This is an Endowment Assurance plan that provides for benefits on or from the selected maturity date to meet the Marriage/Educational expenses of the named child. Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by the policy holder, throughout the term of the policy or earlier death.
– Death Benefit: The Sum Assured plus accrued bonuses up to maturity is payable on maturity, lump sum or in ten half-yearly instalments, even though death occurs during policy term.
– Maturity Benefit: The Sum Assured plus all bonuses declared up to maturity date is payable on survival to the end of the term either in a lump sum or in ten half-yearly installments.
– 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: Surrender value will be available under 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 guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium.