START PLANNING FOR YOUR CHILD’S EDUCATION
As a parent, your kids are the most important part of your lives. Smallest of your happy moments depend on them. While trying to maintain a balance between emotions & practical life, managing spending and savings often becomes a tricky task.
You would do anything to make your children happy and to secure their life & future. Our Child Insurance Plans have been specially customized to address your child’s future needs, even in your absence.
What are Child Education Insurance Plans?
Child Education Insurance Plans are insurance plans that take care of your Protection and Savings needs for securing the future of your children. As a parent, one of your most important goals would be to make sure that your children have a bright future and lead their lives comfortably.
These plans can help you achieve this by saving for your children’s higher education at a prestigious university.
In our child education insurance plan, you pay premiums for a specified period (monthly, half-yearly, yearly or single pay). Once the policy term ends, you receive a lump sum amount called the Maturity Benefit. In case of an unfortunate event during the policy term, the company offers your nominee the Life Cover amount.
WHY DO YOU NEED A CHILD EDUCATION PLAN?
- A child education plan is an insurance policy that offers protection as well as an opportunity for saving money to ensure a secure future for your child.
- It makes sure that your child receives the education he/she desires with a lump-sum payout at maturity or when any unfortunate event occurs to you.
- It acts as a safety net to make sure that your child’s education does not get affected even if you are not around. In case of an unfortunate event, your child receives the life cover.
FEATURES OF A CHILD PLAN
Generally Child Education plans provide the following features-
- Lump-Sum benefit: The plan provides your children with a lump-sum benefit if in case you pass away within the policy term.
- Waiver of Premium: Your child won’t be burdened with premium payments as the company pays it on your behalf. Thus, the policy continues to exist.
- Partial withdrawals: You can access your funds during the term in the form of partial withdrawals, subject to conditions. This takes care of your child’s different educational milestones.
- Tax Benefits: Such a policy offers tax benefits to the policyholder under section 80C of the Income Tax Act^.
- Loyalty addition and Wealth Booster: These plans may also offer benefits such as Loyalty Addition and Wealth Booster, to help you grow your money without needing you to invest extra money.