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By khabar sangalo Last updated Jan 29, 2024

My Child’s Education Protection Plan

This insurance plan will help to lay the foundation on which you can build your child’s future and caree

My Child’s Education Protection Plan (MCEPP) is a comprehensive solution that provides insurance coverage not only for the child but

also for the parent (policy owner).

Your child means the world to you, and their well-being is your utmost priority. As parents, you’ve invested countless hours, love, and resources into nurturing their growth. However, have you considered the importance of securing their education and future?

With My Child’s Education Protection Plan (MCEPP) you can be confident that their dreams will have a secure foundation, no matter what challenges life may bring. We safeguard your child’s future and ensure they have the opportunities and support they deserve.

Insured: Both child and Policy Owner
Policy Owner: Father or mother
Child Issue Age: Minimum 31 days and Maximum 15 years policy
Owner Issue Age: Minimum 21 year and Maximum 55-year
Minimum Face Amount: NPR 250,000
Maximum Face Amount: NPR 5,000,000
Policy Term: 10-25 years.
Premium Payment Term: Equal to Policy Term, 10 to 25 years
Payment mode: Annual, Semi-Annual, Quarterly
Child’s coverage expiry age: 25 years
Policy Owner’s coverage expiry age: 65 years
Maximum Policy Term limit: Child’s age + Policy Term ≤ 25
Maximum Policy Term limit: Owner’s age + Policy Term ≤ 65 year
Exclusions: Two Years Suicide Exclusion, War Risk Exclusion, International and Local Sanction Limitation Exclusion. Detailed terms, conditions and exclusions are included in the Policy Document.
Face Amount means the amount of insurance that the policy provides as shown in the policy specification schedule and from which the benefit under the policy will be determined.

Key Benefits

A participating endowment plan with regular premium payments in which the Insured will participate in profits or bonus via reversionary bonuses.

1. Death Benefits

Death of Policy Owner: In case of death of the Policy Owner, death benefit is payable equal to 100% of the Face Amount of the policy and all future premium due up to policy term is waived. Additionally, monthly income benefit equivalent to 2% of the face amount of the base policy shall be paid for remainder of the policy term. The policy shall remain in force and on survival of Insured Child at maturity, 100% of face amount and reversionary bonuses shall be paid at the end of policy term.

Death of Insured Child: In case of death of Insured Child within the policy term, Death benefit is payable equal to 25% of the Face Amount and accrued reversionary bonus or premium of base policy paid amount whichever is higher, and the Policy shall terminate automatically.

Death of Insured Child and Policy Owner simultaneously: In case of death of Insured Child and Policy Owner simultaneously within the policy term, Beneficiary is paid lumpsum equal to 100% of Face Amount and accrued reversionary bonus for the death of Policy Owner and 25% of Face Amount for the death of Insured Child.

Death of Insured Child after Policy Owner’s death: In case of death of Insured Child after the death of the Policy Owner within the policy term, Beneficiary is paid equal to 25% of the Face Amount and accrued reversionary bonus or premium of base policy paid amount whichever is higher, and the policy shall terminate automatically.

2. Maturity Benefits: On the survival of Insured Child at maturity of the policy, Face Amount and accrued reversionary bonus shall be paid at the end of the policy term if the policy continues to be in-force till maturity.

3. Special Provisions: Provisions of Policy Loan facility, Non-Forfeiture Options of Paid-Up and Automatic Premium Loan, Cash Surrender.

4. Additional Riders for the Product

Disability Protection Rider Plus (DPR Plus): Upon permanent total disability of Policy Owner, all future premium of base policy and this rider is waived for the entire policy term. Monthly income equal to 2% of the base policy face amount will be paid every month till maturity of the policy.

Issue Age: 21-55 years

Coverage Expiry Age: 65 years

Personal Accident Rider Benefit: This rider pays benefits in case of death, dismemberment, and permanent total disability due to accidents up to the face amount.

Issue Age: 21-55

Coverage Expiry Age: 65 years

Critical Illness Rider Benefit: This rider pays 100 % or 50 % of Face Amount* coverage if diagnosed with 7 Critical Diseases (Major Cancer, First Heart Attack, Stroke, Benign Brain Tumor, Serious Coronary Artery Disease, Heart Valve Surgery, and Primary Pulmonary Hypertension).

Issue Age: 21-54

Coverage Expiry Age: 60 years

The following table gives the lumpsum CI benefit for various ages & terms:

*Face Amount refers to face amount of the base policy.

	Policy Term
Ages	12 Years	13-20 Years
18-44	100% of Face Amount*	50% of Face Amount*
45-54	50% of Face Amount*	50% of Face Amount*