This plan is perfect for those who really care about their child. It offers the combined benefits of savings and protection. This Child Assurance Plan is designed to provide financial security to your child regardless of any unfortunate event in future. The main feature is the life of both child and proposer (parent) is covered under the same plan.
The benefits payable under this plan are:
The policy will be terminated on death of Child and benefits will be provided as follows:
On survival of the child till the end of the policy term, FULL SUM ASSURED PLUS BONUSES will be paid.
| Minimum Sum Assured | NPR. 50,000.00 |
| Maximum Sum Assured | No limit as per need and income source |
| Minimum Entry Age of Proposer | 21 years |
| Maximum Entry Age of Proposer | 55 years |
| Minimum Entry Age of Child | 1 month |
| Maximum Entry Age of Child | 15 years |
| Minimum Policy Term | 10 years |
| Maximum Policy Term | 25 years |
| Maximum Maturity Age of Child | 25 years |
| Maximum Maturity Age of Proposer | 65 years |
Regular saving for your future + Protecting your loved ones in case of eventuality. This product is suitable for clients who wants to save regularly for future. It can also cater to your retirement need. Apart from survival benefit (which you get at maturity), it also protects your loved ones in case of eventuality.
Regular saving for your future + Protecting your loved ones in case of eventuality. The beauty of the product is: the beneficiary will benefit in case of death of insured even after maturity. Caters to your retirement need as well and when insured dies beneficiary will get sum insured for sure.
Regular saving for your future + meet your cash flow need + Protecting your loved ones in case of eventuality. This plan typically gives you financial freedom to meet your planned expenses. With minimal regular saving/premium, you can meet bigger needs of your life. For example, if you may have following need,
| 5 Years | 10 Years | 15 Years | 20 Years |
|---|---|---|---|
| 25% | 25% | 50% with bonus | - |
| 25% | 25% | 25% | 25% with bonus |
| 25% | 25% | 25% | 50% with bonus |
Regular saving for your future + Protecting your loved ones in case of eventuality. The beauty of the product is: the beneficiary will benefit in case of death of insured even after maturity. Caters to your retirement need as well and when insured dies beneficiary will get sum insured for sure.
Apart from the benefits stated above, you may also add additional benefits, and this is called Rider Benefits. You need to pay extra premium to avail these benefits which will be nominal.
In case of accidental death, beneficiary will be paid additional amount equal to sum assured. For example, if sum assured is NPR 20 lakhs and if insured dies due to accident, beneficiary will get NPR 40 lakhs. But if this additional rider is not taken and insured dies, the beneficiary will be paid only sum insured (i.e. NPR 20 lakhs in this example) plus bonus even if the cause of death is due to accident.
7-11-18 Critical illness optional rider benefit can be taken by the insured. Under this facility a lump sum of up to Rs.50 Lakhs will be provided to the insured in case any one of the illness is medically verified. This optional benefit can be tagged with various policies of the company. The 18 critical illness are listed as below. The insured can take up either 7/11/18 critical illness protection.
The critical illnesses covered under this optional benefits are:
Cancer of specified severity, Major Organ/Bone Marrow Transplant, Open Heart Replacement or Repair of Heart Valves, Open Chest CABG, Myocardial Infraction (First Heart attack of specific severity), stroke resulting in permanent symptoms, Benign Brain Tumor, Kidney Failure required regular dialysis, Multiple sclerosis with persisting symptoms, Aorta Graft Surgery, Permanent Paralysis of Limbs , Alzheimer’s Disease, Coma of Specified Severity, Parkinson’s Disease, Third Degree Burns, Deafness, Loss of Speech.
If insured is permanently disabled due to accident, he/she will be paid sum assured in 120 monthly installments. In the example presented above, if insured is permanently disabled due to accident, he/she will be paid 16,666.67 for 120 months (i.e. 10 years). If remaining maturity period is less than 10 years, monthly installment will be paid till maturity and remaining amount shall be paid in lump sum at maturity along with sum assured and bonus. For example, if insured is permanently disabled in 15th year and his policy term is 20 years with sum assured of NPR 20 lakhs, he will be paid NPR 16,666.67 every month for 60 months (i.e. 5 years) and remaining 60 installments shall be paid at once. So, at maturity (i.e. 20th year) he will receive sum assured of NPR 20 lakhs + remaining installment of NPR 10 lakhs (60*16,666,67) + bonus. But the premium has to paid in a regular basis till maturity.
With nominal extra premium, insured can avail this facility. As mentioned in TPD rider above, insured will get monthly installment in case of permanent disability due to accident but the premium has to be paid in a regular basis. But if insured avails this facility (Premium Waiver Benefit), he/she does not need to pay premium from the date of his permanent disability. Reliance Life will pay premium on their behalf.
This is applicable for child only (up to 14 years). Proposer must be protected in case of child’s plan. Proposer is child’s father or mother in most of the cases. In case of death of proposer, the child will get monthly benefit of 1% of sum assured till child becomes 16 years. When he turns 17, this benefit will be automatically discontinued. For example, if a child is insured with NPR 20 lakhs and if proposer dies, child will get NPR 20,000 (i.e. 1% of NPR 20 lakhs) every month till he becomes 16 years. However, has to continue the payment of premium. At maturity, as usual, child will receive sum assured + bonus.
Mode of premium payment is Yearly, Half Yearly, Quarterly and Premiums are payable up to maturity or the death of assured, whichever earlier
For more details on the risk factors and the terms and conditions please read sample policy document on our website carefully, and / or consult our advisor before concluding the sale.
