Benefits Offered in a Child Plan

1
Benefits Offered in a Child Plan
2

• Want to shed off all your worries with regard to
  your child's future, go for a child plan! With a
  Children plan, you ensure that the financial
  support required for your Children to pass
  through the essential phases of his life is taken
  care of by the insurance provider. Today,
  Children insurance is available in various
  formats and these can help you de-risk your
  Children's future to a great extent.

3
Who can opt for a Child Plan?

• The eligibility criteria that decides who can buy
  a Children policy varies amongst insurance
  companies. But broadly speaking, a Children plan
  can be availed if the parent is above the age of
  18, while the child is below the age of 18. The
  maximum entry age of the parent is restricted up
  to 60 in most Children insurance plans.

4
The key benefits that the best Children plan
would offer include

• Sum Assured - The premium amount that you pay
  towards the Children insurance is invested by the
  insurance company and gets compounded over years
  and you are paid back the same as sum assured.
  The sum assured is either payable on maturity of
  the plan or on the demise of the parent. A few
  plans allow the sum assured to be paid as
  installments over multiple years. The
  installments payments are generally linked to a
  milestone like further education, marriage etc.
  The milestones may be anticipated in advance and
  accordingly the installment milestones are fixed.

5

• Premium Waiver Rider - Most Children plans would
  have a rider which would give you the benefit of
  premium waiver in the event of the demise of the
  insured parent. Opting for the premium waiver
  benefit would mean increase in the premium
  liability. By virtue of the premium waiver
  clause, the policy will continue even after the
  demise of the parent and the liability of all
  future premium payment would be taken up by the
  insurance provider.

6

• Disability Rider - If you do not opt for the
  disability rider, the premium waiver will be
  allowed only in the event of the death of the
  insured. But if you take the disability rider,
  premium waiver will also be allowed in the event
  of disability of the insured parent.
• Tax Benefits - Like in the case with other life
  insurance plan, the premium paid towards a child
  plans in India are exempt from tax under section
  80C. The maturity or death claim proceeds are
  also exempt from tax under section 10 (10D).

7
You can buy child plan online

• There are host of Children insurance offered by
  companies and if you wish to buy one, you may
  compare child inurance online with regard to the
  premium amount payable, sum assured, and
  availability of premium waiver benefit,
  disability rider and policy duration. This will
  give you a very clear picture of which Children
  insurance is ideal for you and you may pay for
  the one that offers the best terms.

8
https//www.facebook.com/bajajallianzlifeinsurance
ltd
https//twitter.com/bajajallianzLIC
Sourcehttp//tinyurl.com/hvl8ny2a