It’s an endowment policy taken out by the policyholder (parent or guardian of the child) to cater for the Child’s education in future. Policyholder chooses the basic maturity value or premium to be paid regularly (monthly, quarterly, half-yearly or yearly) and premiums are paid during the premium payment period.
This investment linked life assurance policy was designed for individuals who want maximum returns on their investments and also financial protection for their beneficiaries in the event of the Life assureds’ death. :
Features

• Premium payable is divided between life cover and investment according to the individual age.
• Flexible schedule of premium payment, i.e. annually, half-yearly, quarterly or monthly.
• Transferable to another beneficiary (child) if the policyholder chooses so.
• There is a minimum guaranteed interest rate of 4% per annum

• Waiver of premium in case of death or total permanent disability of the assured.
• Child income benefit.
• Benefits are tax free.