Pension plans have been around for decades in the market, and they have secured the future of many adults as they edged closer to their sunset years. However, even though a child's future is always considered to be certain and safe in the presence of her/his guardian or parents, she/he could face a lot of troubles in their absence.Read more
Insurer pays your premiums in your absence
Invest ₹10k/month and your child gets ₹1 Cr tax free*
Save upto ₹46,800 in tax under Section 80(C)
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Nothing Is More Important Than Securing Your Child's Future
Invest ₹10k/month your child will get ₹1 Cr Tax Free*
To avoid this unpleasant scenario, investing in a child plan becomes a must, as it not only helps your child fulfill her/his dreams but also lets her/him overcome any obstacles in their lives in your absence. In case of the sudden death of their guardian, a child plan will ensure that the children will receive financial support until they are legally recognized as adults.*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
There are different types of child plans to opt from. Depending on your requirement criteria and the amount of security you seek for your younger ones, you can choose any of them.
Following are the different types of child plans:
Insurance firms in the country provide this type of child plan. They come with both insurance and investment elements for the policy. As the guardian or parent, you can plan out the dates and amount for future payments to your child. The child insurance plan is further divided into subcategories of Regular Premium Plan and Single Premium Plan.
This type of child insurance plan pays the premiums until the child attains 18 years of age. The insurance firm, after that, repays the recipient the deposited amount in the coming years. In cases where the parent dies before the policy attains maturity, the child gets an assured sum only after attaining the age of 18 years.
For a Single Premium Plan, an assured amount is given when the policy reaches its maturity.
These come with great returns and have the following advantages:
Money-back plans can be used as child plans as they come with efficient planning alternatives. They cater to the individuals' needs for future expenses. They also have regular income options as well.
They incorporate elements of both investments as well as insurance plans. The investment elements are activated after you have been covered for a given period of time, as stated in the policy. You are also guaranteed an amount at the end of the endowment period. This makes it an excellent saving tool for your child's secure future.
Several benefits come along with a child plan. At the end of the policy, the child may also become the policyholder of the same plan. Here is why you should go for the child plan:
The insurance firm pays the fees up to a certain amount for the child. This is provided after the parent or guardian's death, who was providing the school essentials for the child. The amount is given out at certain rates, considering other needs of the child.
If a child is passionate about her/his hobbies, he or she is encouraged to pursue them till the end. Sometimes, it may so happen that these interests could prove to be costly, and hence, your kid has to give up on her/his passion. By investing in a child plan, you get much-needed support from your insurance provider.
Some parents go to extreme lengths to ensure that their children have the wedding of their dreams. With a child plan, once your kids reach a marriageable age, the policy provider meets the wedding expenses. In fact, the costs are sufficiently met with the funds assigned for the big day.
By investing in a child plan, you will make good use of your money through timely investments. This, in the long run, will bring high returns, which will be of more use to your child. The value appreciation will ensure that your returns are higher than what you invested.
In instances where the child pursues higher education, the firm can provide fees for the child to broaden his or her horizons in the subject of their choice. At this point, many parents could be unable to chip in since higher education can be exorbitantly expensive. Therefore, with a child plan, your child will still have the resources to pursue a career of their choosing.
A child plan is essentially meant for the betterment of your kids, and you would definitely not want to spoil the chances of your kid making it big in the future. Thus, make sure to double-check every detail and choose a trustworthy brand before investing your hard-earned money in a child plan.
30 May 2022Picking the best plan for your daughter may seem like a task but...
30 May 2022India is a country that witnesses a huge school drop-out rate of...
30 May 2022Child life insurance policies are used to build a fund to cover...
30 May 2022These are child plans that offer combined benefits of a life...
30 May 2022A comprehensive child care plan should be a combination of both...