Prime Islami Life Insurance Ltd.
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Child Protection Assurance Plan- with profit


Features of the plan
01 Type of Plan It is an endowment plan with additional benefit of annuity in case of policyholder’s death during policy term.
02 Term of policy Minimum 10 years
03 Age of the policyholder (Payor) At commencement of policy - Minimum -18 years and Maximum – 50 years
04 Maximum age at maturity 60 years
05 Age of the assured child at commencement of policy Minimum – 6(six) months and Maximum -15 (fifteen) years
06 Maximum age of the assured child at maturity 30(thirty) years.
07 Mode of payment Quarterly, half yearly and yearly.
Benefit of Plan
01 If the policyholder (payor) dies at any time, during policy term, no premium shall have to be paid for rest of the period of policy term.
02 The assured child shall get yearly 12% of sum assured for the rest of the policy term as stipend.
03 At maturity the assured child shall get money deposited in mudaraba fund alongwith profit (If any).
04 If the child dies before maturity, the policyholder (payor) shall get the benefit as per the following schedule:
Completion of period of policy at the time of child’s death Benefit payable
Not more than 6(six) months 25% of Sum assured
More than 6(six) months, but not more that 12 (twelve) months 50% of Sum assured
More than 12 (twelve) months, but not more than 24 (Twenty four) months 75% of Sum assured
More than 24 (Twenty four) months. 100% of Sum assured
05 If both the payor and assured child survives at maturity, the money deposited in Mudaraba fund shall be refunded with profit.
06 After the death of the payor, if the assured child dies at any time during stipend period, the stipend shall be stopped immediately, but the guardian of the nominee shall get full sum assured with profit after completion of policy term.
Calculation of Sum at risk
01 A = 12% of sum assured
02 P = Yearly Premium
03 Factor = as per the table stated below:
Term of policy (Year) Factor Term of policy (year) Factor Term of Policy (year) Factor
5 4.62990 6 5.45182 7 6.24214
8 7.00205 9 7.73274 10 8.43533
11 9.11090 12 9.76048 13 10.38507
14 10.98565 15 11.56312 16 12.11839
17 12.65230 18 13.16567 19 13.65930
20 14.133494 21 14.59033 22 15.02916
23 15.45112 24 15.85864 25 16.24696
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