Children’s Insurance

Children’s Insurance

As a parent, ensuring a bright and secure future for your child is your top priority. Children’s Plans are specially designed financial and insurance products that help you systematically save and invest for your child's milestones – be it higher education, marriage, or career development. These plans also provide a safety net in case of unforeseen events, making sure your child’s dreams are never compromised.

What is a Children’s Plan?

A Children’s Plan is a life insurance cum investment plan that offers a combination of savings and protection. It allows parents to build a financial corpus over time while also ensuring that the child’s future is financially secure even in the parent’s absence.

Key Benefits of Children’s Plans

• Financial Security for Future Needs
• Meet future educational, medical, or career expenses without financial stress.
• Premium Waiver Benefit
• In case of the policyholder's (parent's) untimely death, the insurer continues the premium payments, ensuring the plan benefits remain intact.
• Life Cover Protection
• Provides a life insurance cover to secure the child financially in case of unfortunate events.
• Tax Benefits
• Enjoy tax deductions under Section 80C and tax-free returns under Section 10(10D) of the Income Tax Act.
• Partial Withdrawals
• Many plans offer the flexibility to make partial withdrawals for urgent educational or medical needs.

Types of Children’s Plans

• 1. Child ULIP Plans (Unit Linked Insurance Plans)
• Combines market-linked investment with life insurance to offer higher returns over the long term.
• 2. Traditional Endowment Plans
• Offers guaranteed returns and a lump sum at maturity, ideal for risk-averse investors.
• 3. Child Education Plans
• Tailored specifically to cover the high costs of schooling, college, or overseas education.

Why Choose a Children’s Plan?

• Helps plan systematically for significant life goals
• Protects your child’s dreams against uncertainties
• Provides peace of mind with assured payouts and maturity benefits
• Builds disciplined savings habits