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Child Protection Endowment Insurance plan
To build the future of the child NRB Global Life Insurance Co. has launched an attractive insurance plan which is called ‘ Child Protection Plan’. This is an annuity insurance plan. In the absence of the father, the child has the opportunity to receive an annuity. Insurance is jointly taken on the life of the payers and the child. Usually the father of the child is considered as the premium payer. However, if the father of the child is not alive or is considered in eligible for insurance, then the mother of the child can be the premium payer. In that case, the mother of the child must be educated and career oriented. No one can be a premium payer other than the parent.
 
Benefit
 (1)  The policy holder will receive full sum assured together with accrued bonuses on maturity at the end of the term.
 (2) If the life assured (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:
 (a) 1(one) percent of the sum assured as stipend till the end of the policy term.
 (3) If the child dies before the maturity of the policy the following benefits will be payable:
  
Policy term completed at the time of child’s death
Benefits
Not more than 6 months
25% of the basic sum assured
More than 6 months but not exceeding 12 months
50% of the basic sum assured
More than 12 months but not exceeding 24 months
75% of the basic sum assured
More than 24 months
100% of the basic sum assured
 
(4) If the premium payer and the child Survive the term of the policy, then the full sum assured with bonuses will be paid to the policy holder at the end of the term.
 
(5) If after death of the life assured the child dies within the term of the policy no benefits are payable within the term but full basic sum assured together with bonuses are payable.
 
 (6) If the premium payer and the child die together, the nominee will receive full sum assured together with bonuses.
 
 (7) Income tax concession can be found on premium given under this scheme. Insurance claim  money is also income tax free.
 
Condition
  1. In this plan the entry age of the child is minimum 01 year and maximum 14 years.
  2. The age of the child on the maturity is not less than 18 years and no more than 25 years.
  3. No supplementary covers in this plan.
Additional statement regarding the health of the child should be submitted along with the proposal.
 

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