Child Protection Policy (With Profits)
These policies are issued jointly on the lives of the child and the father. If the father is not alive or his life is not insurable, the mother will be allowed to be the payor i.e. policyholder subject to any special conditions applicable for Female Lives. No other relatives etc. will be allowed to be a Payor.
(1) If the payor and child both survive the term of the policy, the sum assured along with accrued bonuses, if any, becomes payable.
(2) If the payor dies before the maturity of the policy, during lifetime of the child, the payment of premium ceases and the following benefits become payable:
(a) An income of Rs. 100/- per thousand sum assured per annum till the expiry of the policy term;
(b) The sum assured on the expiry of the policy term inclusive of bonuses (if any) accrued till the death of the payor.
(3) If the child dies during lifetime of the payor, before the maturity of the policy, the payment according to the under-noted schedule becomes due to the payor:
Age nearest birthday of the Assured child at Death
1 Year 10% of S.A. plus 10% Bonuses (if any)
2 Year 20% of S.A. plus 20% Bonuses (if any)
3 Year 30% of S.A. plus 30% Bonuses (if any)
4 Year 40% of S.A. plus 40% Bonuses (if any)
5 Year .."u,„ol S.A. plus Bonuses (if any)
6 Year bU% of S.A. plus 60% Bonuses (if any)
7 Year 70% of S.A. plus 70% Konuf.es (ii any >
8 Year 80% of S.A. plus 8U% Bonuses (it any)
9 Year 90% of S.A. plus 90% Bonuses (if any)
10 Year or more Full Sum Assured plus Full Bonuses (if any)
(3A) If payment of an additional premium of Rs. 1.50 per thousand sum assured is made in cases where the age at entry of the child is 10 years or less, the death benefits will be enhanced as follows:
1 Year 20% ofS.A. plus 20% Bonuses (if any)
2 Year 40% ofS.A. plus 40% Bonuses (if any)
3 Year 60% ofS.A. plus 60% Bonuses (if any)
4 Year 80% ofS.A. plus 80% Bonuses (if any)
5 Year Full Sum assured plus Full Bonuses (if any)
(1) The proposal form on the life of a payor should be completed in the usual manner. Payor may be considered non-medically if the case falls within non-medical limits. Upto sum assured of Rs. 1,50,000/- child will also be considered non-medically.
(2) Medical of the child on the Juvenile Medical Form is necessary if sum assured exceeds Rs. 1,50,000/-. This should be submitted duly attached to the proposal of the payor.
(3) Age at Entry Minimum Maximum
CHILD Six months i.e.one 15 years
Year Nearest Nearest
PAYOR 20 Years 50 Years
Nearest Birthday Nearest Birthday
(1) SUPPLEMENTARY CONTRACTS ON PAYOR'S LIFE ONLY
(i) Term Insurance Ridci
(n) Family Income Benetit (FIB) Rider. The annual income under this rider must not be less than 10% or more than 40% of the basic sum assured.
(iii) Accidental Indemnity Benefit (AIB)
(iv) Accidental Death Benefit (ADB)
(v) Waiver of Premium (WP) or Special Waiver of Premium (SWP). This rider cannot be attached to the Child Protection Policy if AIB is also to be attached.
(2) SUPPLEMENTARY CONTRACTS ON BOTH LIVES i.e. CHILD & PAYOR.
Only Accidental Death Benefit (ADB) can be attached to cover both lives i.e. the child and the payor provided that the child is 5 years old, on payment of ADB premium in respect of both lives (Child and Payor).
The benefit, if any, under AIB, ADB, T1R etc contracts, if attached to Child Protection Policy are payable immediately, subject to submission of due proofs satisfactory to State Life.
CHILD PROTECTION POLICY
Table 07 CHILD PROTECTION POLICY
CHILD PROTECTION POLICY With Profits
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