Reliance Life Insurance has unveiled a new plan ‘Reliance Education Plan’. This plan aims to provide financial support for education milestones, and allows parents to secure their child’s future.
Reliance Education Plan is a non-linked, non-participating insurance plan that ensures regular payouts in fulfilling the child’s educational goals, while providing an income security to the parents in future.
Mr. Manoranjan Sahoo, Chief Agency Officer, Reliance Life Insurance said, “Parents spend a fortune on their child’s education and career planning. We felt the need to help parents in their task. Reliance Education Plan is aimed at systematic savings, securing a child’s career plans, and providing income according to the chosen milestones in the future.”
The plan provides four maturity payout options as per the child’s educational milestone.
Parents can opt for a lump sum payout on maturity, which can be used as seed capital for their child’s business. Alternatively, the maturity benefit can be availed in two installments when opting for post-graduation. If a child wants to obtain a professional degree, the benefits can be paid in four installments. And, if you have planned for an integrated course (graduation and post-graduation) for your child, you can take the benefits into five installments.
The plan is available for 9 to 20-year policy terms, and with premium payment options for 5, 7, and 10 years, or for the entire term. The entry age of the child is 0-18 years and parents between 20-50 years.
Reliance Education plan offers flexibility when it comes to death benefit payouts. The nominees can opt for full lump sum amount payable on death of the policyholder, or 50% upfront, followed by annual income for next 10 years.
Meanwhile, in case of an eventuality, the plan guarantees to pay maturity benefits, without paying further premium installments. You can select these options at the time of signing up for the policy.
Sahoo further said, “We have designed a flexible plan keeping in viewing the different career paths available today. We believe that the plan will serve its true purpose- protecting the child’s future and financially assisting at critical milestones to achieve their dreams.”
With the availability of increasing number of career options, parents are often worried if the career path chosen by the kid would help in getting a secured income or not. However, Reliance Education Plan, with its death and maturity benefits, enables parents to feel confident of securing their child’s future post obtaining an education.
Source: This news was published on June 9, 2015 in indiablooms.com under the title: “Reliance Life Insurance launches new Child plan - Reliance Education plan”