A policy is purchased in name of minor by his parents and after completion of 18 years of minor from which date the full claims will be effective i.e. the date
How to calculate Maturity date in above case?
Thanks,
Medhu
A policy is purchased in name of minor by his parents and after completion of 18 years of minor from which date the full claims will be effective i.e. the date
How to calculate Maturity date in above case?
Thanks,
Medhu
You need to check the Policy Bond of the policy you are talking about above.
Again check your policy bond.Quote:
How to calculate Maturity date in above case?
For example - LIC'S CHILD FORTUNE PLAN TABLE NO 194:
The benefits payable under the LIC'S CHILD FORTUNE PLAN in different contingencies during the policy period shall be as under:
A) In case of death of Life Assured, if the child is alive: Sum Assured shall be paid to the nominee and payment of all future premiums due under the policy (in case of regular premium policies) shall be waived. Units equivalent to an amount equal to all future premiums including outstanding premiums, if any, (i.e. sum total of all premiums payable under the policy – total premiums paid under the policy) shall be credited to the policyholder’s fund. The units shall be allocated at the unit price applicable for the fund type opted for under the policy on the date of notification of death. The policy shall continue.
B) In case of death of the Life Assured, after the death of the child: Sum Assured plus Policyholder’s Fund Value together with an amount equal to all future premiums including outstanding premiums, if any, (i.e. sum total of all premiums payable under the policy – total premiums paid under the policy) shall be payable to the nominee/ legal heir, as the case may be, at that time and the policy shall terminate.
C) In case of death of child before life assured’s death: The policy will continue till maturity or till the life assured survives, which ever is earlier.
D) In case of death of child after life assured’s death: An amount equal to the Fund Value of units shall be payable to the legal heir of life assured and the policy shall terminate.
E) On maturity: The Policyholder’s Fund Value.
It is very simple you can contact with the insurance company's agent who guide you properly about your policy and its maturity date so that you can avail the maturity amount without any problem or you can visit their online portal and write your query to them directly.