Get Free Quotes for Child Education & Marriage Plan by State Life Insurance
Child Education & Marriage Assurance is an optimum plan to protect the child's future. It provides a lump sum benefit for the child at the completion of the policy term. On completion of the term of the policy, full sum insured with the accrued bonuses are paid to the policyholder.
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Child Education & Marriage Plan is customized for the parents who are conscious about the future of their children. The term of the plan is such that the lump sum benefit becomes payable when the child attains a predetermined age of 18, 21 or 25 years. These ages may be selected considering the occasion at which children generally need financial assistance for higher education, marriage, or to set up business.
Depending upon the individual needs, the plan is available in two separate coverage of with and without built-in family income benefit. In addition to the child’s parent, this plan can also provide coverage to grandparents, uncles, aunts or any other person who is paying for the maintenance of the child.
In the event of death of the policy holder (Allah forbid) before the completion of the term of the policy, a family income benefit of Rs 240 per 1000 sum insured per annum is paid to the child until the policy term completion . Further, future premiums under the policy are waived and policy remains in force with complete sum insured and it continues to participate in State Life's surplus and receive bonuses. Upon the completion of policy term, the child has two options of either getting the proceeds in a lump sum or in five equal installments.
Condition if the child insured dies:
- Continue the policy in the same manner as earlier by switching the plan for the benefit of another child.
- Get a refund of all the previous premiums paid till the death of the child or the cash value of the policy, whichever is higher and terminate the adopted plan.
- Continue the policy without nominating another child in which case the benefit of Refund of Premium [as provided above under condition (b)] will not be available.
- Minimum Age: 20 years
- Maximum Age: 60 years
- Age (Maximum) on Maturity of the policy: 70 years
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