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Children's Policy
Children's insurance includes policies through which parents or legal guardians can provide for life insurance for their child from birth. The risk cover commences from the child attaining the age of 12 / 17 / 18 / 21 (known as the Date of Risk), and will vest itself on the child upon his or her attaining majority on completion of age 21, if the case demands so.
Until the child attains majority, the parents are the owners of the policy and have to pay the premium periodically. It is important that these policies are considered only after the insurance portfolios of the parents have been completed. The family’s insurance budget should primarily buy as much life insurance as possible on the lives of the breadwinner and should not be frittered away on the children’s lives as their insurance is useless in the event of any premature death of the breadwinner. In fact, those lives should be insured that have maximum economic emphasis. Quite often, these policies lapse if and when the premium paying breadwinner of the family die before the vesting age. After all, the child may not be in a position to continue paying the premiums
Young Achiever from Aviva
Features
- Young Achiever is a regular premium fixed term, protection cum savings plan for your child.
- The policy can be purchased on the life of any one of the parents with the child as the nominee. i.e. the parent is the insured.
- Premiums can be paid in yearly, half-yearly, quarterly or monthly (direct debit or ECS only) intervals.
- The premiums (including additional single premiums) paid are eligible for tax rebate under Section 88 of the Income Tax Act, 1961 only up to 20% of the sum insured in a financial year. The policy proceeds are tax free under Section 10(10D) of the Income Tax Act, 1961 as long as the total premium paid in any of the policy years does not exceed 20% of the capital sum insured.
- The policy offers two investment fund options: a With Profits Fund and a Unit Linked Fund.
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My Child from Birla Sun Life
Birla Sun Life Insurance presents 'My Child'. A choice of two Plans; Flexi Save Plus Endowment Plan (minor) and Flexi Cash Flow Money Back Plan (minor). With the option to add the Waiver of Premium Rider the plan ensures the fulfillment of your dreams for your child.
Investment Options
Both the plans are unit-linked and give you an option to choose from three investment funds depending on your risk profile. Having done that, the plan does not restrict you to the fund you have chosen since you can change the fund option* anytime during the tenure of the policy after the first policy year. The three investment fund options offered under both the plans are: Protector, Builder and Enhancer.
Waiver of Premium Rider
The Waiver of Premium Rider is an optional rider taken on the life of the parent. This rider protects the value of the plan in the event of financial difficulty due to unforeseen circumstances like death of the Parent, Total Permanent Disability of the Parent or the Parent suffering from any of the Critical Illnesses covered under the rider. Depending on the contingency which is covered, all future premiums on the policy will be waived and the policy will continue to grow as if the premium is being paid.
Flexi Save Plus Endowment Plan (Minor)
There are milestones in your child's life where money plays an important role. The Flexi Save Plus Endowment Plan is designed to make matters smooth in the journey of life. This plan provides the resources to help your child kickstart his/her means of livelihood in life. Say start your child's own business. Or help your child in the business of life, like setting down in matrimony. A perfect plan for an imperfect world.
Minimum Face Amount
Rs. 50,000/-
Entry Age Eligibility
The entry ages for the plans: Maturing at age 15 years is 1-0 years,
Maturing at age 20 years is 1-15 years, and Maturing at age 25 years is
1-17 years.
Met Bhavishya (Money Back Policy) from Met Life
This is a non par money back policy that provides guaranteed returns that specially designed to meet children’s educational expenses at different life stages. There are two options to choose from and fixed term benefits, periodic additions & terminal additions are payable based on the option that you select. The policy is suitable for parents having children between the age 0-12 children and parents in the age group 20-50 years old.
Met Bhavishya could be the ideal plan if:
- This is a money back policy where lump sum amounts are paid to the life assured to fund the educational needs of the child
- There are two options A and B depending on the funding requirement to choose from depending on the requirement of the fund
- Guaranteed additions of Rs 50 / Rs 1000 of sum assured, and terminal additions of 20% of the guaranteed additions payable for every year premium paid provided the policy is in force
- In built Waiver of premium in case death of the life assured and the fixed term benefits will continue post the death of the life assured to the beneficiary
- The beneficiary in Met Bhavishya policy is the child
- The policy can be customised through 4 riders - Accidental Death Benefit, Critical Illness (10 illness), Waiver of Premium (Accidental Disability) and Term Rider
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Children's Endowment 18 & 24 Policy from Max New York Life
Children's Endowment 18 & 24 Policy enables you to provide for specific needs of your growing children viz Child Endowment to Age 18 enables you to provide for higher education of your child.
Child Endowment to Age 24 enables you to provide for the best possible wedding of your child and also builds cash value, which you can use during to fund any unforeseen needs by taking a loan. In addition this policy is also eligible for bonuses.
KEY BENEFITS
On death of life insured: Refund of premiums plus interest.
On Maturity: Sum Assured.
On Surrender of Policy: Surrender value.
Bonus: From 3rd policy year, we will declare bonuses every year
Tax benefits:
You are entitled to the following tax benefits under Income Tax Act 1961: Your premiums are eligible for deduction u/s 80C up to Rs.100,000/- every year.
Your claim amounts (from death, on maturity or through surrenders) are eligible for tax exemption u/s 10(10D)
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SmartKid from ICICI Prudential
SmartKid offers an exclusive choice of 3 education insurance plans: SmartKid New Unit-linked Regular Premium, SmartKid New Unit-linked Single Premium and SmartKid Regular Premium. Take a look at the features and benefits of each plan:
SmartKid New Unit-linked Regular Premium
SmartKid New Unit-linked Regular Premium is a unit-linked plan, which enables you and your child to accumulate wealth by virtue of the performance of the underlying market-linked instrument. Take a look at the features of the plan:
SmartKid New Unit-linked Single Premium
SmartKid New Unit-linked Single Premium works in much the same way as SmartKid New Unit-linked Regular Premium policy mentioned above. The only different feature is the premium amount-you will be required to pay only a single premium, which starts at as low as Rs. 50,000.
SmartKid Regular Premium
Flexible investment option: Choose the amount of premium with which you wish to safeguard your child's education.
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Other Childrens policies by Insurance companies are :
- Yuva Shree from AMP Sanmar
- Children's Plan from HDFC
- Komal Jeevan from LIC
- SBI Scholar from State Bank Of india
- Childrens Deffered Assurance plan from LIC
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