Star Union Da-ichi Life Insurance Company Limited is a joint venture between Bank of India, Union Bank of India and Da-ichi Life. While Bank of India and Union Bank of India are leading Indian banks, Da-ichi Life is a leading insurance company which is the second largest insurance company of Japan. Da-ichi is among the top 10 global insurers and has great expertise in the insurance sector.
Insurer pays premium in case of loss of life of parent
Create wealth for child’s aspirations
Tax Free maturity amount+
12+ plans available
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Invest ₹10k/month your child will get ₹1 Cr Tax Free*
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
An insurance plan offered by the insurance company which is for the sole purpose of protecting the child’s future against adverse financial crisis in the absence of the parent is called a child plan. These pans are a foolproof way of ensuring your child’s future.
There are some common factors which are inherent in all types of child plans which are detailed below:
The Bright Child Plan is the plan in the child plan category offered by the company. The plan provides multiple benefits which are outlined as under:
A traditional money-back child insurance plan to provide a stable future for the child even when the parent is not around for the same. The features along with the benefits of this plan are:
Eligibility Details
|
Minimum |
Maximum |
Entry Age of the Parent |
19 years |
45 years |
Entry Age of the Child |
0 years |
Premium paying term up to child’s 18 years – 8 years Premium paying term 10 years – 7 years |
Maturity Age |
- |
Parent - 69 years Child – 24 years |
Policy Term |
16 years |
24 years |
Premium amount |
Depends on the coverage, tenure and age |
|
Sum Assured |
Rs.5 lakhs |
Rs.5 crore |
Premium Payment Term |
18 minus entry age of child or 10 years |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
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.
The impetus which pushes people to invest in a child insurance plan is the safety of the child’s future financially, a future which will not be hampered if the parent meets with an unexpected and an unfortunate death pre-maturely. The cost of education is rising sharply and if we consider the spiraling trend of inflation, this cost is expected to increase substantially over the next decade. Our child is our beloved and we seek to provide everything our child requires even when we have trouble affording it. Building a corpus for your child is also important because you might not be around to support your child financially and in your absence the child’s dreams will shatter. The only way to safeguard your child’s dreams and also to fulfilling it is a child plan.
People argue that other means of investments can also be resorted to when planning to build a corpus for your child then why would one invest in a child plan. Though the argument holds reason, it is not absolutely correct. Other investments you make will become stagnant if you meet with pre-mature death. They might not prove sufficient to provide completely for the child’s future. This is where the child plan scores over other investments. By continuing the plan even after the death of the parent, these plans promise something which the other modes of investments do not – the continuity of the plan and creation of the promised fund. As such, these insurance plans fulfill the basic requirement of creating the planned fund which is not hampered by any unforeseen contingency. Moreover, by being available in different types of variants of insurance, namely endowment, money-back and unit linked insurance plans (ULIPs), child plans cater to the requirement of every individual whether he is seeking a conservative growth in a traditional plan or willing to take risks through a ULIP.