Shehnai Policy is a new life insurance product that helps you a lot to meet your financial requirements in the future of children. Moreover, it’s the most excellent solution to all the problems of the parents who like to save money for their child’s better future. Likewise, for the higher education and marriage expenses when you need it. The term plan let you have the lump sum benefits that are payable when the child attains the age of 25 years.
Right ages for this plan:-
Slightest Age: 20 years
Highest Age: 60 years
Age (limit) on Maturity: 70 years
Allowed Riders may click here for the update of the supplementary covers that you can attach with this plan.
This policy also outfits from the ruins of inflation. However, it works by the selection of a regular increase of 6% per annum in sum insured as well as premium from 3rd policy year ahead. Right from the 4th year policy the policyholder like you has the statement as the approval of cash value buildup of the plan and insured sum. Surplus of State Life also involves in this policy. At present, the bonus rate for this is 105 Rs per thousand per annum used to cash value.
When the child is of 25 years, the policy is mature. And at maturity, cash is payable to that child. This cash includes all the attached bonuses too.
When the insured life finish away during the term policy, the premium payment stop. Further, the insured sum is appropriate to the death policy year, which is payable when the child is of 25 years. At the death of guaranteed life, the insured quantity adds to the adjusted opening cash value. It’s useful to call the improve cash value as well as take in part the State Life’s surplus unless its pay to the child of 25 years old. The child gets the option of either collecting the total amount in one attempt as a lump sum or 5 equal amounts of annual installments.
Remarkably this plan involves the surrender value after it has been working for the two successive years no premium is in default. The surrender value will quote in it by State Life when policyholder request.
Touch here for better computation of premium on a lifeless than this plan.