Child insurance endowment plan lasting up to age 24 provides an option to buy a permanent life insurance policy without medical underwriting irrespective their health at that time. This policy enables you to provide for various important events in your child’s life. This is a participating plan, which is also eligible for bonuses declared from time to time and from the third policy year.

An important feature of this plan is that the entire sum assured is paid out on maturity and the plan automatically vests when the child turns 18. Besides, refund of premiums plus interest is provided on death of the insured. The sum assured is given in full on maturity. The surrender value is made available on surrender of the policy. From the third policy year, a bonus is declared every year along with tax benefits. The age eligibility is from 91 days to 13 years and the maturity age is 24 years.


Up on the maturity of the policy, the insurance company provides face amount plus accrued bonus, if any, in case of the life insured’s survival to maturity. In case of death of the life insured, refund of premiums plus interests along with accrued bonus, if any are available. Upon surrender of the policy, cash value as built in the policy will be paid at the time of surrender of policy. There is no cash value till 3 years premiums have been paid in full. Bonus Options: Bonus is not declared for the first 3 years of the policy.

When life insured attains the age of 24, they will have the option to buy a permanent life insurance policy without medical underwriting irrespective of their health at that time. On maturity of the policy, the benefits payable under the policy shall automatically vest with them. The benefits of the plan vary according to the age group of the insured. First one is the age group of 20 to 45 years whole life participating or 20 to 55 Years in all other plans. This plan covers the life of the person who proposes the policy. This feature will ensure the policy continues even if the person who proposed were to be disabled or is no longer there to pay the premiums.


The policy covers all the disability benefits under the WOP along with the death. Total disability or totally disabled refers to the person who proposed becoming permanently and totally disabled as a result of injury or sickness and thereby totally incapable of engaging in any gainful activity or carry out any work, occupation, or profession to earn or obtain any wages, compensation, remuneration or profit. The second age group is 20 to 55 years. In this plan, the personal accident benefit is a low cost additional benefit that is paid in case the insured’s death or total and permanent disability is caused by an accident.

The third age group is from 45 years whole life participating or between 20 to55 years in all other plans. The waiver of premium protects the life insured from the burden of paying the premiums on his insurance in case they get totally disabled.