ChildPlan

Planning your child’s future is vital. Unfortunately often these plans are compromised along the way. Now with ChildPlan you can rest assured that your child’s future is as secure as you want it to be. ChildPlan allows you to enjoy a life cover of up to 10 times the Annual Premium, subject to a maximum of Rs. 2.5 million. What’s more you will also be eligible for the ‘Waiver of Premium Benefit’. This enables you to continue enjoying all benefits you opt for, inclusive of the maturity benefit, in the event you are unable to pay your premium due to permanent total disablement (due to accident or sickness).

You also have the option of obtaining additional benefits such as ‘Accident Benefit’ and ‘Hospital Income Benefit’

ChildPlan also gives you greater control over your investment return by allowing you to invest in diverse funds based on your risk/return appetite.

Greater Investment Choice

ChildPlan offers 4Unit-Linke dinvestment fund options. This gives you the flexibility of choosing how your money should be invested in terms of the risk and the security of the return on investment. You can choose one or a combination of funds based on the risk and return mix you would like to opt for.

Guaranteed returns with Forward Booking

Investing 100% in the Protected Fund which declares an annual rate of return each year.
Investing 100% in Secure, Balanced and Growth Funds.
Investing in a combination of Protected Fund and any or all of the other Unit-Linked Funds.

In options b) and c), a minimum of 10% should be invested in each selected fund.

You will be allowed to change the allocation proportion of premiums to different funds at any time without a charge twice a year.

Switching from one fund to another (either partly or fully) is allowed only between Secure, Balanced and Growth Funds. This facility is provided to you free of charge up to one switch in a policy year. In case of a part switch, the minimum amount switched and minimum balance in the fund after the switch should be Rs. 20,000.

How does your money grow?

If you are 30 years old and take a 15 year plan this is your projected maturity value.

The following illustration is for a policy with only the basic life cover. Premium payments for the waiver of premium benefits and other additional benefits will not contribute to the maturity value.

**The projected maturity values in the above table are calculated by using gross investment returns of 6% and 10 % and applying the relevant charges.

The maturity value shown under Secure-Balanced-Growth has been calculated assuming the same unit growth rate for illustration purposes. The actual maturity value will depend on both the investment performance and the charges applicable in respect of each fund.

These assumed rates of return are not guaranteed and are not the upper or lower limits of what you might get back.

What do you get at maturity?

At maturity, the policy value will be the total number of units multiplied by the selling price. In the case of the Protected Fund, the value of the fund with the year on year guaranteed return will be compared with this actual maturity value based on market performance and whichever is higher will be paid. Even though the life cover ceases at maturity, you have the option of maintaining your investment beyond the maturity date. In the Protected Fund, the guaranteed rate of return will also cease.

The in-built life insurance cover makes your maturity value free of tax.

A life cover of up to 10 times the Basic Annual Premium

After the first year, your life cover is 10 times your Basic Annual Premium - subject to a maximum of Rs. 2.5 million. If the unforeseen occurs your loved ones will be provided with either the life cover or the fund value - whichever is higher.

During the first year, if death occurs due to natural causes the life cover is 110% of the Basic Annual Premium. In the case of accidental death, your life cover will be 10 times the Basic Annual Premium.

The flexibility you get

A medical test is not required.
Entry Age: 19 to 50 years at the next birthday. Maximum age at maturity: 70 years. Waiver of premium and other additional benefits will cease at the age of 65.
Choice of maturity period from 10, 15, 20 or 25 years.
You can choose the Basic Annual Premium between Rs.15,000 and Rs. 2 million.
You can pay your premium monthly, quarterly, half yearly or annually.

Partial withdrawal

If required you can make partial withdrawals (minimum Rs. 10,000) depending on unit price and number of units created from the fourth policy year provided that the immediate fund value after withdrawal is not less than Rs. 50,000.

What happens if the plan lapses?

If you don’t pay your premiums during the first 3 years, the plan will lapse.

However if you have paid for 3 years or more you can cash-in your plan at the respective unit prices subject to a charge. Since the year on year guarantee in the Protected Fund is applicable only at maturity it will not apply at early encashment. Alternatively, you can let your fund grow without the benefit of a life cover.

Additional Benefits

In the case of an accidental death your dependants will receive 10 times the Basic Annual Premium from the first year onwards in addition to the in-built life cover.

This total benefit will be subject to a maximum of Rs. 2.5 million.

In the case of permanent total / partial disability you will receive up to 10 times the Basic Annual Premium depending on the nature of the disability.

Hospital Income Benefit

Provides, daily cash payment of up to Rs.5000 per day from the first day onwards, if you are hospitalized for over 3 days. This sum is doubled if admitted to the Intensive Care Unit. This benefit can be extended to your children as well.

ChildPlan is part of the range of Investment Insurance Plans from Eagle Insurance.

The savings benefits are subject to the investment risks (in view of the fluctuations in the market prices of the underlying assets) which are borne by the policyholder.

For full product details please refer the policy document.

*Terms & conditions apply.

Two forces combine to give you a unique product

Standard Chartered Bank and Eagle Insurance have joined forces to give you an investment option with the added benefit of life insurance. With both organizations at the forefront of their respective industries you can rest assured that you and your loved ones are in safe hands.

Eagle Insurance

Eagle is a company that has been built and strengthened by a solid foundation of core values ensuring professionalism, prudence, good governance, transparency and social responsibility. Eagle is proud to be a member of the Aviva Group. Aviva is the world's oldest insurance group, with a history dating back 300 years to 1696. Today it is the world's fifth-largest insurance group and the biggest in the UK. The Group has 59,000 employees serving 40 million customers in over 25 countries with more than Sterling Pounds 364 billion assets under management.