Shanta Child Education Plan (SCEP)
Shanta Child Education Plan (SCEP) is designed to help parents build an education fund while offering robust life insurance protection. It's a perfect blend of savings and security for every milestone in your child’s journey.
1. Eligibility (Who Can Apply and Be Covered)
|
Category |
Requirement |
Details |
|---|---|---|
|
Policy Holder / Payor |
Age at Commencement |
21 years to 55 years |
|
Age at Maturity |
Maximum 65 years |
|
|
Insured Child |
Age at Commencement |
30 days to 15 years |
|
Age at Maturity |
Maximum 25 years |
2. Parameters (Policy Tenure and Payment Mode)
|
Feature |
Details |
|---|---|
|
Policy Term |
From 10 to 20 years |
|
Sum Assured (Minimum) |
BDT 100,000 |
|
Sum Assured (Maximum) |
Any amount, subject to Shanta Life Insurance PLC underwriting guidelines. |
|
Mode of Payment |
Monthly, Quarterly, Half-Yearly, or Yearly |
|
Mandatory Documents |
|
3. Policy Benefits (What You Receive)
A. Maturity Benefit
Receive the full sum assured at the end of the policy term to support higher education goals.
B. Life Coverage
In the event of the parent’s death, the plan ensures:
- Monthly stipend (3% of the sum assured) till policy maturity to ensure the child's education quality.
- Waiver of all future premiums while continuing full coverage.
- Full maturity benefit paid at term-end.
C. In the event of the death of the insured child during the policy term
In case of the insured child's death before the Policy Holder, the policy holder will get:
- The policyholder will be entitled to receive the higher amount between the Cash Surrender Value and the paid premium.
- In the event of the death of the insured child during the monthly benefit receiving period, the monthly benefit will cease, and the financial protection of the policy, as described above, will be provided to the beneficiary.
4. Other Features and Financial Facilities
|
Feature |
Description |
|---|---|
|
Surrender Value |
This is calculated in accordance with the Cash Surrender Value (CSV) table. Please note that a standard surrender processing fee of BDT 200 will be deducted from the final payout. |
|
Paid-up Value |
This feature allows policyholders to discontinue premium payments after a minimum of two full years. The policy remains active as a fully paid-up plan with a reduced guaranteed death or maturity benefit. |
|
Loan |
Policyholders may avail of a loan against their policy starting from the 4th policy year. The maximum loan amount is capped at 80% of the accumulated Cash Surrender Value (CSV). The interest rate applied will be the prevailing rate as determined by the company at the time of the loan. |
|
Automatic Policy Loan (APL) |
N/A |
|
Income Tax Rebate |
Policy Holders are eligible for a 15% income tax rebate on the premium paid annually, as per government policy. |
5. Applicable Riders (Supplementary Insurance)
You have the option to enhance your basic plan with one or more of the following supplementary riders:
- Shanta Accidental Coverage
- Combo of 4 benefits
- AMR (Accidental Medical Reimbursement)
- APPD (Accidental Permanent Partial Disability)
- APTD (Accidental Permanent Total Disability)
- AD (Accidental Death)
- Combo of 4 benefits
- Shanta Critical Protection- 2 Packages
- Classic- Covers Surgery or diagnose for 19 Critical Illnesses
- Standard- Covers Surgery or diagnose for 25 Critical Illnesses (10 Minor & 15 Major illnesses
Clarification of Roles of the Bank and the Insurer
Under the applicable Bancassurance arrangement, Eastern Bank PLC (EBL) conducts marketing and distribution of insurance products as an authorized corporate agent. The underwriting, issuance, and all liabilities arising under the terms and conditions of the respective insurance policies are borne by Shanta Life Insurance PLC.
For any queries, service requests, or claim settlement matters relating to insurance policies, customers are requested to directly contact the following address:
Shanta Life Insurance PLC
Shanta Western Tower, Level 10
186, Bir Uttam Mir Shawkat Sarak
Tejgaon Link Road, Dhaka-1208, Bangladesh
Customer Care: 09610889900 (Service Hours: 9:00 AM – 9:00 PM, Sunday to Thursday) Email: [email protected] | [email protected]
Website: www.shantalife.com
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