Originally published at: https://www.mawazna.com/blog/a-review-of-state-life-insurance-child-education-and-marriage-plan/
If you want to protect your child’s future or daughter’s future, then you should consider a Child Education and Marriage plan offered by the leading life insurance companies in Pakistan. The whole idea behind the such policies is to help you planning for the future of your child in a way that is manageable yet structured.
State Life Insurance Policy for Child Education and Marriage Plan is all about giving you the control you need to give your child the best start in their adult life and that is why it is considered to be an important plan for all involved. The plan offers a lump sum cash benefit for your children or daughter when the overall term of the policy is completed.
Key Features of State Life Insurance Child Education and Marriage PlanThe aim of the plan is to provide a lump sum benefit for the child when the policy term ends. Once the term has been completed, the full insured amount, as well as all accrued bonuses are then paid to the policyholder.
However, should the policyholder pass away before the policy ends, then the child will receive a family income benefit to the sum of Rs 240 per 1000 sum insured on an annual basis, up to the point where the policy term is completed. All future premiums that form part of the policy are waived as a policy benefit to the family of the policy holder and this means that the policy remains in place with full sum insured, continuing to form a part of State Life’s surplus and receive bonuses. So, when the policy comes to an end, the child is presented with two option to choose from. This includes receiving the proceeds in one lump sum or receiving it in instalments.
It is also possible to continue with the policy in the same way through switching the plan so that it will benefit another child. However, a refund of all previous premiums paid up to the death of the date can be refunded or the cash value of the policy, whichever is is worth more prior to the contract being terminated. The policy can also be continued without the need to name another child. At this point, the Benefit of Refund will not be an option that is available.
Benefits Offered by Child Education and Marriage PlanThe Child Education and Marriage Plan is the ideal plan for those parents who would like to secure their children education, career and married life by supporting them with a good financial support.
When the child reaches the predetermined age of either 18, 21 or 25 years old, the lump sum benefit will the be paid. The ability to select an age enables parents to choose an age that best suits a time in their life when they are likely to require the money such as entering education, getting married or even going into business.
The plan can be tailored to the specific needs as there are two versions available to choose from. The first is one that comes with built-in family income benefit while the other comes without income benefit. Along with the parents, the plan can also be influenced by grandparents, uncles and all other people who are helping to cover the costs of maintenance for the child.
Once the plan has been effective for two consecutive years providing no payments have been missed, it will then be given a surrender value. This surrender value will be provided by State Life once the policyholder makes an official request for it.
Who is Eligibile to get a Child Education and Marriage PlanWith this plan comes specific eligibility that governs how the plan is issued and put in place. The minimum age for policyholders is 20 years while the maximum age is 60 years. However, when it comes to the maturity of the plan, the maximum age is 70.
Planning for the future of your children is vital and this plan enables you to do just that offered by the state owned largest life insurance company in Pakistan called State Life Insurance. With a wide range of benefits, it is a great option for parents who want to give their children the very best start in life. This is a plan that offers flexibility in the way that it works and that means that parents can be confident in all that it has to offer. To ensure that you really get a best plan in place, you should always compare child education plans through Mawazna.com before you buy a plan in Pakistan.
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