Shriram Life Child Plans

Applying for a Child Plan from the company:

Online

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

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Child Plans through PolicyBazaar

• On the PolicyBazaar homepage, click on Child Plans under the Personal tab.
• Click New Quotes to compare
• Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
• Fill in your name, email address, city, country code, and mobile number. Click Continue.
• You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
• After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
• You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
• This will take you to the insurer’s website. Fill in the necessary details to buy the plan.

Who needs a Child Plan?

A child plan is an insurance policy that insures the parents to ensure that the child’s financial needs are looked after. A child plan can be customized to get payments at important milestones of the child’s life. As a result, every modern day parent and their children need to be protected with a child insurance plan. These plans are specially needed for people who have tall ambitions for their children and wish to educate them in the top schools and college, in India and abroad. The plans are also very beneficial for parents who do not have a huge income but want their children to have a smooth education and lavish wedding later on. Child plans help in building up funds that make all these dreams come true.

Does a mid-level wage earner need a child plan?

Perhaps, people with mid-level earnings most require the child plans. And since the majority of the urban Indian population fall in this category, we see more and more people opting for child plans every day. A child plan helps you to build up a corpus for the future education costs of your child. Since a middle class person would find it difficult to arrange a huge fund at one go, building a fund over time helps. Then, a child plan also covers the life of the parent and if he or she dies, the plan remains active. The premium is waived but the child still receives the funds when needed. So this makes it very suitable for the middle class, who usually do not have a lot of money to fall back on in a testing financial situation.

Does a successful businessman need a child plan?

A successful businessman may have a huge bank balance and may think that the funds will suffice for his child’s future educational costs. While that is probable, in the modern day life we cannot predict anything. In an unfortunate situation, the tide may turn and the business may plunge into severe losses, eating away all the funds in the bank. As a result, even a rich and successful businessman needs to have a child plan to ensure that if he ever faces a challenging economical situation, his child’s education and future will remain unaffected.

Does a single parent need a child plan?

A single parent most definitely needs a child plan! Normally, if one parent dies, the other may be able to work and provide for the child. But when the child has only one parent, the risks are too high and under all circumstances does his/her future need to be secured.

Does a person with a sufficient life insurance policy need a child plan?

Even if you have a sufficient and large life insurance policy, you need to have a child plan. This is because the life insurance policy will pay the death benefit as soon as you die, in one lump sum and the policy will terminate. You must remember, that after your death, not only your child but the other members of your family like your spouse and parents will also require financial assistance. So the life insurance fund can get exhausted quickly. As a result you need a child plan that will continue even after your death and will guide the child till the time he/she is financially independent.

Thus, anyone with a child needs a child plan so that he can plan for his future expenses with a more clear mind and be financially aware of his future expenses and can thus plan accordingly. Each and every parent surely plans to do something for the child but opting for a child insurance plan is the first step taken towards a proper financial planning towards a better and a brighter future for the child. Thus opting for a child plan will not only help a child but a parent as well towards a healthy financial planning for the child’s future educational expenses.

Shriram Life Child Plans - FAQ