Citizen Child Future Plan Plus
In simple terms: you pay a fixed amount each year, and at the end of the term you get your cover amount back together with the bonus the insurer adds along the way. If you are ever unable to keep paying, the plan carries on by itself and your child still receives the full amount when the term ends. A with-profits endowment assurance plan to help parents build a fund for a child's future expenses (education, rituals etc.). The child is the Life Assured and a parent is the Proposer.
Maturity estimator
Estimated value at maturity
—
Declared bonus
Rate by policy term
Declared FY 2081/82
| Policy term | Rate / 1,000 | Prev. year |
|---|---|---|
| 0-9 | Rs 40 | Rs 40 |
| 10-14 | Rs 44 | Rs 44 |
| 15-19 | Rs 47 | Rs 47 |
| 20-24 | Rs 52 | Rs 52 |
| 30+ | Rs 67 | Rs 67 |
Recent years
- FY 2081/82
- Rs 40–67/ 1,000
- FY 2080/81
- Rs 40–67/ 1,000
- FY 2079/80
- Rs 44–67/ 1,000
- FY 2078/79
- Rs 38–73/ 1,000
- FY 2077/78
- Rs 38–73/ 1,000
Source: Citizen Life Insurance declaration for FY 2081/82
Bonus rates are declared annually and are not guaranteed. Past rates do not guarantee future rates.
What's included
Key highlights
- Child-focused with-profits endowment
- Multiple optional riders
- Clear risk commencement rules for child and proposer
Features
- Covers child as Life Assured and parent as Proposer
- Death benefit covered
- Maturity benefit: Sum assured plus vested bonus
- Optional riders available (Term, PTD, Premium Waiver, MIB, Critical Illness, Funeral Expenses)
- Premiums waived on proposer’s death
Terms and conditions
- Death Benefit
- Death of life assured(child) prior to risk commencement date:
- 1. Base plan premium (i.e., excluding the premium paid for optional riders, if any) will be payable.
- 2. Death of life assured(child) after risk commencement date:
- 3. 25% of sum assured plus vested bonus or the base plan premium (i.e., excluding the premium paid for optional riders, if any) whichever is higher will be payable.
- 4. Given the policy is in-force, if both the assured and proposer dies together due to the single accident the following benefits will be payable:
- In terms of proposer’s death, the sum assured,
- 1. In terms of child’s death, 25% of sum assured if the risk has commenced or base plan premium if the risk has not been commenced, and
- 2. Vested bonus under the policy.
- 3. The future payable premiums will be waived off after the date of death of proposer.
- In case of death of proposer during policy term, 1% of sum assured will be payable starting from the following month post the date of death till the policy maturity date or up to the death of the life assured (child), if earlier.
What happens in each case
Each plan pays out differently depending on what happens during the term. These are the situations that matter for this kind of plan.
If the insured passes away during the term
The nominee receives the sum assured plus the bonus built up to that date, and the policy ends. Most child plans are written on the parent's life, so see the next case for how the child is protected.
Typical for child plans — confirm the exact terms in the brochure.
If the parent or guardian passes away
Future premiums are waived and the policy continues on its own. The child still receives the full maturity amount at the set age. Many child plans also pay the child a regular income until then — the brochure states the rate.
Typical for child plans — confirm the exact terms in the brochure.
If the policy runs to maturity
The child receives the sum assured plus the bonus built up to that date, timed to the age set when the policy was taken out.
Typical for child plans — confirm the exact terms in the brochure.
Optional riders
Term Rider
Term rider benefit
Permanent Total Disability
PTD benefit
Premium Waiver Benefit
Future premiums waived
Monthly Income Benefit
1% of SA per month
Critical Illness
Critical illness benefit
Funeral Expense
Funeral expense benefit
Questions about this plan
What kind of plan is Citizen Child Future Plan Plus?
Citizen Child Future Plan Plus from Citizen Life Insurance is a child plan that is taken out by a parent or guardian to fund a child's education and future.
Who can buy Citizen Child Future Plan Plus?
The entry age for Citizen Child Future Plan Plus is 21 – 60 years.
How long does Citizen Child Future Plan Plus run?
The policy term for Citizen Child Future Plan Plus is 5 - 25 years.
How much cover can I take on Citizen Child Future Plan Plus?
The sum assured available on Citizen Child Future Plan Plus is Rs 50,000 – Rs 50,00,000.
What bonus rate does Citizen Child Future Plan Plus earn?
For FY 2081/82, Citizen Life Insurance declared Rs 40–67 / 1,000 of sum assured on Citizen Child Future Plan Plus. Bonus rates are set each year and are not guaranteed.
Which riders can be added to Citizen Child Future Plan Plus?
Citizen Child Future Plan Plus can be taken with the following optional riders: PTD / PWB, Critical illness (CI). Each rider carries its own premium.
Premium
Quote on request