Child Education and Marriage Plan

Child Education and Marriage Plan

What is Child Education and Marriage Plan?

Generally, parents are worried when selecting a saving plan which can help them meet the education, marriage and future needs of their children. Premature death of either may result in unfulfilled financial obligations of the family. Thus, it becomes difficult for them to select a saving & protection plan which can fully cater to the future needs of the family.

State Life’s Child Education and Marriage plan provides a viable solution, ensuring future financial protection of the Children on payment of a small amount every year.

Who can buy this plan?

This plan is not restricted to parents only, grand parents, real uncles and aunts can also avail the opportunity to protect the Financial Future of their grand children, nephews and nieces. If someone else is paying for the maintenance of the children, then he or she can also have this plan.

What are the Salient Features of the plan?

The plan provides payment of planned lump sum to pay for your sons or daughter s’ higher education or marriage when you need it most. You can select the time when the sum insured plus Bonuses become payable as your child attains a pre-designated age of either 18, 21 or 25 year. These ages have been selected considering those occasions when children generally need financial assistance, for example when your child is entering college or university (age 18-21) or when he or she needs capital for setting up a business venture (age 25) or at the time of marriage.

Amount Payable in case of death of the insured

In case of death of the policyholder during the currency of the policy, future premium payments are waived but the policy remains Intact for full sum assured with Bonuses. The sum insured plus accumulated Bonuses become payable on completion of term. Besides, an income benefit of 24% of the sum insured per annum will start immediately i.e. for a policy of Rs 1,000,000/- payment of Rs. 240,000/- yearly is made to the beneficiary and continues, until the term of Policy.

Can the Child initially covered be replaced with another child?

If the child for whom the policy was bought (God Forbid) dies, then the policy can be kept up for another child. This switching of the coverage will involve No Premium or term adjustment.

Instead of a lump sum, can the benefit at the end of the specified term be payable in installments?

Yes, this benefit can be paid in five annual installments, thus adding additional flexibility to the plan. This option can be decided when the policy matures and it will prove beneficial in cases where the plan is procured with the intention of providing funds for the child education, where he/she needs funds in installments.

Can the Family Income Benefit be deleted?

Normally, the Family Income Benefit is essential, it is available at nominal premium charges and we recommend it very strongly. But If you wish to purchase the plan without the income Benefit then you may do so and the premium rate will be reduced accordingly. All other benefits under the plan will remain unchanged.

This plan is issued jointly on the lives of the child and the payer.

But the payer should not be more than 60 years of age (nearest birthday) and the plan should mature before he or she reaches age 70 (nearest birthday). Also the age of the child must be between 1 and 15 years at the time of inception of plan.


The sum insured you selected will participate in State Life’s bonuses. Remember, 97.5% of State Life’s surplus is distributed by law to policyholders in the form of bonuses.  

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