Benefits of the plan
On the policy’s anniversary, the survival benefits with 20% of the sum assured can be paid to the insurer when the child reaches 18 years of age.
On maturity of the policy, 40% of the sum assured along with bonuses is paid.
If the death of the life assured happens before commencing of the risk, the paid premiums are returned.
If the death happens after commencing of the risk cover, the sum assured on death, including bonuses will be paid when 105% of premiums are paid until death.
The sum assured on death is higher or it will be equal to 10 times the annual premium.
Benefit of income tax is availed as per the premium paid under the section 80c and on claims received under section 10 according to the Income Tax Act.