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The cost of the scheme for first year would be 6.00% of total annual fee of the school. The cost would be paid by the school annually in advance.
State Life would review the cost each year.
There would be no medical requirements if the annual fee is equal to or less than the Class Level Wise Limits given below
|Class Level||Maximum Annual Fee upto which No Medical
would be Required (Rs.)
1 & KG
In case the annual fee is higher than the above limits, State Life would determine if any medical is required.
Once the policy is issued to the school, the data of fathers/guardians such as name, date of birth, occupation, NIC # would be provided by the school to State Life within a period of 3 months.
The school would lodge the claim as soon as possible on a prescribed form along with necessary supporting documents such as death certificate, copy of NIC. State Life would start paying the fee within the shortest possible time, after necessary verification.
Termination of the Coverage
The insurance coverage would terminate on the earliest of following events:
a. Termination of the Contract between the School and State Life,
b. Father/Guardian attains the age of 60,
c. Student leaves the school,
d. Wind up of the School,
State Life would evaluate the scheme after every three years and if the scheme has generated any profit to State Life, 100% of the profit would be returned to the School. The profit of the Scheme would be worked out as follows:
Total Cost Paid or Payable
State Life's Management Expenses & Contingency Margin
Present Value of future payments on claims incurred & reported
Provision for claims incurred but not reported.
State Life's Management Expenses & Contingency Margin as percentage of cost would depend on average number of students remained covered during the profit commission period, as follows:
|Average Number of
Student per year
|State Life's Management Expenses &
Contingency Margin (as % of Cost)
|More than 3,000||10%|
This is a brief of the Scheme which is sufficient at proposal stage. If a proposal is accepted, a detailed contract would be executed between the School and State Life, containing all the details of the scheme.