This policy is a
fixed term Endowment Policy. One can choose convenient term to
coincide the maturity to marriageable age of a child or to
provide for higher education of the child. The policy holder
(father/mother) will pay premium till maturity or earlier
death. In case of maturity, the policy holder will get sum
assured plus bonus. In the case of death of the policy holder
before maturity, NO AMOUNT is paid. But the future premiums
are waived and the sum assured plus bonus till maturity is
paid only on maturity to the nominee.
Benefits:
This policy is highly beneficial for persons who have children
aged less than 10 years. The term can be fixed for a definate
period so that the maturity amount is available at the
marriageable age of the female child or at age when any money
is required for education of children. When compared to other
savings like Recurring Deposit / Savings Account in a
bank, this policy is a very superior form of savings
because as soon as a person takes this policy a lump sum
amount is guaranteed to the children. this policy can also be
thought of as an old age provision for the wife of the policy
holder. The maturity amount can be invested to yield interest
regularly which makes the widow financially independent.
Income Tax Benefit
Available upto 20% of Premium Paid
