A child plan could be said to be like any other insurance plan where you have to pay premiums and the plan will provide you with the death benefit or the maturity benefit. However, the child plan differs from other insurance plans on various levels. Firstly, the plan is designed for the purpose of planning for a stable future of the child and secondly, there are differences in the features and aspects of the plan. To understand the plan, let us understand the plan’s different aspects which also give the plan a unique identification:
Exide life Insurance Company Limited (previously known as ING Vysya Insurance Company Limited) started its operation from 2001-02 onwards and its headquarters is in Bengaluru. It has a customer base of over 10 lakh customers. Its distribution channel comprises of multi channels like Agency, Bancassurance, Alliances and Direct Channels. Exide Life Insurance is one of the leading life insurance companies in South India and is growing in other parts of the country. The main focus of the company is to provide long term protection and savings solution with a strong traditional product portfolio with a bonus track record.
Exide Life Insurance Company sells child plans in three varieties. While two of the plans are traditional plans which offer guaranteed benefits, one plan is a unit linked plan which has an option of utilizing the plan as a child plan. Let us take a look at the plans sold by the company
It is a traditional insurance plan to provide a stable future of the child even after the death of the parent.
Minimum | Maximum | |
Entry Age of the Parent | 21 years | 50 years |
Entry Age of the Child | 0 years | 15 years |
Maturity Age | 36 years | 65 years |
Policy Term | Premium Paying Term + 5 years | |
Premium amount | Depends on the coverage, tenure and age | |
Sum Assured | Rs.3.5 lakhs | No limit |
Premium Payment Term | 10 years | 20 years |
Premium Paying Frequency | Yearly or monthly |
Another traditional child plan which has the following features:
Minimum | Maximum | |
Entry Age of the Parent | 18 years | 45 years |
Entry Age of the Child | 0 years | 17 years |
Maturity Age | - | 60 years |
Policy Term | 15 years | 25 years |
Premium amount | Rs.12, 000 | No limit |
Sum Assured | Rs.113, 766 | No limit |
Premium Payment Term | Equal to plan term | |
Premium Paying Frequency | Yearly or monthly |
A unit linked insurance plan where there is a feature of Maxima Child which provides for the welfare of the child in the event of the insured’s death. On maturity, the Fund Value is payable. In case of insured’s death, higher of Sum Assured including top-up Sum Assured or 105% of premiums paid including top-up premiums paid is paid immediately on death of the insured. Furthermore, all future premiums are waived off and are paid for by the insurer and on maturity, the Fund Value is paid.
The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
In the other options you can make the payment at South Indian Bank branches, in Karnataka you can make the payment at Karnataka one counters through cash, DD, Cheque, Debit or Credit card. In Bangalore you can also make payment at Bangalore one counters by cash, DD, Cheque, or credit cards. You can also pay at HDONE counters with cash, cheque, or DD if you are in Hubli or Dhrwad.
For the online payment mode, the policyholder can pay via;
Step 1: Simply enter your policy details and date of birth to log into your account
Step 2: Make payment via Debit/Credit card or Net Banking
Step3: Print the cyber recipt of the premium payment made