Child Money Back
Child Money Back
Product Summary :
New Childrens Money Back Plan is a non-linked, with-profits, regular premium payment money back plan.
Premium Payment Mode:
Yearly, Halfly, Quarterly, Monthly(ECS)
Term :
25 Age at Maturity Time
Minimum Entry Age :
0 Year Last Birthday
Maximum Entry Age :
12 Year last Birthday
Minimum Sum Assured :
1,00,000
Maximum Sum Assured :
NO LIMIT (Depending upon Income)
Maximum Accidental Death and Disability Benefit Rider up to age 70.
Policy Benefits :
On Death :
On death Before the Date of Commencement of Risk:
An amount equal to the total amount of premiums paid excluding taxes, extra premium and rider premium, if any shall be payable.
On death After the Date of Commencement of Risk:
Death Benefit, defined as sum of Sum Assured on Death and vested Simple Revisionary Bonuses and Final Additional Bonus, if any, shall be payable. Where Sum Assured on Death is defined as higher of 10 times of annualized premium or Absolute amount assured to be paid on death i.e. Basic Sum assured. This death benefit shall not be less than 105% of the total premiums paid as on date of death.
On Survival :
If Policy in full force :
Completion Age 18YRS – 20% OF MSA
Completion Age 20YRS – 20% OF MSA
Completion Age 22YRS – 20% OF MSA
On Maturity at Age 25YRS – 40% of MSA + Vested Bonus + FAB
Surrendered Value :
Completion Age 18YRS – 20% OF MSA Completion Age 20YRS – 20% OF MSA Completion Age 22YRS – 20% OF MSA On Maturity at Age 25YRS – 40% of MSA + Vested Bonus + FAB
Loan :
Loan facility is available under this plan after the payment of premiums for at least three full years.
Income Tax Benefit :
Maturity under this plan is free under sec 10(10D).
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