Sahara India Life Insurance has launched a traditional Plan, ‘Sahara Vatsalya Jeevan Bima’, to meet the educational requirements of the children of the policyholder.
The new plan will be a normal premium plan for parents aged between 20 years to 50 years, for the benefit of their children within the age group of 0-12 years.
The company said once the child (nominee) attains the age of 19 years, the policyholder will receive an education benefit in the form of four annual installments at the rate of 20%, 25%, 25% and 30% of sum assured which will be payable at the end of each of last 4 respective policy anniversaries.
All bonuses will be paid along with the last installment at the time when the child attains the age of 22 years and at the policy maturity time.
During the unfortunate death of the parent (life assured), the sum guaranteed together with the vested bonus will be paid to the nominee while the future premiums will not be payable by the nominee under the policy.
The plan also includes accidental benefit and permanent disability benefit rider.