Reliable Higher Education Plan
Reliable Higher Education Life Insurance is a best life insurance policy for children. Parents can plan for the higher education of the children by purchasing this plan. The maturity value received from this policy will be used for the higher education of the children. The parents can purchase the policy from the time of birth till age of 15 years. Premium can be paid in Yearly/Half Yearly/Quarterly/Monthly. Company has proposed a Simple Reversionary Bonus of Nrs. 50 per thousand from the date of purchase of this policy.
Risk date will start only when child attains age of 6 years or completion of 2 policy years whichever is later.
On death of the child during the policy term but before commencement of risk, the Return of Premium excluding extra premiums till the date of death will be payable to the nominee / beneficiary. The policy will terminate upon such payment.
On death of the child during the policy term but after commencement of risk, the Insured Amount under the policy plus the Accrued Bonus as on the date of death will be payable to the nominee / beneficiary. The policy will terminate upon such payment.
On the survival of the child to the end of the policy term, the Insured Amount plus the Accrued Bonus shall be payable.
Minimum Insured Amount : Nrs. 50,000
Minimum Age at Entry : 0 years (Last Birthday)
Maximum Age at Entry : 15 years (Last Birthday)
Minimum Age at Maturity : 10 years (Last Birthday)
Maximum Age at Maturity : 25 years (Last Birthday)
Policy Term : 10 to 25 years
Monthly Income Benefits:
By purchasing this child will be covered by additional benefit. On death of the proposer/parent during the policy term, a monthly benefit equal to 1% of the Insured Amount under the rider will be payable to the life assured (child) under the base policy on every monthly anniversary of the rider from the date of death of the proposer/parent upto the end of the rider term or the death of the life assured (child) whichever is earlier and the rider shall terminate thereafter.
Premium Waiver Benefits:
By purchasing this child will be covered by additional benefit. All future Premiums under the base policy to which the rider is attached shall be waived off on disability of the proposer/parent resulting from accident or sickness. On maturity child will receive Insured Amount plus additional bonus.