What Is Child Education Benefit Under Accidental Insurance?

The rising cost of education has every parent thinking of possible ways to increase their savings in an attempt to secure the future of their children. Several insurers have come up with child education plans that specifically cover the capital required to fund a child’s education. The child education benefit ensures that a kid’s educational pursuits are looked after even in the absence of her/his parent.

Read more
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

We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold
  • 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*

+91
Secure
We don’t spam
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company
Get Updates on WhatsApp
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

Personal Accident Insurance

Did you know that India accounts for nearly 6% of road accidents worldwide despite representing only 1% of the global vehicle population? Every day, over 1200 accidents occur in India. If we were to count the death rate due to these accidents, the figure would be in thousands. Poor traffic management, an increasing number of vehicles, improper driving etiquette are the major causes of accidents. 

The abovementioned statistics and the uncertainty of life make it prudent to be equipped with personal accident insurance. Personal accident insurance offers financial protection to the insured and her/his family if they fall victim to accidents, resulting in death or total/permanent disability. The funds received under such covers compensate for the loss of income of the life assured to sustain the needs of a family. 

One of the key offerings of personal accident insurance or group accident insurance is the child education benefit. Let’s study this benefit in more detail in the next sections. 

Child Education Benefit under Accidental Insurance

If you are the only earning member of your family or a single parent, you cannot leave financial planning to mere chance. You have children who are dependent on you for their education and wellbeing. You must have a plan in place that takes care of their future education expenses amidst rising costs to ensure a financially stable future for them. If any misfortune may befall you leading to a loss of income, your child's education should not be affected. 

One of the most foolproof ways to offset the abovementioned risk is to invest in personal accident insurance covered with child education benefits. The child education benefit under accident insurance offers financial assistance to your dependent children to pay for their tuition fees and other course-related expenses. 

People also read: Child Education Plan

Features of Child Education Benefit under Accident Insurance

  • Child education benefit is only payable if death or total/permanent disability occurs as a result of an accident. 

  • It entitles a maximum of two dependent children to receive the benefit upon submitting proof of enrolment at a government accredited educational institution.

  • The surviving children have to be dependent on the insured for their education expenses. 

  • Claims to avail child education benefit under accident insurance shall only be approved if the child is below the age of 25 years on the date of death. The age limit varies from insurer to insurer. 

  • An amount equal to the tuition fees is reimbursed to the dependent children, subject to the sum insured. 

  • In the case of more than one dependent child, the sum insured is divided equally among the children, provided that both of them meet the eligibility criteria.

  • The child education benefit under accident insurance is payable as a one-time payment. 

Please note that the benefit amount, the age limit of the child, and other terms and conditions may vary from insurer to insurer. Therefore, you are advised to check with your insurer before purchasing the said policy. You should also ensure that the sum insured is sufficient to cover the education of the child through to its completion.

Invest More Get More
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 *

Exclusions

Child education benefit allowance under accident insurance is not payable if the insured dies as a result of an accident under the following conditions:

  • Being under the influence of alcohol or drugs/narcotics

  • Having participated in criminal activities

  • Self-harm or suicide attempt

  • Engaging in high-risk/adventurous sports 

  • Being involved in wars, civil riots, etc.

In Conclusion!

No child should be left to fend for themselves. Accidents are unpredictable events, and there is no guarantee that you will be around to support your children. Education being an integral part of growing up, should not be left unplanned. Parents should make it a priority to ensure that their children have access to quality education even in their absence. The child education benefit offered under personal or group accident insurance can help you eliminate this risk and is, therefore, a worthy investment.

*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.

child plan investment

Investment

child plan secure

Secure

Secure your Child’s
Career Goal
Start Investing ₹10,000/Month
& Get ₹1 Crore*
*Standard T & C Apply
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Child Plan3

Child plans articles

Recent Articles
Popular Articles
Child Education Planner

05 Feb 2024

Ensure your child's dreams come true with a Child Education
Read more
Indian Bank Education Loan

16 Jan 2024

Indian Bank stands tall as a reliable partner in your academic
Read more
Education Loan for Abroad Studies

16 Jan 2024

Pursuing international education is a dream for many aspiring
Read more
Education Loan Without Collateral

16 Jan 2024

An Education Loan Without Collateral is a financial solution
Read more
Canara Bank Education Loan

15 Jan 2024

Canara Bank Education Loan is a comprehensive financial solution
Read more
Top 12 Government Schemes for Girl Child
Top 12 Government Schemes for Girl Child Government schemes for the girl child are a vital aspect of social welfare
Read more
Best Child Investment Plans to Invest in 2024
Planning for the child’s secured future is not an easy task. Most of the people try to create a strong financial
Read more
Prime Minister Schemes For Boy Child
The Prime Minister Schemes for Boy Child stand as an important initiative aimed at nurturing the boy child and
Read more
Bhagya Lakshmi Yojana
Bhagya Lakshmi Yojana is a welfare scheme launched by the Government of Karnataka in 2006 to improve the sex
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL