Child Protection Insurance Scheme

Under this plan, risk is accepted jointly on the life of the premium payer and the life of the child. The premium payer must be the child’s father; if the father is not alive and the child’s mother has an earning capacity, she may also act as the premium payer. At the time of taking the policy, the child’s age must be at least 6 months and not more than 15 years. At maturity, the child’s age shall not be less than 18 years and not more than 30 years.

Benefits Payable

1. If the premium payer dies while the insurance is in force, no further premium has to be paid. In that case the following benefits will be provided:
(a) Until maturity, 1% of the basic sum assured will be paid every month as a stipend.
(b) At the end of the term, the full sum assured will be paid along with the accrued bonus.
2. If the child dies before maturity, the insurance money will be paid according to the following schedule: