These are endowment policies taken out for the specific purpose of meeting the expenses on the education or marriage of the child of the insured. The policy is an endowment for years varying from 5 to 17 to be taken out between the ages of 20 and 55 years of the insured. The period of the endowment can be times so as to make the policy-money available to the insured on or about the date by which the beneficiary child is old enough to require the amount.
Education Plan Benefits:
The policy covers risk on the life of the parent, and the beneficiary child is assured of receiving its value on the specified date irrespective of whether the insured parent lives or dies within the period of the policy. The amount is payable, only on the specified date to the insured parent, if alive, and failing that to the beneficiary child.
Marriage Plan Benefits:
When payment is to be made in installments, the value of the policy is deposited in a Post Office Savings Bank on behalf of the beneficiary child as soon as the policy has matured or become a claim by death of the insured.