Project Description

Last updated on December 7th, 2021 at 10:11 am

First Date of Issuance: 2018-07-01

Reliance Child Plan

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For your child’s precious future.

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This plan is perfect for protecting and securing your child’s future. It offers the combination of both protection and savings that will support in financial security for your child even in your absence. Life of both Child (from the age of one month) and Proposer (Parent) is covered under this plan.
 

Purchasing a life insurance policy is the best gift you can give to your child.

Benefits

1.On death of Proposer during the policy term:

  • Full Sum Assured will be paid and policy will continue till maturity or death of the Child, if earlier.
  • Future premiums under the policy will be waived.
  • Income equal to 1% of Sum Assured will be paid every month till the continuity of the policy.
  • At maturity of the policy with survival of the Child, full Sum Assured will be paid again along with Vested Bonus.

2.On Total Permanent Disability to Proposer during the policy term due to accident or sickness:

  • Future premiums under the policy will be waived.
  • Income equal to 1% of Sum Assured will be paid every month till the continuity of the policy.
  • At maturity of the policy with survival of the Child, full Sum Assured will be paid again along with Vested Bonus.

3.On death of Child during the policy term:

 In the event of death of the child, the amount payable under this policy shall be in accordance with the following Schedule:

Age at death Amount Payable
Greater than 1 month but less than or equal to 2 years 40% of Sum Assured
Greater than 2 years but less than or equal to 4 years 60% of Sum Assured
Greater than 4 years but less than or equal to 6 years 80% of Sum Assured
Greater than 6 years Full Sum Assured

Of the total amount payable as per the above schedule, 25 percent of amount payable shall be paid immediately at the time of child’s death and remaining payables along with the bonus accrued till the child’s death shall be paid at maturity. 

4.On survival of both the Child and Proposer till the end of the policy term, full Sum Assured along with Vested Bonus will be paid (Maturity Benefits = Sum Assured + Vested Bonus).

 

Eligibility Criteria:

Minimum Sum Assured                                 NPR 50,000

Maximum Sum Assured                                No Limit (Based on Income)

Minimum Entry Age (Child)                          1 Month

Minimum Entry Age (Proposer)                  21 Years

Maximum Entry Age (Child)                        15 Years

Maximum Entry Age (Proposer)                 55 Years

Minimum Policy Term                                   10 Years

Maximum Policy Term                                   25 Years

Maximum Maturity Age (Child)                   25 Years

Maximum Maturity Age (Proposer)            65 Years

Premium Payment Mode: Regular (Annually/Semi-Annually/Quarterly)