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Bhagyashree Child Welfare Policy

This scheme is applicable to girl children in the age group of to 18 years, whose parents' age does not exceed 60 years~ The scheme is intended to provide insurance cover to ONE girl child in a family who loses either the father or the mother due to accidental death. Coverage The Insurance cover would be available on 24 hour risk basis. In case of death of either or both parents resulting solely and directly from Accident caused by outward, violent and visible means, and if such accident shall within 6 calendar months (unless otherwise specified) of its occurrence lead to death then the company shall deposit a sum of Rs.25,OOO/- in the name of the girl child mentioned in the schedule of the policy with a financial institution named in the schedule. The financial institution shall make following disbursements from Corpus created out of the deposit amount for the benefit of the girl child to the living parent or to the nominated guardian of the girl child as the case may be, in the following manner. Age of the girl child 1-5 years Amount of compensation Rs.l ,200 P.A Payable to Surviving parent or guardian for looking after the needs of the child Surviving parent or guardian provided the girl child is admitted in a school and expenditure is incurred on her education 12-17 years Surviving parent or guardian provided the girl child is admitted in A school and expenditure is incurred on her education. Balance amount 18 years to the credit of the girl child In case of discontinuation of studies by the child the scholarship will not be paid but on completion of 18 years balance amount to her credit will be paid as a lump sum. In case of death of the girl child before attaining the age of 18 years balance amount standing to the credit of the girl child would be paid to the surviving parent or guardian. The definition / explanation of death by accident, exclusions, policy conditions are more or less the same as under Rajrajesbwari Mahila Kalyan Yojana. To the girl child

6-11 years

Rs.l ,200 P.A


Premium The premium is Rs.15/- per girl child per year. Group discount is provided as follows: No. of Persons 250-1,000 1,001 to 10,000 10,001 to 1,00,000 Above 1 Lac 2.5 Lacs Above 2.5 Lac 5 Lacs Above 5 Lac 10 Lacs Above 10 Lacs Proposal Form The form elicits details of name, date of birth and address of the girl child to be insured and the parents and name and address ofthe nominated guardian, etc. Claims Procedure A uniform claims procedure has been prescribed. According to this procedure the functions of the policy issuing office are to : Process claims and send intimation of approval of claim to the insured girl / surviving parent / guardian. Submit monthly summary statement of all claims approved with supporting documents along with a consolidated amount for all claims @ Rs.25,000/- per claim, to the GIC Asset Management Co. Ltd. Enroll the insured girl child as a member of the GIC Bhagyashree Child Welfare Plan which managed by the GICAMC On behalf of GIC Mutual Fund. Confirm schooling details of the insured girl child and make disbursements to the concerned party, on receipt of periodic payments from GICAMC. Monitor each claim account and advise GICAMC or changes, if any. The functions of the GICAMC are to ensure that, within 30 days of the receipt of the monthly summary statement, that membership advice is mailed to the beneficiary and to the policy issuing office and to issue payment warrants to the policy issuing office. In all non-tariff classes of business, the policies vary among the companies in terms of coverage, exclusions, rating and underwriting practice. ****** (%) Age of Discount 5 10 15 30 35 40 45