What Are the Risks Covered In the Child Insurance Plan?

A child plan is a specific type of insurance plan that helps safeguard their future against the uncertain eventualities of life. It is designed in a way to help you create a financially secure future for your child. With a child insurance plan, you can ensure the ultimate financial support for your child in case of your untimely demise.

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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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  • 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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It is considered to be the best insurance plan for a parent to purchase for their child because it provides a life cover with flexible pay-outs during crucial phases of the child's life. Since we all are familiar with the uncertain nature of life, the child's plan is designed after considering this very uncertainty of life. With a child insurance plan, you can secure your child's future without worrying about different risks of life.

Risks Covered in a Child Insurance Plan:

  1. Funds Child Education 

    The first and foremost priority of your child's life is their education. Every parent works so hard to save money and invest in the education of their children. With the rising costs of education, it is quite difficult to save big for their higher education. Buying a child plan can help you secure funds for your child's higher education. In case of your untimely demise, the sum assured can be utilized to meet his/her education expenses. After maturity, the amount can be used by your child for achieving his/her further goals.

    Also, if you will choose wisely, the child plan can take care of the inflation effect in the future. So that when the time comes to use the money, it will not cut short. 

  2. Fund for Medical Emergencies

    The nature of child plans is very flexible because it is designed to provide cover against the unavoidable risks. The best child plan provides a partial withdrawal option. God forbid any medical emergency due to an accident, uncertain event, or some serious medical ailment, with the child plan in hand you will be able to withdraw money to meet the sudden medical expenses. 

  3. Offers Financial Security to Your Child

    Children carry so much potential in the world. While some are real nerds about science, some carry interests in creative fields. Few among them start to earn at a young age. Buying a child plan for your children can help protect their income and provide financial benefits in the long run. If your child is an actor, performer, musician, or makes money using his/her skills, a child plan will turn out to be useful for them.

  4. Pays Off Education Loan

    The overall inflation effect and the rising cost of education make people compulsive to take an education loan. Purchasing a child plan can help in securing a loan for higher education in a collateral manner. A child plan comes with this benefit. Since everybody knows monthly savings would never be enough to meet rising education costs, a child plan can come to the rescue.

  5. Provides Financial Independence

    Life is full of surprises and uncertain events. It is filled with good events and bad events as well. If you have planned to buy a child plan, you have made a wise decision because this is going to support your child in your absence. If for any unfortunate reason, your child loses both your partner and you, he/she will be in a very devastating situation. You can add a premium waiver rider in your basic child plan, which will benefit your child in your absence, as this rider allows insurance companies to continue the plan. With the help of this, your child is entitled to receive a lump-sum amount without any further payment of premium. With this rider, your untimely demise will not mark an end to the policy, as the responsibility of paying the balance premiums lies with the insurer. Hence, your child will be financially independent to meet the daily expenses or his/her education expenses in your absence.

  6. Additional Riders to Cover Various Other Risks

    Not just child plans, but additional riders can benefit the insured in almost every type of insurance plan. The riders can be added to the basic policy by paying an extra amount. Even a single rider can extend the coverage by offering extra benefits. Also, adding the rider means you can create an extra shield to protect the entire plan. So that at the time of an unfavorable event, the policy would not collapse. Following are the riders you can add to your basic child plan:

    • Premium Waiver

    • Accidental/permanent disability

    • Critical illness

    • Income benefit

    • Accidental death benefit

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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 *

Final Word

As a parent, your prime duty is to financially secure the future of your child. The best way to start is by buying a child insurance plan. A child insurance plan not only offers financial security for your child but also provides the benefits of investments as well.

*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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