CHILDREN EDUCATION PLAN
Qualitative Education is a reliable asset that parents can give their children to prepare them for the future. It is a secured platform that gives the child a head start in life.
Capital Express Children Education Plan is specifically designed for the parents and guardians to achieve guaranteed educational milestones of their children and wards.
- The plan provides built-up fund to finance education for your children.
- Automatic financial Protection is available for the education of your child.
- The plan pays all future premiums on your behalf till maturity date to ensure that long term goals are not jeopardized in the event of your demise.
- Additional annual stream of regular income is payable in addition to Sum Assured in case of death of insured parent.
- Payment of lump sum terminal benefit at maturity date is guaranteed.
- Minimum duration of The PLAN is 5 years.
- Maximum age at entry is 60 years.
- Flexibility in choosing the preferred maturity benefit and duration of THE PLAN.
- Maturity Benefit may be converted to annuity at the request of policy holder or beneficiary.
- Paid up option at the request of policyholder.
- Beneficiary can be changed at anytime by the parent or guardian.
- Tax Advantage:
- Premiums enjoy 100% tax rebate
- Tax free family income benefit
- Tax free maturity benefit
Note: Tax laws are subject to amendments from time to time.
- MATURITY BENEFIT : Sum Assured payable.
- DEATH BENEFIT: Family Income Benefit (12% of sum Assured) payable annually from date of death till maturity date or for eight years, whichever is earlier. Sum Assured payable at Maturity date Option to convert Sum Assured to annuity.
- PAID UP: Where regular premium is discontinued after the FIRST YEAR, the policyholder may request that the plan be converted to PAID UP ASSURANCE for a proportionate reduced Sum Assured, payable only at the end of the original term of the policy or on earlier death of the policyholder. Paid up option is not applicable where first year premium is not paid as and when due.
- SURRENDER OPTION: The policy qualifies for surrender value if for the first year premium have been fully paid.
Surrender values are stated below:
|Policy Duration||Surrender Value as percentage of premium|
|Less than or equal to one year||Nil|
|Greater than one year but less than two years||60%|
|Greater than two years but less than three years||75%|
|Greater than three years but less than four years||90%|
|Four years and above||100%|
- WAITING PERIOD : A waiting period of six calendar months from the commencement date before rights to life assurance benefits shall accrue under THE PLAN. Notwithstanding, there is immediate cover for death as a result of accident.