The Smart Junior Plan entitles guaranteed payouts to the insured for the last 4 years of policy which can be sourced for achieving the child's educational milestones. You are also entitled to maturity benefit along with annual bonus and final bonus on maturity. In case of death of the insured, this plan provides comprehensive protection in the form of a lump sum amount which is paid immediately, all due premiums are waived off and guaranteed annual payouts will be paid as scheduled. You also have an option of flexible premium payment terms to help you choose a policy that suits your financial constraint.
Survival benefit
Under this plan, you will receive a guaranteed annual payouts at the end of each of the last 4 policy years before the maturity year, provided that you have paid all due premiums on time. The amount of annual payout is 20% of the sum assured.
Maturity benefit
You will receive a guaranteed sum assured on maturity of the plan equal to 20% of sum assured along with annual and final bonus, if any.
Death benefit
In case of death of the insured, an immediate lump sum benefit, higher of: sum assured | 10 times the annualized premium | 105% of (the total premiums paid till the date of death less underwriting extra premium, if any) will be payable.
Also, all future premiums (if any) need not be paid and the policy shall continue to be in force for the remaining tenure. The plan will continue to accrue annual bonuses.
Annual payout
As scheduled, the annual payouts will continue to be payable at the end of each of the last 4 policy years before the maturity year.
Bonus
Upon maturity of this plan, all accrued annual and final bonuses, if declared, will be payable on maturity.
Other benefits
If the sum assured under this plan is greater than ₹4,00,000, you are entitled to a rebate on the premium payable.
Loan facility
Once the policy reaches a surrender value, you can avail a loan of minimum amount ₹20,000 while the maximum loan amount cannot exceed 80% of the surrender value.
