(MCEPP) product overview

My Child’s Education Protection Plan (MCEPP) is a comprehensive life insurance policy that enables parents to systematically invest for their child’s future while ensuring financial support for higher education. The plan is designed to safeguard the child’s educational goals by providing long‑term savings benefits along with life insurance protection, thereby protecting the family against the uncertainties of life.

Investment with Protection:

The moment one starts saving with the Plan he/ she will start enjoying a guaranteed level of life insurance protection. This protection means that in case of payor’s death, the beneficiary(ies) will receive:

• 100% of the Face Amount as lumpsum less any indebtedness.
• To continue the insured child’s educational expenses, a benefit at the rate of 2% of the Face Amount per month will be paid till one month before the maturity of the policy.
• The policy will remain in force until the end of the policy term, during which all future premiums will be waived, and the beneficiary(ies) will be entitled to receive the maturity benefits.

In case of the unfortunate event of insured child’s death:

• The total premiums paid by the policy owner or the basic cash value, whichever is higher, and the accrued bonus/es (if declared by the company) less any indebtedness will be paid as per the terms & conditions of the policy.

Maturity Benefit:

At the end of the Premium Payment Term, 50% of the Face Amount will be paid less any indebtedness. At the end of the Coverage Period, remaining 50% of the Face Amount with accrued bonus/es (if declared by the company) will be paid less any indebtedness as per the terms and conditions of the policy.

Build-up of Cash Value:

Basic Cash Value of the Policy is based on the Tables of Cash Values as determined by the Company. Total Cash Value of the Policy is the Basic Cash Value plus the Cash Value of any Reversionary bonuses standing to the credit of the Policy.

Complete Surrender:

There will be no surrender value if the Policy is surrendered anytime during the first two years. Upon surrender at any time after two years the Policy owner will receive Basic Cash Value and Cash Value of any Reversionary Bonus. Even if this Policy gets surrendered after two years, the surrender value might be less than the paid premium.

Policy Loan:

The customer may also take loan up to 85% of the net cash surrender value, if required, as provided in the policy provisions.

Optional Riders:

The Policyholder can add many valuable optional benefits to your basic Policy from the following riders by paying additional premium:

*These benefits will not reduce your life coverage.