Products

Citizen Child Future Plan Plus

This is with-profits Endowment Assurance plan. It is introduced to support the parents to build the fund to meet future expenses like higher education or social rituals of children. This Plan extends insurance cover on the child as Life Assured and parent as the Proposer.

Features

Risk Commencement under this plan:

The risk on child’s life, under this plan, will commence either two years from the date of commencement of policy or, from policy anniversary following the completion of six years of age next birthday, whichever comes later. In case of proposer, the risk will commence from date of commencement.

Benefit Payable Conditions:

Survival Benefit:

1. Given the policy is in-force, if the assured is alive till the date of maturity of policy sum assured plus vested bonus will be payable.

Death Benefit:

1. Death of life assured(child) prior to risk commencement date:

Base plan premium (i.e., excluding the premium paid for optional riders, if any) will be payable.

2. Death of life assured(child) after risk commencement date:

25% of sum assured plus vested bonus or the base plan premium (i.e., excluding the premium paid for optional riders, if any) whichever is higher will be payable.

3. Given the policy is in-force, if both the assured and proposer dies together due to the single accident the following benefits will be payable:
   1. In terms of proposer’s death, the sum assured,
   2. In terms of child’s death, 25% of sum assured if the risk has commenced or base plan premium (i.e., excluding the premium paid for supplementary riders, if any) if the risk has not been commenced, and
   3. Vested bonus under the policy.
4. The future payable premiums will be waived off after the date of death of proposer.
5. In case of death of proposer during policy term, 1% of sum assured will be payable starting from the following month post the date of death till the policy maturity date or up to the death of the life assured (child), if earlier.

To whom Payable

Life Assured if alive or the nominee of the life assured or legal heirs of assured under Section 127 (2) of the Insurance Act, 2079 if the nominee is not alive will be the beneficiary under this policy. If any other person or institution proves legal title of the policy, then s/he shall be the beneficiary of this policy up to his/her receivable amount but not exceeding the benefit payable under this policy.

Riders Benefit:

Subject to the payment of additional premium, the following rider benefits are available on the life of proposer under this plan:

1. Term Rider:

On death any cause of proposer during the policy term, sum assured under the basic plan will be payable.

2. Permanent Total Disability (PTD):

On happening of Permanent total disability of proposer due to the accident during the policy term, the sum assured under this rider will be payable subject to the terms and conditions of the policy.

3. Premium Waiver Benefit (PWB):

On Permanent Total Disability of the proposer due to an accident during the policy term, future premiums payable will be waived off.

4. Monthly Income Benefit Rider (MIB):

On permanent total disability of the proposer due to an accident during the term of the policy, 1% of Sum Assured will be payable monthly will be payable starting from the following month post the date of accident till the policy maturity date or up to the death of the proposer, if earlier.

5. Critical Illness (CI) Rider:

On happening of one of the critical illnesses defined in the supplementary contract the critical illness sum assured as mentioned in the policy schedule will be payable. 13 critical illness is covered under Citizen Critical Care and 20 critical illness is covered under Citizen Critical Care Plus.

6. Funeral Expenses Rider (FE):

On death of Proposer, 25% of sum assured subject to maximum of Rs. 50,000 will be paid to Life Assured for small additional premium.

Rebate

Discount on Sum Assured

Discount on Mode of Payment

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Issued Date: 29.05.2024