Child Education and Marriage Plan is a plan for the protection of child's future. This plan provides coverage for a specified term. It provides alump sum benefit for the child at the completion of the policy term. The term of the plan is such that the lump sum benefit becomes payable when the child attains a pre-determined age of 18, 21 or 25 years. These ages may be selected considering the occasion at which children generally need financial assistance for higher education, marriage or setting up business. The salient feature of the plan are:

Benefits:

If the policyholder dies before the expiry of the term:

A regular income benefits (according to sum assured) per annum is paid to the child until the completion of the policy term. Further, the future premiums under the policy are waived and the policy remains in force with full sum assured and continues to participate in State Life's surplus and receive bonuses.

Upon the completion of policy term, the child receives the full sum assured plus bonuses accrued over the entire term. At this stage the child has two options:

a. receive the proceeds in a lump sum;

b. receive the proceeds in five equal annual instalments.

In the case of death of the child while policyholder is alive:

The policyholder has the following three options;

a. Continue the policy in the same manner as earlier by switching the plan for the benefit of another child.

b. Get a refund of all the previous premiums paid till the death of the child or the cash value of the policy, whichever is higher and terminate the contract.

C. Continue the policy without naming another child in which case the benefit of Refund of Premium [as provided above under condition (b)] will not be available.

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