This plan can be taken for a child, who will be called the assured, by the parent or guardian or a near relative, and will be called a proposer.
This is classified as a with profits plan and gets a share of the corporation’s profits it makes from the insurance business. The total term of this policy has two stages- deferment period which starts on commencement of policy and ends on the deferred date. The second stage encompasses the period from deferred date till the end.
- The premiums can be paid as per the option chosen by you at the beginning of the policy term i.e., monthly, yearly, etc..
- It being a with profits plan, it gets a share of the profits the corporation earns from its life insurance business.
- If the life assured dies before the deferment period, premiums paid till the day of the death shall be refunded and if he dies after that period, sum assured plus the vested bonuses will be given as a lump sum.
- Surrender values available