Assured Child Education Savings Plan

Every youngster is entitled to a good education. It not only opens up opportunities for their future, but it also aids in the development of their personalities. However, equipping your children with a good education is costly. As a result, parents with high aspirations for their children start saving early to cover these costs. While there are several options for saving money for a child's education, marriage, and other expenses, purchasing a child's education plan has proven to be the most successful. Child education plans enable systematically and focused goal-based investments that provide quick returns.

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Investing in your child's future:A wise decision & a loving choice
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

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In-built life cover
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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What is the Assured Child Education Savings Plan?

The Assured Child Education Savings Plan by Future Generali is a non-linked, non-participating, and guaranteed savings plan designed to assist you in paying for your child's entrance to one of the world's best colleges. Until your child becomes 17, the plan assists you in systematically planning for your child's graduation or post-graduation fees. You can choose to get up to four guaranteed yearly payouts under the plan starting after the policy term.

In the event of the life assured's untimely death, the plan waives any outstanding premiums. It gives the child a maturity benefit to assist them in realizing their aspirations as specified by you. In addition, the plan offers three additional rider options to expand the plan's coverage.

Features of Future Generali Assured Education Plan

The Future Generali Assured Child Education Savings Plan protects policyholders against death by paying a sum to the nominee based on the option selected. In addition, a maturity benefit is paid in the event of survival, making this plan an excellent choice for various scenarios. The noteworthy features of this child insurance policy are:

  • Death Benefit: A policyholder's nominee will receive a death benefit if the policyholder dies within the policy term. The death benefit is the greatest of the following:

    • 105 percent of the policyholder's premiums paid up to the time of death, or

    • Sum assured chosen at the outset of the policy, or

    • An amount equal to ten times the policyholder's annualized premium paid

    • This sum is paid right away. In addition, on the date of the policyholder's death, the insurance provider will pay an amount equal to 5% of the sum assured every year (until the completion of the policy term). 

  • Maturity Benefit: The policyholder/nominee will get a maturity benefit at the end of the policy term. The amount is determined by the payment choice selected by the policyholder at the time of policy inception.

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Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

Future Generali Assured Education Plan Benefits

 Following are the benefits of the Assured Child Education Savings Plan:

  • This policy assists parents in saving money for their children's education. You can save money until the child reaches the age of 17, after which it can be utilized to pay for education.

  • You can choose from three different pay-out frequencies with this plan. You can claim these guaranteed payments based on the child's educational needs.

  • The Assured Child Education Savings Plan by Future Generali also includes several riders which can supplement the base policy’s coverage.

  • Tax benefits as defined by the Income Tax Act are also available on it.

Assured Child Education Savings Plan Details

The Future Generali Assured Child Education Savings Plan best attributes are as follows:

  1. Pay-outs Are Guaranteed 

    Starting at plan maturity, your child can receive the assured maturity benefits in a lump payment or throughout up to four yearly installments.

  2. Discount on a Large Sum Assured

    The plan offers a discount of up to INR 5 per INR 1,000 Sum Assured for policies with a sum assured of INR 4 Lakh and above.

  3. Built-In Premium Waiver Benefit 

    If the life assured's untimely death, the plan waives all future premiums and continues to pay the scheduled benefits.

  4. Rider Choices

    Accidental Death Rider, Permanent Disability Rider, and Accidental Benefit Rider are the three-rider options available with the plan.

  5. Loans Based on Policy

    To pay financial obligations, you can borrow up to 85 percent of the surrender value of your policy.

  6. Paid-Up Benefit Reduction

    If you do not pay your premiums after the first two years, the insurance provider will convert your policy to a paid-up policy with decreased benefits.

  7. Surrender Benefit

    The surrender benefit is paid in a more significant amount of guaranteed surrender value or exceptional surrender value if the policy is surrendered.

  8. Revival of Policy

    Within five years of the first due premium payment, a lapsed or paid-up, you can reactivate the policy.

Eligibility for the Assured Child Education Savings Plan

Before investing your money, you should consider the following eligibility details for this child insurance plan: 

  • Parents must be at least twenty-one years old to enter, with a maximum age of 50 years.

  • The minimum age limit for your child's entry is 0 years old, and the maximum age limit is 10 years.

  • The age of maturity is 35 years minimum and 67 years maximum.

  • The policy term is set at 17 years minus the child's age at the time of purchase.

  • Although the premium amount has no upper limit, it is recommended that a minimum of Rs 20,000 be paid annually and Rs 2,000 be paid monthly.

  • The term of the premium payment is the same as the length of the plan.

  • You can make premium payments on an annual or monthly basis.

Documentation Required for Assured Child Education Savings Plan

To apply for Future Generali Life Child Plans benefits, you must carefully fill out the application form available at the nearest Future Generali Life Insurance Company branch and submit it with proof of identity, bank account, address, and a current photograph.

  • Identification Proof: Your passport, voter identification card, driver's license, or Aadhaar card.

  • Bank Account Proof: You can use your passbook or a canceled check as bank account proof.

  • Proof of Residence: the documents listed below can be used as proof of residency: 

    • Any service provider's utility bill that is less than two months old.

    • Statement from a bank or a post office savings account.

    • An employer's letter of allotment or accommodation.

    • A letter issued in India by a foreign embassy or mission.

    • Carry the original and authentic set of documents with you when you go to the branch to apply to avoid delays in the verification procedure.

How Do You Buy This Policy?

 Here is how you can purchase the Assured Child Education Savings Plan:

  • Drop by the insurer’s local branch, or call at 1800-102-2355, or send them an email.

  • Work with your advisor to fill out the proposal form completely, and make sure you understand all of the terms and conditions to get the most out of your policy.

  • There will next be a medical examination, which they will cover the costs of.

  • Inform the insurer of any health changes throughout the application process before the final policy issue.

Riders Available with Assured Child Education Savings Plan

You can add additional riders to your plan to make it more robust. The company offers two riders options.

  • Generals of the Future Accidental Death Rider (non-linked): This is a separate insurance policy that covers you in the event of an accident-related death. The insurance provider will compensate the family for the cost of the insurance.

  • Non-linked Future Generali Accidental Rider for Total and Permanent Disability: This add-on option provides additional coverage in the event of total and permanent disability as a consequence of an accident. On confirmation of permanent disability, the insurance provider will pay the cover amount.

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₹10,000/Month
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*Standard T & C Apply

Future Generali Assured Education Plan Exclusions

This plan features a suicide exclusion, which stipulates that if the policyholder commits suicide within one year of obtaining the insurance, the insurer will pay an amount equal to 80% of the premiums paid by the policyholder.

If a suicide occurs within a year of the revived insurance, the insurer will pay the higher surrender value or 80 percent of the premiums paid. Once this sum is paid, no more benefits will be paid.

Additional exclusions apply to the riders, as listed below:

  • Any harm or death caused by war, nuclear activity, uprising, or other similar events.

  • If the victim's actions caused the death or injury.

  • If an injury or death happens as a result of criminal activity.

  • If a person dies or is injured as a result of participating in dangerous sports.

FAQ's

  • What should be done if I wish to modify the way I pay my premiums?

    Changes in premium payment terms are subject to a few restrictions; always consult your advisor before making this decision. If your plan allows you to change your premiums, the insurance company will honor your request.
  • What is the best way to pay a premium? What are the different payment options?

    The following payment options are available with Future Generali Life Child Plans:
    • Debit cards, credit cards, or net banking payments are accepted online.
    • Deposit cash or a check at a branch. 
    • Pay by phone 
    • Set up an automatic debit
  • What is the best way to verify the status of my Future Generali Life Child Plans policy?

    Log in to your account with your Login ID and Password to check the policy status of your Future Generali Life Child plan, and you will have all the information you need right away.
  • What is the procedure for renewing Future Generali Life Child Plans policies?

    You can renew your policy by paying the due premiums in one of the following ways:
    • Online mode: Log in to your account with your Login ID and Password and renew your plan online.
    • Offline mode: Pay the necessary premiums at the nearest branch.
  • What is the procedure for settling a claim for Future Generali Life Child Plans with the company?

    Submit all essential papers as well as the completed claim form. Your claim application will be processed within seven days after verification. You must submit your application by email.
  • What is the procedure for canceling a Future Generali Life Child Plan policy?

    To cancel a policy, submit a completed surrender form along with all required documentation to any branch. After verification, the business will cancel your plan and return any applicable premiums or surrender value within five working days.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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Insurers Offering Child Plans

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HDFC Life

ICICI Prudential

Bharti AXA Life

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Aviva

Bandhan Life

Canara HSBC

IDBI Federal

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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