Parenting is a challenging task, and this competitive world demands perfection in every endeavor. A successful parent provides not only emotional support to the child but also provides for their foreseen and unforeseen needs.
A lot of this is hinged on how well finances are handled. Financial planning has to be done in such a way that adequate amount of money is available to the child right when he/she needs it. Financial planning should be started as early as possible.
Buy child insurance plan of the different Insurance companies helps us to achieve this end. Child Plan is an insurance product and an investment tool that gives financial security to the child and helps him reach his milestones. This plan is bought by the parent, and the child is the nominee.
As it covers insurance, it ensures that the child receives a substantial amount of money in case the insured meets an accident. The investment part of the policy helps to build a substantial amount of funds which can be used for education, the marriage of the child etc. The plan gives substantial returns regardless of whether the insured is no more during the term or outlives the term. The parents can rest assured of financial stability and concentrate on other needs of child development.
A legal or biological parent can buy a child plan. There might be variation in some criteria from one insurance provider to the other in the child plans. These variations include maturity age, entry age, annual minimum premium and minimum assured sum etc.
Some of the Major Insurance Companies Providing Child Plan Include:
Life Insurance Corporation Limited
The Child Future Plan of LIC helps to meet the educational, marriage and other expenses of children. It gives risk cover on the life of the child during the policy term and also during the extended term (seven years after the expiry of policy term).
ICICI Assure Pru-Smart Kid Plan
The access age for this policy is 20 to 60 years, and the maturity age is 75 years. The least premium is INR 15,000/-, and the minimum sum assured is five times the annual premium that has been finalized.
Max Life Shiksha Life Super Plan
The entry age is 21 to 50 years, and maturity age is 65 years. The least premium is INR 25,000/ and the minimum sum assured is INR 50,000/.
Buy Birla Sun Life Insurance Vision Star Plus
The entry age is 18-55 years, and the maturity age is 75 years. The minimum sum assured is INR 1,00,000/-
HDFC SL Young Star Super Premium
This policy can be acquired between 30to 60 years, and the maturity age is 75 years. The least premium is INR 24,000/ and the minimum sum assured is determined by underwriting.
Aegon Life Educare Advantage Insurance Plan
The entry age is 20 to60 years, and it matures at 75 years. The minimum sum assured is INR 1,00,000/ and there is a lower limit to the payment of premium.
MetLife Smart Child Plan
This can be bought between 18 to 55 years. There is no fixed age for maturity. The least value premium is INR 18,000/and the sum assured is ten times the annual premium value.
Life Child Advantage Plan from Bharti AXA
The entry age is 18-55 years. Maturity age is 65 years. There is no least value premium, and the minimum assured sum is INR 25,000/.
Exide Life Mera Ashirwaad Plan
The entry age is 21 to 50 years, and the maturity age is 65 years. There is no least value premium, and the sum assured value is INR 3.5 lakhs.
Champ Smart Insurance Plan from SBI Life
The policy can be acquired within 21 to 50 years, and the highest maturity age is 70 years. The least premium is INR 6000/and the minimum sum assured is INR 1,00,000/-
Edelweiss Tokio Edu Life Save Plan
This has to be purchased between 18 to 45 years and matures at 60 years. The least premium is INR 6,968/ and the sum assured is 2,25,000/-
Bajaj Allianz Assure Young Plan
This policy can be acquired between 18 to 50 years, and the highest maturity age is 60 years. Here, there is no fixed minimum annual premium and the least assured sum will be ten times the annual premium value chosen.
Some Pointers to Select a Good Child Plan
A child plan should provide financial protection, there should be a growth of investment, it should provide tax benefit, it should allow withdrawals in case of emergency, the premium paid can be invested in the choice of equity, debt or balanced funds to build a corpus for the child’s future, and there should be flexibility to change from equity, debt and balanced funds as per need.
In addition to all these, there should be flexibility to pay the premium in a lump sum amount or at determined intervals of time. A comparison of the policies provided by different companies can be done by perusing their websites or by consulting an agent.
Congratulations @mohitkapoor! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
Congratulations @mohitkapoor! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!