As a parent, you wish to provide your child with the very best that life offers, the best possible education, marriage and life style. Children's plan helps you save so that you can fulfill your child's dreams and aspirations. These plans go a long way in securing your child's future by financing the key milestones in their lives even if you are no longer around to oversee them.
2. Are children's plans different from regular life insurance plan?
Child plan includes certain benefits such as life cover, education plans which will safeguard future of your child and help you with rising cost of education. If we compare a term plan and child plan, in case of term insurance if policy holder dies then death benefit paid policy ends, while in child plan it continues and rest of premium paid by insurer. In a case if policy holder survives then there is no maturity benefit in term insurance, whereas there is a maturity benefit in child plan.
3. When is the right time to buy a child plan?
You can invest in child insurance plan right from the time child is born and withdraw once the child reaches adulthood.
4. What are the types of child plans available in market?
There are two types of child plan in market provided by insurance company:
Child ULIP: A fraction of premium flows into debt instrument and rest in the equity market and the switching depends on the insured; the returns depend on the NAV .
Child endowment plan: the premium paid flows only in the debt instrument and return depends on the bonus payable at maturity.
5. Does this plan help in securing child's education?
Yes the child education plan helps in securing child's education.
6. Are there any insurance riders available to child plan?
The riders available in child plans are premium waiver rider, accidental death and disability benefit, critical illness rider benefit.
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