Rural Postal Life Insurance

CHILDREN POLICY-SALIENT FEATURES

(Newly introduced w.e.f. 20-01-2006 and aplicable to both PLI / RPLI. A POlicy holder of Whole Life Assurance or Endowment Assurance in PLI / RPLI shall be eligible for taking such policy for their child (ren) against his / her policy)

What is the object of the Children Policy?

To provide insurance cover to the two children of each policy holder provided that only one such policy will be allowed for an insured against one policy.

What is the eligibility criteria for the Children Policy?

i. This is an independent policy, however this policy can not be issued of its own to any child. If the father/mother (insured) of the child has already taken policy or is proposing to take policy on their life either as Whole Life or Endowment Assurance for asum assured not less than the sum assured of children policy then children policy shall be issued to such insured.

ii. Not more than one policy will be allowed for one child. The policy can be taken by ionsured for his / her own child only.

iii. Not more two children in a family shall be covered under this policy. The same child should not be covered under more than one policy.

What is the age limit to open the policy in respect of the Children Policy under Postal Life Insurance?

Minimum age at entry is 5 years
Maximum age at entry is 20 years

(The age of main policy holders should be below 45 years at the time of taking / issue of children policy)

What are the salient features of Chlidren Policy?

* Sum assured limit Minimum - 20,000/- and Maximum - Rs 1,00,000/-. However, the Sum Assured of Children Policy should not exceed the Sum Assured of the main policy.
* Insurance cover starts from the date of acceptance of the proposal or payment of the premia in full, which ever is later.
* A non-medical policy with full benefits
* No loan facility against this policy.
*  Sum assured alongwith accrued bonus shall be payable on maturity or earlier on death of the child(ren).
* In the event of death of main policy holder before the expiry of the Children Policy no further premia shall be payable for the remaining term of the policy.
* Assignment facility available
* Nomination facilty is available
* Income tax rebate under section 80-C of Income Tax Act.

Can Children policy be surrebdred?

Surrendered and made paid up on usual conditions as applicable main policy provided at least 5 years premiums have been paid. Amount is admissible as per surrender table / factor which would be a fraction of premium paid.

Is thetre any term for the Children Policy?

The outstanding term of main policy shall not be less than the premium paying period of children policy.

How the claims are to be made?

i. Sum assured shall be payable on children policy on its maturity or earlier on death of thechild.

ii. In the event of death of the insured before the expiry of the children policy, no further premium shall be payable for the balance period of the policy.

Children Policy Premia for Sum Assured of Rs. 1000/-

Mr. Manik Das Deputy Divisional Manager (PLI) Office of the Chief Postmaster General, Assam Circle Meghdoot Bhawan Guwahati - 781001. Phone: 0361-2547385 email : pli_assam@yahoo.co.in