Overview
Eligibility:
Minimum age 1 month, maximum age 55 years.
Face amount:
Minimum Rs. 50,000, maximum Rs. 15 million
Policy Term:
Can take 10, 15, 20, 25 or 30 years or maturity of plan at age 55, 60, 65.
Mode of payment:
Annual, Semi-Annual or Quarterly
Who can buy this plan? And how?
- Any person with normal income can buy this plan for self.
- Insured persons with normal income can buy this plan for others.
- For person without income, only applicant with income can buy insurance plan for him/her, up to amount not more than or equal to applicant’s insurance amount (in normal case).
First policy issue date: 01/09/2002
Rider
Rider is an addition to an insurance policy that becomes part of the contract. It provides extra benefits as mentioned in contract in case of eventuality as covered. Some of the riders that can be attached to insurance policies are:
- Accidental Death Benefit (ADB): It provides payment of an additional sum in the event of death of insured due to accident.
- Disability Protection Rider (DPR): It protects payer (in Education Protection Plan) in the event of disability due to sickness or accident. If payer becomes permanently disabled:
○ All future premiums will be waived off and the policy continues in full force
○ 1% of face amount will be paid per month to the child till the policy’s maturity and, at maturity, the child receives Full Amount plus bonus
- Life Care Protection Plan (PA): Life Care ensures that the policyholder’s life plan is comprehensively protected against accident. Accidental coverage consists of the following:
○ Accidental Death (AD) – in case of accidental death of insured, Lump Sum Cash is provided to beneficiary
○ Permanent Total Disability (PTD) due to accident – Lump Sum Cash is provided to insured
○ Permanent Partial Disability (PPD) – in case of loss of sight, hearing and speech indemnity due to accident, % wise amount of face amount is paid to insured
