With the ever-increasing education expenses in the present situation, the main objective of this policy is to provide support for your child’s proper education. Under this policy, you can be well prepared for your child’s future higher education expenses by paying a variable amount of money on regular basis for fixed term. Upon maturity of the policy or in the event of the unfortunate event of your death, this money will be paid to your child as annual stipend paid quarterly to cover his or her education expense. Even better, the amount of stipend paid annually increases at 7% compound rate to keep up with the increasing educational cost.
Features
- The principle objective of this plan is to cover child’s educational expense.
- Under this policy both Premium Payer and the named child will be insured.
- In the event unfortunate death of the premium payer, the insured child will get “Education Aid Allowance” equivalent to first year’s stipend in every year till the maturity.
- Flexible Payment Option (Yearly & Half Yearly)
How does the Plan work?
By paying premium until maturity, both you and your named child will be insured under this policy. Upon maturity, your child will receive the benefits in the form of stipend paid annually. Usually, the stipend is paid for 10 years term. However, this duration can vary and could be between 5 to 15 years.
How much will we pay?
- Maturity Benefit: On maturity your insured child will get the Sum Assured plus accumulated bonuses (if any) till that date in the form of annual stipend paid quarterly. This stipend increase at 7% annual compound rate. However, if the insured child does not require the benefits then it can be transferred to another child or can be surrendered to the company in terms of cash value
- Life Cover Benefit: In the unfortunate event of loss of your life, your child will get “Education Aid Allowance” equivalent to first year’s stipend in every year till the maturity. After the maturity, the child will get stipend as per regular stipend payment schedule.
- Discontinuance Benefit: If you opt to discontinue the premium after two years, you will receive the discontinuance benefit (if any).
What is the Plan term?
You can select the plan term from 5 years to maximum 15 years subject to your maximum age at maturity is 60 years.
Who can buy this Product?
If your age is between 18 & 55 years, you can buy this plan.
At a Glance:
| Category | Child’s Future |
| Single / Joint Life | Single |
| With Profit | Yes |
| Surrender Value | To be calculated using formula. |
| Loan | Yes – Maximum 90% of surrender value excluding bonus |
| Paid up | Yes (after two years premium payment) |
| Alteration | Allowed – after 2 years from the commencement date |
| Premium payment mode | Yearly, Half-Yearly, Quarterly |
| Supplementary or Rider | None Available |
Discontinuation of regular premium payment:
| No of years premium paid | Consequence |
|---|---|
| Less than two years | The policy will be void (no value payable) |
| Equal to or more than two years | The policy will be made a reduced paid-up insurance free from payment of any future premiums and such an amount shall be paid either on maturity or earlier death. |
To learn more please contact:
Delta Life Insurance Co. Ltd
Phone: 55051019, 09613 666 000
Customer Care: 09613 666 999
Email: info@deltalife.org