|
This is an Endowment Assurance plan designed
to enable a parent or a legal guardian
or any near relative of the child (called
proposer) to provide insurance cover on
the life of the child (called life assured).
The plan has two stages, one covering
the period from the date of commencement
of policy to the Deferred Date (called
deferment period) and the other covering
the period from the Deferred Date to the
date of maturity. The insurance cover
on the child’s life starts from
the Deferred Date and is available during
the latter period.
The Deferred Date in case of Plan No
41 is the policy anniversary date coinciding
with or next following the date on which
the child completes 21 years of age. In
case of Plan No 50 it is the policy anniversary
date coinciding with or next following
the 18th birthday of the child.
Premiums are payable yearly, half-yearly,
quarterly or monthly and this shall cease
on the death of the life assured . Premiums
are waived on death of Proposer provided
this benefit is availed.
This is a with-profits plan and participates
in the profits of the Corporation’s
life insurance business after the deferred
date. It gets a share of the profits in
the form of bonuses. Simple Reversionary
Bonuses are declared per thousand Sum
Assured annually at the end of each financial
year. Once declared, they form part of
the guaranteed benefits of the plan.
|
