Benefits of Young Scholar Secure-young-scholar-secure-plan

Survival Benefit is payable in two forms: Tuition Fee Support Benefit – The policyholder receives guaranteed payouts from the maturity date of the plan till the child reaches 17 years of age. College Admission Fund – A lump sum amount paid out when the child turns 18 years. The money can be used for college admissions of the child. At the age of 21, the child receives the Higher Education Reserve, which helps provide funds for post-graduation expenses. When the policy matures, the policyholder receives the Maturity Benefit, which is the Sum Assured minus the amount already paid out as part of the Tuition Fee Support and College Admission Fund. In an unfortunate event of the policyholders death, the nominee (child) receives the Death Benefit that is higher amongst the Maturity Sum Assured, 10x of the annual premium and 105 per cent of the premiums paid. All the future premiums are then waived off and paid by the insurer. The plan remains active and the child receives all the future benefits. The policy also offers tax benefits on the premiums paid and on the Death Benefit received as under the section 10 (10D) and 80(C) of Income Tax Act, 1961.