Importance of Child Insurance Plan

Along with the overwhelming happiness, being a parent also comes with great responsibility. Everyone wants to provide their children with the best in life. Towards that end, such dreams need money. It requires well-thought-on financial planning to analyze the expenses involved at every step of bringing up a child. Good education plays a critical role in the development of child and, undoubtedly, should be a part of your plans of securing your child’s future.

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Investing in your child's future:A wise decision & a loving choice
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Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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(Even the (in)famous average rate of inflation in India has been outrun by the increase in cost of education,)

And now, about how much to invest in your child’s future. And which financial tools to invest in.

And that brings us to…

Child Insurance Plans

These are plans of various types that go in to secure a child’s financial security and in to making sure that financial worries do not hamper her education. These long-term savings/investment plans are an amalgamation of both insurance and investment.

It sounds ugly, but there might arise a situation in which you pass away and your child becomes dependant on your financial foresight.

Though child insurance plans are varied in nature, what they all have in common is that in case of your unfortunate demise, your ward shall be paid a lump sum payment (death benefit), and the insurer continues to deposit money on your  behalf in your ward’s account under the ”waiver of premium benefit”.

These Child Plans are of The Following Two Types:

  1. Traditional Child Plan

    These are “safer” and more secure, with guaranteed maturity returns. This is the plan for you if you wish to invest in low-risk funds, such as, government securities and corporate.

  2. Unit-Linked Plans (ULIPs)

    ULIPs are for you if you do not mind a bit of risk and gambling. These plans yield higher returns, but make a note that ULIPs are beneficial in the long run only. Any money you invest in a ULIP goes into the debt and equity market and therefore these are high-risk, high-returns financial instruments. As is implicit, you need someone to act as your child’s “guardian” in these plans. Goes without saying, choose the guardian wisely and with care. It is your child’s future at stake here.

*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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Insurers Offering Child Plans

Tata AIA

Aditya Birla Sun Life

Bajaj Allianz

Max Life

HDFC Life

ICICI Prudential

Bharti AXA Life

Edelweiss Life

Kotak Life

Future Generali

PNB MetLife

SBI Life

Aviva

Bandhan Life

Canara HSBC

IDBI Federal

IndiaFirst

Pramerica Life

Reliance Life

Sahara Life

Shriram Life

Star Union

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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