At policy inception, based on your child’s future needs you can choose one of the three available Maturity Benefit Options. These options are: a) Aspiration: if you choose this option, you will receive a lump sum payout the end of your policy term. You can use this money to fund your child’s marriage or any other large expense.b) Academia: if you choose this option, you will receive guaranteed payouts during the last 5 policy years. The first guaranteed payout shall be higher than subsequent guaranteed payouts. You can use these payouts to fund your child’s college education in future.c) Career:if you choose this option, you will receive guaranteed payouts during the last 5 policy years. The last guaranteed payout shall be higher than previous guaranteed payouts. You can use these payouts to fund your child’s schooling or college expenses in future. Also at policy inception, based on the level of protection you need for your child’s financial planning, you can choose one of the two Death benefit options. These options are: a) Classic: in case of unfortunate demise of life assured during the policy term, the nominee receives Basic Death benefit + accrued Guaranteed Additions + accrued Bonuses, if any. After the payment of death benefit, the policy terminates.b) Classic Wavier:in case of unfortunate demise of life assured during the policy term, the nominee receives Basic Death benefit. All future outstanding premiums under the policy will be waived. The contract shall continue and the benefits as per Survival benefit and Maturity Benefit shall be available. Where Basic Death benefit is defined as higher of: Sum Assured on Death 105% of Premiums paid The Sum Assured on Death shall be the higher of: Sum Assured on Maturity 10 times Annualised Premium for entry age up to 50 years and 7 times Annualised Premium for entry age greater than 50 years
At policy inception, based on your child’s future needs you can choose one of the three available Maturity Benefit Options. These options are: a) Aspiration: if you choose this option, you will receive a lump sum payout the end of your policy term. You can use this money to fund your child’s marriage or any other large expense.b) Academia: if you choose this option, you will receive guaranteed payouts during the last 5 policy years. The first guaranteed payout shall be higher than subsequent guaranteed payouts. You can use these payouts to fund your child’s college education in future.c) Career:if you choose this option, you will receive guaranteed payouts during the last 5 policy years. The last guaranteed payout shall be higher than previous guaranteed payouts. You can use these payouts to fund your child’s schooling or college expenses in future. Also at policy inception, based on the level of protection you need for your child’s financial planning, you can choose one of the two Death benefit options. These options are: a) Classic: in case of unfortunate demise of life assured during the policy term, the nominee receives Basic Death benefit + accrued Guaranteed Additions + accrued Bonuses, if any. After the payment of death benefit, the policy terminates.b) Classic Wavier:in case of unfortunate demise of life assured during the policy term, the nominee receives Basic Death benefit. All future outstanding premiums under the policy will be waived. The contract shall continue and the benefits as per Survival benefit and Maturity Benefit shall be available. Where Basic Death benefit is defined as higher of: Sum Assured on Death 105% of Premiums paid The Sum Assured on Death shall be the higher of: Sum Assured on Maturity 10 times Annualised Premium for entry age up to 50 years and 7 times Annualised Premium for entry age greater than 50 years