Children’s Marriage and Education Endowment Life Assurance
by Rastriya Jeevan Beema Company
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. An endowment life plan targeted to save for a child’s marriage and education. Provides maturity benefits at the end of the policy term and a death benefit in case of the life assured's demise.
Maturity estimator
Estimated value at maturity
—
Declared bonus
Rate by policy term
Declared FY 2081/82
| Policy term | Rate / 1,000 | Prev. year |
|---|---|---|
| 15-19 | Rs 60 | Rs 60 |
Recent years
- FY 2081/82
- Rs 60/ 1,000
- FY 2080/81
- Rs 60/ 1,000
- FY 2079/80
- Rs 65/ 1,000
- FY 2078/79
- Rs 65/ 1,000
- FY 2077/78
- Rs 65/ 1,000
Source: Rastriya Jeevan Beema Company 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 endowment plan
- Maturity payout for education/marriage
- Participating plan with expected bonuses
Features
- Savings tailored for child’s marriage and education
- Maturity benefit payable at policy maturity
- Death benefit payable on life assured’s death
- Participating (bonus‑bearing) traditional endowment plan
- Loan available upto 90% of Surrender value
Terms and conditions
- 1)The parent or guardian must take out the policy on their own life, naming the child as the nominee, and pay premiums regularly.
- 2)If the insured dies before the specified period, premiums are waived, but the sum assured and vested bonus are paid only after the specified period.
- 3)If the child named in the policy dies before its maturity, the parent or guardian has the right to transfer the policy to another child or claim the surrender value.
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
This plan states: Sum Assured + Bonus (as declared)
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
This plan states: Sum Assured + Bonus
If death is caused by an accident
This plan states: Additional benefit if accidental death rider taken
Optional riders
Accidental Death Benefit (ADB)
Additional accidental death benefit can be obtained by paying an additional premium of Re. 1 per thousand.
Loan & liquidity
- Policy loan
- Available
- Loan facility
- Up to 90% of surrender value
What's not covered
- Suicide within policy's initial exclusion period
- War, civil commotion, terrorist acts
- Pre-existing conditions not disclosed
- Illegal acts or self-inflicted injuries
Questions about this plan
What kind of plan is Children’s Marriage and Education Endowment Life Assurance?
Children’s Marriage and Education Endowment Life Assurance from Rastriya Jeevan Beema Company is a child plan that is taken out by a parent or guardian to fund a child's education and future.
Who can buy Children’s Marriage and Education Endowment Life Assurance?
The entry age for Children’s Marriage and Education Endowment Life Assurance is 18 – 65 years.
How long does Children’s Marriage and Education Endowment Life Assurance run?
The policy term for Children’s Marriage and Education Endowment Life Assurance is 10 – 21 years.
How much cover can I take on Children’s Marriage and Education Endowment Life Assurance?
The sum assured available on Children’s Marriage and Education Endowment Life Assurance is Rs 50,000 – Rs 20,00,000.
What bonus rate does Children’s Marriage and Education Endowment Life Assurance earn?
For FY 2081/82, Rastriya Jeevan Beema Company declared Rs 60 / 1,000 of sum assured on Children’s Marriage and Education Endowment Life Assurance. Bonus rates are set each year and are not guaranteed.
What is paid if the insured passes away during the term?
Sum Assured + Bonus (as declared)
What is paid when Children’s Marriage and Education Endowment Life Assurance matures?
Sum Assured + Bonus
Which riders can be added to Children’s Marriage and Education Endowment Life Assurance?
Children’s Marriage and Education Endowment Life Assurance can be taken with the following optional riders: Accidental death (ADB). Each rider carries its own premium.
Premium
Quote on request