THE PLAN

Planning for changes requires careful allocation of funds. EFU Life brings to you PehlaQadam – Child Education Plan, exclusively designed to help shape your child’s future. The plan, underwritten by EFU Life Assurance Ltd, is a complete financial planning package designed for you to plan for your children’s educational needs. The plan provides savings opportunities coupled with a guaranteed level of life protection. PehlaQadam can also be customized according to your specific needs.

ELIGIBILITY AGE

Anyone between the ages of 18 years and 60 years next birthday.

MEMBERSHIP TERM

10 to 25 years subject to a maximum age of 70 years at maturity

REGULAR PREMIUM

The Minimum Annual Basic regular Premium is Rs. 24,000/- per annum.

FUND ACCELERATION PREMIUM
(Lump Sum Adhoc Contribution)

Fund Acceleration Premium (FAP) can be paid at the commencement date or at any time while the policy is in force. The minimum FAP is Rs. 24,000.

INVESTMENT PROPORTION

The allocation of the annual basic plan contribution to buy units in the selected fund is as follows:

(i) Unit Allocation

YearUnit Allocation %
130%-40%
280%
3-10100%
11 and onwards105%

(ii) FAP Unit Allocation

100% of FAP payment is allocated to purchase units.

UNIT LINKED FUND

The premiums in the plan are linked to the Unit Linked fund which is invested in multiple Fund option ( to be selected at policy issuance)

  1. Managed Growth fund
  2. Guaranteed Growth fund
  3. Aitemad Growth fund

BENEFIT ON DEATH

Continuation Benefit: The product provides for continued remaining unpaid basic premium towards the plan, in case of unfortunate death of the policy holder during the policy term, until maturity.

MATURITY BENEFIT

At the end of the term, the maturity benefit will be,
sum assured of the plan or the fund value at the time of maturity (whichever is higher).

INDEXATION

Under this option, the premium will increase every year by 5% of the previous year’s contribution with appropriate increase in benefits, without any medical evidence

CHARGES

Fund Management Charge: 1.5% per annum.
Bid/Offer Spread: 5% of the net contribution

CASH WITHDRAWAL

The Policy can be encashed at anytime after the second year’s regular premium payment.
The Client can make partial cash withdrawals after commencement whilst continuing to make regular premiums and keeping the plan in force. This facility is subject to Rs. 20,000 remaining in the plan after such withdrawals (excluding the cash value of the FAP).
The FAP cash value can be withdrawn in full or partially at any time whilst the policy is in force.

ADDITIONAL BENEFITS

The following riders are available with this product

  1. Income Benefit
  2. Accidental Death and Disability Benefit Plus
  3. Waiver of Premium