This plan of assurance is designed to enable a parent or a legal guardian or any near relative of the child to provide for the child, by payment of a very low rate of premium, the risk under which will commence at a selected age.

The policy envisages two stages, one covering the period form the date of commencement of the policy to the deferred date( that is the date of commencement of risk on the child's life) called the deferment period, and the other covering the period from the deferred date to the date on which the policy emerges as a claim by the death of the child or its survival to a stipulated date.

A combined policy will be issued covering both the aforesaid periods. Policy under the scheme will not be issued for deferment periods less then four years or for maturity ages other than quinquennial.

Option is available as regards the age of commencement of risk on the child's life which may be 18 or 21 completed as desired. In case of assurance vesting at age 18, table no. will be 50 and in case of assurance vesting at age 21, table no. will be 41.

The special provisions applicable to this policy provide that if the life assured shall be alive on the deferred date, if all the premiums due prior to the deferred date have been paid, and if a request in writing for receiving the cash option available on the deferred date or for surrendering the policy has not been received by the corporation before the deferred date from the person entitled to policy monies, the policy shall vest in the life assured on the deferred date and shall on such vesting be deemed to be a contract between the corporation and the life assured as the absolute owner of the policy and the proposor or his estate shall cease to have any right or interest herein.

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