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The Children’s Defered Endowment Assurance (CDA) |
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Table 41 Table 50 |
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General Policy Conditions |
Underwriting Requirements |
Policy Servicing |
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Min. age at entry
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0 years |
Female lives category |
I/II |
Policy |
No |
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Max. age at entry (Plan 41/50) |
17/14 years |
Age Proof – 0 to 4 years… 5 yrs & above |
Standard School Certificate |
Housing Loan |
No |
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Min. maturity age |
30/25 years |
Form No. |
340 / 360 |
Assignment |
No |
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Max. maturity age |
60 years |
Dating Back @ 8% |
Allowed |
Revival |
Yes |
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Min. Term (41/50) |
13/11 years |
Risk Coverage after vesting date |
S.A. + Bonus |
Surrender of Policy |
Yes |
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Max. Term |
50 years |
Actual Sum Assured (ASA) |
Basic S.A. |
PWB |
Yes |
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Min. S.A. |
Rs. 50,000 |
Sum Assured Rebate |
Term Rider Option |
No |
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Max. S.A. |
1 crore |
Rs. 50,000 to 1 lac |
0.50 |
Critical Illness Rider |
No |
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S.A. in multiples |
Rs. 5,000 |
Rs. 1,05,000 & above |
1.00 |
Mode Rebate |
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Modes allowed |
All except SSS |
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Yly |
1.5% |
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Accident Benefit per 1000 S.A. |
Re. 1 extra will be available on completion of Age 18 |
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Hly |
Nil |
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Qly |
Nil |
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This plan is designed in such a way that the parent or legal guardian or any other near relatives of the child to provide for the child’s future by payment of a very low premium. Under this policy, the risk commences at a selected age. |
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The risk stages of this policy are as follows: |
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(1) The period from the date of commencement of the policy to the deferred date (i.e. the date of commencement of risk on the child’s life) which is also called Deferrement Period. (2) The period from Deferred date to the date on which the policy emerges as a claim by the death of the child or its survival to the stipulated date. |
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A combined policy is issued covering both the periods mentioned at (1) & (2) above. |
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Policy is issued on the lives of the children (Male/Female) who have not completed 18 years. Commencement of the risk on the child’s life which may be 18 years (completed) for Table 50 & 21 years in the case of Table 41. This is also called the “Vesting Age”. |
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No Medical Examination would be required where the deferrement peiod is 10 years & more. |
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Policies under this Scheme will not be issued for deferrement period less than 4 years nor for maturity Age other than 30/35/40/45/50. |
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The main advantage of this Scheme is that an assurance for a relative large amount can be secured to a child on reaching the selected age for a premium substantially smaller than what would be required if the assurance were to be effected at that age and this irrespective of the State of the Child’s heath then. |
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This policy has (i) Proposer (Parent/Guardian/Nearest Relative) & (ii) Life Assured (Child). |
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The proposer can opt for a “Cash option” requesting for cancellation of the policy before the deferred date for policies with a deferrement period of 10 years or more if the premiums are paid up to date. |
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No cash option for deferrement period less than 10 years is allowed. |
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In the event of proposer not exercising the ‘cash option’, the Life Assured i.e. child wil become the absolute owner of the policy on the deferrement date. Therefore the policies will be issued only if the deferrement date fall after the date on which the L.A. would attain majority so that the policy will automatically vest on the L.A. Bonus will commence from the deferrement date. |
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* Maturity Benefit |
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S.A. + Accured Bonus + F.A.B. if any. |
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* Death Benefit |
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If the L.A. dies after the Deferrement Date: S.A. + Accrued Bonus + F.A.B. if any payable to the nominee. |
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If the L.A. dies before the Deferrement Date: The policy shall stand cancelled and the premiums paid (excluding extras like PWB) will be refunded to the proposer provided the policy is in full force or in force for a reduced cash option. |
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If Proposer dies during the deferrement period: Payment of premium doeos ot cease and must be continued to be paid during the Currency of the policy. However the PWB is opted and if the policy is in force, on death of the Proposer the premium payment is waived from the date of the proposer’s death to the end of the deferrement period. |
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RushatiINDIA & Associates 60(24/16) Vivekananda Road, Sukantapally PO: Sheoraphuli, Dist: Hooghly, Pin: 712 223 Phone: +91- 9433235073 Email: [email protected] |
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