A with-profit Child Endowment Policy with Moneyback benefits. The policy can be issued to the proposer (parent/guardian of the child), covering the life of the child after commencement of risk (2 years after commencement of the policy or from the policy anniversary immediately after the completion of 5 years of age, whichever is later) and provides survival benefits after the life assured completes the age of 16 and a maturity benefit on survival till the end of the policy term. Simple reversionary bonus will be attached to the policy for every year the policy is inforce. The policy also offers an in-built premium waiver benefit and a monthly income to the extent of 1% of the Sum Assured on the death of the proposer.
Following benefits are offered under the policy:
On survival of the Child (Life assured) to 16 years of age and thereafter till the subsequent due dates of payment of the survival instalments, provided all the premiums are paid, following benefits will be paid to the Life Assured:
Periodic survival benefit: 20% Sum Assured on each policy anniversary after completion of 16 years of age.
On Maturity – On survival of the Life Assured till Maturity, following benefits will be paid to the Life Assured:
1. (Sum Assured – Moneyback Benefits paid) + Vested Bonus , if any, will be paid.; i.e. 20% of Sum Assured + Vested Bonus , if any will be paid
On death of the Proposer, the policy being in force:
1.Premium Waiver and Monthly Income Benefit: i. All the future premiums will be waived and the policy will continue to be in force.
2. A monthly income benefit of 1% of Sum assured will be paid from the next monthly policy anniversary till the end of the policy term.
On Death of the Life assured:
The risk on the life assured will commence from the Risk Commencement Date which will be on the completion of 2 years from the commencement of policy or on the policy anniversary falling after completion of age 5 years, whichever is later. Before commencement of risk: Return of premiums paid till death will be paid to proposer After commencement of risk:
On the unfortunate death of the life assured during the policy term and after commencement of risk and policy being in force,
1 25% Sum Assured will be paid immediately on the death of the child, and the policy will cease to be in-force. Page 3 of 20
2. 75% Sum Assured + Bonus (vested till the death of the child) will be paid on the end of the policy term with interest accumulation at Interest rate declared by Beema Samiti minus 1% p.a
Minimum Basic Sum Assured: NRs. 50,000
Maximum Basic Sum Assured: Unlimited (Subject to Financial and Medical Underwriting)
Entry Age: Base Policy: Minimum Age at Entry: 0 Years
Maximum Age at Entry: 11 Years (Age Last Birthday)
Policy Term: Base Policy: (20- Age at Entry) years
Maximum Maturity Age (if applicable): Base Policy: 20 years (Age Last Birthday)
Mode of Premium Payment: Yearly / Half-yearly / Quarterly / Monthly/ Single
Premium Payment Term: (16 – Age at entry) Years or Single premium