The plan provides protection to the child by way of providing benefits at maturity on survival of both the child and payer/parent. It offers benefits which can be opted for policy maturity at child’s 18th, 21st or 25th birthday.
- Survival Benefit
The sum assured at maturity with accrued bonuses is paid.
- Death Benefit
In case of death of the payer assured, four time the basic sum assured with accrued bonuses are paid. Whereas in case of death of the child assured, the death benefit is paid according to the following formula and the policy terminates:
Age of Child Death Benefit 1 to 12 years (age of child assured) x Sum Assured /12 + Accrued Bonuses 13 to 21 years Sum Assured + Accrued Bonuses