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Child Protection Policy (with bonus) Plan-11
Under this plan multi-faceted security is provided for the child. It is a joint insurance i.e. the risk is assumed by the policy on the life of the child and the parents. In case of death any one of payor or child premium payment will be ceased but benefits will be paid as per schedule. Generally, the father or mother of the child is considered as the premium payer in this scheme. No one other than parents can be premium contributor in this scheme.
Key Features
- The principal objective of this plan is to ensure the child’s future financial security.
- Under this policy, both the Premium Payer and the named child will be insured.
- In the event of the unfortunate death of the Premium Payer, the insured child’s education can be continued.
Eligibility & Parameters
| Entry Age: | Minimum 18 years to maximum 60 years. |
| Child’s Age: | Minimum Age 06 months (180 days) maximum age 15 years. |
| Minimum Sum Assured: | Tk. 1,00,000. |
| Eligibility: | The policy applicant must have own, valid & regular income. |
| Tenor/Term: | Available in 10 to 29 Years Term. |
| Premium Mode: | Quarterly, Half-yearly & Yearly. |
Policy Benefits
- At Maturity: If the proposer remains alive up to the maturity date, the sum assured along with accrued bonuses will be paid at maturity.
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On Death If the premium payer dies during the policy term: No further premium will be required.
Instead, the following benefits will be provided:- As an education benefit, 1% of the basic sum assured will be paid monthly until maturity.
- At maturity, the full sum assured along with accrued bonuses will be paid.
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If the child dies before maturity:
Duration the policy remained in force at the time of child’s death
(Applicable from the date of revival in case of revival)Death Benefit Not more than 6 months 25% of the basic sum assured More than 6 months but not more than 12 months 50% of the basic sum assured More than 12 months but not more than 24 months 75% of the basic sum assured More than 24 months 100% of the basic sum assured ** If the premium payer dies first and thereafter the child dies during the education benefit period, the education benefit will cease, but at maturity the full sum assured along with bonuses will be paid.
- Tax Rebate: The Policy Holder will get benefit of income tax rebate.