Product Plan: Child Protection Assurance Plan (With Profit)
The Child of today is the future of tomorrow. Mercntile Islami life Insurance Limited is devoted to ensure their secured future through this Child Protection Assurance Plan.
- This policy will cover both the lives of child & the policyholder.
- The child’s minimum age at entry is 06 (six) months & the maximum age is 15 years and maturity age minimum 18 and mazimum 25 years.
- Minimum and maximum age of policyholder for entry is 20 years is 55 years.
- Premiums can be paid annually or half yearly.
- Minimum and maximum policy term would be 10 years and 20 years respectively.
- Minimum amount of the policy would be BDT 50,000 & maximum can be determined by policyholder’s desire
- Policyholder may surrender the policy at least after the full payment of two consecutive year’s premium and will receive surrender value quoted at the time of surrender.
Policyholder may obtain a loan (maximum 90% of surrender value) against the policy by mortgaging it.
Income tax rebate may be obtained by taking the policy.
The claim amount is also tax free.
- Survival Benefit:
- If the policyholder and the child survive till the end of the term full basic sum assured along with accrued bonuses will be paid.
- If after the death of the policyholder, the child dies within the term no benefits are payable within the term but end of the term full basic sum assured along with accrued bonuses will be paid.
- Death Benefit:
- If the policyholder (father or mother) dies within the term of the policy no further premium will be payable. In such an event the following benefits are payable:
- 1% of the sum assured will be paid as stipend till the end of the policy term.
- Full sum assured will be paid at the time of maturity.
- If the nominee/child dies before the maturity the following benefits are payable:
||Policy term at child’s death
||Not more than 06 months
||25% of the basic sum assured
||More than 06 months but less than 12 months
||50% of the basic sum assured
||More than 12 months but less than 24 months
||75% of the basic sum assured
||More than 24 months
||100% of the basic sum assured