Sri Lanka Insurance Corporation (SLIC) unveils an insurance plan for children between one month and 15 years. SLIC launched its new the new insurance plan for children, Mini Muthu on Thursday.
The Mini Muthu plan of assurance is a life cover for both parents with a guaranteed fund for the child at maturity.
Parents can choose a plan to suit their child’s age and a child can enjoy benefits until 20 years of age or the maturity of the policy, whichever happens first.
The guaranteed fund for the child will come in four instalments spreading through four years.
The child will get 35 percent of the sum assured on each instalments and the bonuses will be added to the first payment.
That way the child gets 140 percent of he sum assured and a bonus.
At the death of as parent during the benefit payment period the balance payment will be doubled to 70 percent of the sum assured.
Optional specials are a hospital cash benefit scheme and a critical illness cover on top of the main policy.
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