This policy now offers PWD(premium waiver benefit) & term rider(accidental) benefit. so if the person who insures his child dies, future premium are waived off. Plus now it is much likely that the word "guaranteed" will be removed from this policy or the new such policy will be introduced as nobody else gives guaranteed returns lik LIC KOMAL JEEVAN.
I have taken this policy for my child before march end to avail tax benefit. The only weak point is the risk of child will start after 7 yrs. completion till then if something bad happens then only the premiums paid will be given less the premium for PWD benefit. However the returns are in the range of 6 - 10% which is good but not extraordinary. This policy is for those parents who doesn’t want to take risk for their child & wants guaranteed returns when the child reaches age 18.
Thanks,
gaurang