policy Anniversary after completion of age of 8 years LBD, whichever is earlier.
For age at entry 8 years LBD or more: Risk will commence immediately.

DEATH BENEFIT:

Before Commencement of Risk : Refund of Premiums paid Excluding Service Tax & Extra.
After Commencement of Risk : Sum Assured on Death + Vested Bonus + FAB if any.

Sum Assured on Death:

Higher of 125% of Basic SA or 10 times of annualized Premium.
Death Benefit shall not be less than 105% of total premiums paid as on date of death. The premiums exclude taxes, extra premium and rider premiums.

SURVIVAL AND MATURITY BENEFIT OPTIONS:
To be chosen at proposal stage only, Alteration not allowed subsequently.

Option                   Survival Benefit from Age 20 to 24                 Maturity at Age 25
1                                 No Survival Benefit                                                 100% of S.A.
2                                 5% of S.A. every year for 5 years                         75% of S.A.
3                                 10% of S.A. every year for 5 years                       50% of S.A.
4                                 15% of S.A. every year for 5 years                        25% of S.A.

Example*:

Age- 0, S.A.- `5,00,000, Option – 4, Basic Yearly Premium: `21,922

Entry Age – 0

In case of death at age 12

Death Benefit =

125% of Basic S.A.=`6,25,000

10 times of Basic Annualized Premium = `21,922×10 = ` 2,19,220

Death Benefit = Higher of Above + Vested Bonus for 12 years + FAB
= `6,25,000 + `2,88,000 (48x500x12) + Nil
= `9,13,000 (as it is more than 105% of Total premiums paid.)

SB at Age 20

15% of S.A = Rs.75,000 and Premium Paying Stops.

SB at Age 21

15% of S.A = Rs.75,000

SB at Age 22

15% of S.A = Rs.75,000

SB at Age 23

15% of S.A = Rs.75,000

SB at Age 24

15% of S.A = Rs.75,000

Maturity at Age 25

Maturity Benefit = 25% of Basic S.A. + Vested Bonus + FAB

= ` 1,25,000 + `6,00,000 ( 48x500x25) + `2,25,000 (450×500)

= `9,50,000

Features & Conditions:

Minimum age at entry : 90 days Completed
Maximum age at entry : 12 years lbd
Age at maturity : 25 years lbd
Policy term : 25 – Age at Entry
Premium Paying term : 20 – Age at Entry
Minimum S.A. : `75,000/- & in multiples of ` 5,000 up to` 1,00,000 thereafter in multiples of ` 10,000.
Maximum S.A. : No limit

Available Riders:
Premium Waiver Benefit Rider.

Mode of Payment:
Yearly, Half Yly, Qly & Mly ( SSS & ECS)

Paid up/ Surrender/Policy Loan:

For PPT up to 9 years: After payment of 2 full years premium.
For PPT 10 years & above: After payment of premium of 3 full years.

Revivals:
Within 2 years of FUP.

Back Dating:
Allowed with lean Month’s benefits.

Service Tax:
1st Year of Policy : 3.75%
2nd Year onwards : 1.875%

Tax Benefits :
On Basic Premiums : u/s 80C
SB/Maturity/Death claim : u/s 10(10D)