IME Child Money Back Plan (IME Bal Umanga) - IME Life Insurance Co. Ltd.

IME Bal Umanga

IME Child Money Back Plan

The IME Bal Umanga Plan caters to children’s needs like education and marriage through Survival Benefits. It’s ideal for undergraduate education needs. Survival benefits are paid in five installments, starting four years before maturity, with each installment being 20% of the Sum Assured plus a bonus. The plan also provides a death benefit for beneficiaries.

Key Features

Minimum Sum Assured: Rs. 50,000
Maximum Sum Assured: No Limit (Subject to Underwriting)
Minimum / Maximum Entry Age (Assured):0 to 15 Years
Minimum / Maximum Entry Age (Proposer):18 to 60 Years
Minimum / Maximum Policy Term :10 / 25 Years
Minimum / Maximum Maturity Age (Assured) :16 / 25 Years
Minimum / Maximum Maturity Age (Proposer):25 / 70 Years
Premium Payment Term: Regular (Yearly/Half Yearly/Quarterly)

Risk Commencement Date:

The Risk of the Life Assured (Child) will commence either 2 years after the date of commencement of the policy or upon completion of 6 years from the date of birth of child whichever takes place later.

If the age at entry of the Life Assured (Child) is 15 and beyond 15 years, the risk commencement date will be 1 year after the date of commencement of the policy.

Benefits

If the life insured survives till the policy anniversary, payment will be done accordingly.

Survival to	Benefit Payable
4^th Anniversary prior to Date of Maturity	20% of Sum Assured
3^rd Anniversary prior to Date of Maturity	20% of Sum Assured
2^nd Anniversary prior to Date of Maturity	20% of Sum Assured
1^st Anniversary prior to Date of Maturity	20% of Sum Assured
On Date of Maturity	20% of Sum Assured plus Vested Bonus

In the case of death of life assured (child) before the commencement of risk, the policy will return all the basic premiums received and the policy will automatically terminate.
In the case of death of life assured (child) after the commencement of risk, the policy will provide 25% of Sum Assured plus Vested Bonus or Total Basic Premium Received whichever is higher. The policy will automatically terminate after the benefit is paid.
In the case of death of life assured (child) and proposer at the same time, the policy will provide full Sum Assured for death of proposer and 25% of Sum Assured plus vested bonus for the death of child.
In the case of death of life assured (child) after the death of proposer, the policy must provide 25% of Sum Assured plus vested bonus or Total Basic Premium Received whichever is higher. The policy will automatically terminate after the benefit is paid.
In the case of death of proposer during policy term, all the future premiums will be waived, and the policy will continue, and the policy will provide monthly income benefits till maturity.

Additional Benefits (Compulsory Riders Benefits):

On death or Total Permanent Disability of Proposer due to accident or sickness while the policy is active, following benefit will be provided:

Premium Waiver Benefit: All future premiums under the base policy equal to Sum Assured of this rider shall be waived off.
Educational Income Benefit: A regular Monthly Income Benefit of 1.0% or 1.5% or 2.0% or 3.0% of Rider Sum Assured of policy taken, and as per choice of Proposer, or Quarterly Income Benefit (QIB) 3.0% or 4.5% or 6.0% or 9.0% of Rider Sum Assured of policy taken, and as per choice of Proposer will be paid every monthly/quarterly anniversary of the rider from the death/disability date of the proposer up to the end of the rider term (policy maturity) or the death of the life assured (child) whichever is earlier.

Optional Rider Benefits:

Accidental Death Benefit Rider
Lump-Sum Benefit
Funeral Expense Rider
Critical Illness Rider

Loan Facility: After the policy acquires Surrender Value.

Tax Benefits.

*Terms and Conditions Apply

The benefits and coverage provided under this plan are determined by the terms and conditions outlined in the policy and rider documents. In the event of any dispute arising under this policy, resolution will be in accordance with the provisions of the Insurance Act of 2079.

First Policy Issue Date: 2017-11-16