The Junior Life policy can be used as a savings for kids or to start investing in their future education. Parents can invest in this policy from the time of the child’s birth. The full sum assured plus bonus is payable either at the child's 18th or 21st birthday or in the event of the parent's untimely death. No survival benefits are paid under this plan.
Age at entry for parent: 18 years to 58 years
Minimum Term: 5 years
Maximum Term: 18 years
Minimum sum assured: SR 50,000
HSI Junior Life Policy cover includes Total and Permanent Disability (TPD) benefits. On death or TPD of the parent, all future premiums are waived, but no death benefits are paid. The policy continues in force till maturity date of the policy when the sum assured and bonuses are paid directly to the child, less any loans/interest outstanding. In the event of death of the child, the parent, being the life assured can either nominate another child as a beneficiary or cancel the policy and receive the termination benefit, which will be equivalent to the premiums paid less all charges.