Gurans Bal Surakchya Life Insurance Policy
The policy is designed specially to ensure planned cash flow for your child's education, marriage etc. with options to provide Premium Waiver and Monthly Income Benefit.
Commencement of Risk
Risk of the child will commence either 2 years after the date of commencement or from the policy anniversary falling immediately after the completion of age 6 of child, whichever is later. However, in case of child's age at entry being 15 years risk will commence from one year after date of commencement.
Vesting of Policy
The Policy will vest in the Life Assured from the policy anniversary following his completion age of 16 years.
Bonus
The Policy will participate in the profits (Bonuses) during the premium paying term subject to the policy being in full force on the date of valuation. However, the bonus will vest only from the date of commencement of risk.
Maturity Benefit
The Sum Assured along with vested bonus is payable on Date of Maturity.
Should the prosper opt for Premium Waiver Benefit and/or Monthly Income Benefit (as explained herein below), it will not in any way reduce the maturity benefit.
Death of Benefit
In case of Life Assured (Child) dies any time after commencement of risk, full Sum Assured with the vested bonuses will be paid immediately in entire cancellation of the policy contract.
Refund of Premiums
In case of Life Assured (Child) dies before commencement of risk, all the premiums paid excluding extra premiums, if any (heath extra and premium for optional benefits viz. premium waiver and Monthly Income benefit) will be refunded.
Medical Requirements
For the purpose of deciding the medical examination requirements on the life of the prosper (parent) for optional benefits the "total risk cover" will be taken as
i. (Annual premium for basic cover on child's life) X (total number of annual premiums payable) for "Premium Waiver" benefit.
And / or
ii. 1% of Sum Assured x 12 x Term of the policy as Sum Assured payable under "Monthly Income" benefit.
Medical Examination is compulsory for granting PWB and/or MIB benefit/s.
No medical for Child (Life Assured) ages 0 to 10 years of age.
Compulsory Medical examination for Child ages 11 to 15 years.