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♥ Child Insurance Plan | Top 5 Child Investment Plan ♥
We All Know That In Today’s Internet World All The Tech-Savy Or Computer Friendly People Goto Various Search Engines Available On The Internet Like Goolge, Bing, Rediff, etc. And Many A Times Even We Search On Some Of The Specific Life Insurance Companies Websites Like Policy Bazaar, Bank Bazaar, Cover Fox, Life Insurance Corporation Of India, Max Life Insurance, etc. Whenever They Have To Buy Child Insurance Policy Online.
Our Today’s Discussion Is Also Same As We Will Share All The Necessary, Relevant And Needed Information Regarding Child Insurance Policy And Also Child Life Insurance So, Let’s Begin.
Every Child is a precious gift for every parent and at any cost we want to secure our Child’s Happiness and fulfil their needs. We don’t want to take any risk for our child’s future like their education, marriage and settlement from every side as we want to secure their lives. And in this expensive World it’s not easy to maintain the happiness of our child without a Financial Planning. Firstly you have to find out the actual requirement of your child. What’s his/her requirement and is insurance required or not? What is the benefit of insurance plan and which Insurance Company gives us maximum benefits. These information you can easily Collect online from various insurance websites.
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You can compare Child Insurance Policy with different Insurance Companies and can easily find out which one is more beneficial. Looking at the growing responsibilities, parents are often stuck with questions like which is the right investment plan that we should opt for our Child/Children.
Here Is The List Of Top Five Child Investment Policies:
1. LIC Jeevan Ankur Plan:
- LIC’s Jeevan Ankur is a conventional with profits plan, specially designed to meet the educational and other needs of your child.
- If you are a parent of a child aged upto 17 years, LIC’s Jeevan Ankur is the most suitable insurance plan for you which ensures that your responsibilities are met whether you survive or not and without depending on anyone else.
- The risk covered under this plan will be on your life as a parent and the named child shall be the nominee under the plan.
Features And Benefits Of LIC’s Jeevan Ankur Insurance Plan:
- LIC’s Jeevan Ankur Plan is an Endowment Plan with Loyalty addition
- When the policy matures, the Maturity Benefit is paid irrespective of whether the Life Insured is alive or not
- The policy provides mode rebate and large sum assured rebates to the policy holder.
- In case of death of the Life Insured within the policy tenure, Sum Assured is paid immediately and 10% of the Sum Assured is paid every year till the end of the Policy Tenure as Income benefit facility.
- LIC’s Jeevan Ankur Plan Come with two additional Rider benefits i;e Accidental Benefit Rider and Critical Illness Rider.
- Maturity Benefit – At the end of the policy term an assured maturity benefit equal to Basic Sum assured along with Loyalty Addition, if any, shall be payable irrespective of survival of the Life Assured.
- Maturity Benefit = Basic Sum Assured + Loyalty addition, (if you have any loyalty addition)
- Death Benefit – Death benefits are paid on death of the assured during the policy term, means if in case of death of the Life Insured, i.e. the Parent, immediate Death Benefit of the Sum Assured is paid to the nominee + 10% of Sum Assured is also paid on every policy anniversary till the end of the policy term as Income Benefit.
- Surrender Value – The guaranteed surrender value for Single Premium Policy is 90% of the premium paid, if the policy has been successfully renewed for one year or more. The guaranteed surrender value excludes any premium paid for optional rider. For Regular Premium Policy, the Guaranteed Surrender Value is 30% of the Premium Paid.
- Income Tax Benefit – Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity benefit is tax free under section 10 (10) D provided all conditions have been fulfilled.
2. HDFC Life YoungStar Udaan:
- HDFC Life YoungStar Udaan is a traditional Child Insurance Policy with multiple benefits and it also has the features of Endowment and Money Back Plan for a secured future of the child.
- This plan is ideal for the parents who wish to make provisions for academic expenses that occur prior to the college education. It covers your college fees as well as marriage expenses of your child.
- Key Features:
- There are 3 maturity benefit options, which can be choose as per your child’s requirements: Aspiration, Academic, Career
- The policy comes with Endowment and Money Back Plan with Multiple options.
- Death benefits with waiver of future premiums.
- Guaranteed addition accrue in the first 5 policy year enhancing the benefits payable.
- There are 2 options for death benefit payouts – classic and classic waiver.
- Insurance coverage throughout the policy term by paying premium for limited period.
- Flexibility to choose your policy term from 15 to 25 years as per your child’s future needs.
- Maturity Benefits – You can choose two types of maturity benefits in this child insurance policy according to the goal or requirements of your child
- Endowment Options (Aspiration) – In this option lump sum as 100% of sum assured plus Guaranteed Additions as 25% of sum assured. In total, it is 125% of sum assured.
- Money Back Options (Academic And Career) – 30% of sum assured at 5th year before maturity. 15% of sum assured at 4th/3rd/2nd/1st year before maturity. At maturity, 15% of sum assured plus Guaranteed Additions as 25% of sum assured. In total, it is 130% of sum assured. And for career 15% of sum assured at 5th/4th/3rd/2nd/1st year before maturity. At maturity, 40% of sum assured plus Guaranteed Additions as 25% of sum assured. In total, it is 140% of sum assured.
- Death Benefits – On death of the policyholder, the death benefit under both the options will be higher of the SA (Sum Assured) on death of policyholder 105% of all premiums paid + vested reversionary bonuses, Guaranteed Additions and Terminal Bonus If any.
- Survival Benefit – The survival benefit in monthly instalments is 8.5% of the annual survival payout. It is payable over a period of 12 years.
- Tax Benefit – You can avail tax benefits under section 80C & 10 (10D) of the Income Tax Act. Tax benefits are applicable, as per the prevailing tax laws.
3. Bajaj Allianz Young Assure:
- Bajaj Allianz Young Assure is also a traditional participating regular and limited premium payment endowment plan to ensure a bright future for your loved ones.
- It is type of saving insurance plan protecting the child future by wealth collection and insurance coverage.
- This plan provides the right financial support for your children to achieve their dreams irrespective of eventualities.
- Bajaj Allianz Young Assure – Features:
- Guaranteed maturity benefit and avail guaranteed additions.
- Three cash instalment options.
- Comprehensive coverage for death/accidental disability and enhance coverage with rider benefits.
- Discounted rates for female policyholders.
- Premium rebate for higher guaranteed maturity benefit.
- Multiple premium payment and policy term options.
- Avail bonuses, loan benefits and enjoy tax benefits.
- Minimum entry age is 18 years
- Maximum age is 50 years
- Minimum maturity age is 28 years
- Maximum maturity age is 60 years
- Premium: Based on GMB chosen, age, policy term, premium payment term and premium payment frequency
- Premium Payment Option: Monthly, quarterly, half-annually and annually
- Policy Term: The policy terms are 10, 15 and 20 years.
- Female Life Rebate: The female premium rebate will be based on the premium rate of 3 years younger male.
- Sum Assured: Ten times of annualised premium.
- Plan Type: Online.
4. PNB MetLife Smart Child:
- PNB MetLife has insured more than 3.6 million lives in India.
- PNB MetLife Smart Child Plan is a Child Plan which is a Unit Linked Insurance Plan. The policy can be used to plan your child’s future cash requirements.
- PNB Metlife child plans are specially designed to take care of your child’s ever changing requirements – from child education plan for rising educational costs to financial planning, extracurricular needs or even wedding, which are included in our saving plans for children.
- It is a Unit Linked Insurance plan for the benefit of the child.
- In this plan, policy tenure can be 10, 15 or 20 years.
- Loyalty addition is 2% or 3% of average fund value for policy tenure of 15 or 20 years respectively.
- Fund Value + Loyalty Additions are paid to the policyholder on maturity as maturity benefits.
- In this plan there is 3 way Death Benefit:
- Higher of Sum Assured or 105% of total regular premiums paid, is paid as immediate death benefit and policy continues.
- Future premiums are paid by the Insurance Company through the inbuilt premium waiver benefit rider. All funds from Flexi Cap, Virtue – II & Multiplier – II Funds, at the time of insured’s death will be transferred to Balancer – II, which is a moderate risk fund.
- There are 6 funds for Investment Purpose.
- Minimum entry age is 18 years.
- Maximum entry age is 55 years.
- Minimum annualised premium is Rs. 18000 p.a.
- Maximum annualised premium:
- Till 35 years – Rs. 2 Lakh
- 36-45 years – Rs. 1.25 Lakh
- Above 46 years – Rs. 1 Lakh
- Minimum age of maturity – 23 years.
- Maximum age of maturity – 25 years.
- Policy Term Period: The policy term period is 10, 15 and 20 years.
- Payment Method: Yearly, half – yearly, quarterly or PSP (Payroll Saving Program)
- Premium Paying Term: 6 years or term minus 5 years.
5. Kotak Headstart Child Assure:
- It is a Linked Insurance Product which do not offer any liquidity during the first five years of the contract.
- The policyholder will not be able to withdraw/surrender the monies invested in Linked Insurance Products completely or partially till the end of the fifth year from inception.
- The future premiums would also be paid by the company such that the Fund Value would also be paid out on maturity of the policy. Hence the fund value would be paid out in all circumstances.
- This plan is a Unit Linked Insurance Plan without Bonus
- Death Benefit is higher of Sum Assured or 105% of all premiums paid and future premiums are waived off to pay maturity benefit as well. Maturity benefit is fund value which is payable when the policy term ends.
- This policy has one inbuilt rider namely Premium Waiver Benefit rider.
- This policy has 4 additional riders available with this plan (Accidental Death Benefit, Permanent Disability Benefit, Critical Illness Benefit and Accidental Disability Guardian Benefit – Future unpaid premiums waived on accidental disability).
- There are 8 funds for investment purpose (Classic Opportunities Fund, Frontline Equity Fund, Balanced Fund, Dynamic Floor Fund II, Bond Fund, Floating Rate Fund, Gilt Fund and Money Market Fund).
- Eligibility Conditions:
- Minimum entry age of parents – 18 years.
- Maximum entry age of parents – 60 years.
- Minimum age of maturity for parents – 28 years
- Maximum age of maturity for parents – 70 years
- Payment Method: Yearly and half – yearly.
**Tips To Buy Child Insurance Plan
It is Important To Protect Our Children’s Future, As Steve Maraboli Said “What We Instill In Our Children Will Be The Foundation Upon Which They Build Their Future“
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