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5 Insurance Plans to Secure your Child’s Education Expenses

dateKnowledge Centre Team dateMarch 23, 2021 views211 Views
5 Insurance Plans to Secure your Child’s Education Expenses

With the imminent rise in inflation, parents are often found questioning “how to provide continued education to the kids?”, or “how much does it cost to raise a child”. From the time they are born to the time they are on their own – approximately, the cost lies somewhere around ₹2 Crore. When you become a parent, you need to look at the entire financial picture to ensure that you are saving enough to cover for bigger risks of life. Financial planning is the practice of setting, planning, achieving and reviewing your goals through proper management of your finances. Child insurance plans are saving cum protection plans that help you save for a secured future of your kids while providing them life cover as well.

Here is a list of 5 child insurance plans by Canara HSBC Oriental Bank of Commerce Life Insurance:

1. Smart Junior Plan

It is a savings cum protection plan designed to fulfil your child’s future needs and aspirations. Build wings for your little ones by planning early to keep up with their changing dreams. This child policy offers comprehensive protection if the policyholder happens to pass away. As responsible parents, you must understand that your child’s dream should never be compromised due to such unplanned events.

Features of Smart Junior Plan

Predicting what lies ahead is daunting. But pulling up our socks in time to fight against all odds that may spring up is what as parents you should do. Consider these features of Smart Junior Plan to understand how it can help you:

  • Guaranteed annual payouts for child’s education.
  • Flexible premium payment terms to help you choose one based on your financial circumstances.
  • Addition of regular annual bonuses along with final bonus, if any, on maturity to boost the child education fund.
  • High sum assured rebate if you make a higher premium commitment for the policy term.
  • Enhanced triple protection - Life insurance protection through payment of lump sum benefit on death.

2. Guaranteed Savings Plan

Educating your children and getting them married are a few important milestones that you cannot leave to chance. You need to be prepared for the crucial milestones of your kid’s life to give them the life they deserve. Guaranteed Savings Plan ensures that your promises made to the loved ones are fulfilled even if you are not around.

Features of Guaranteed Savings Plan

It is a savings cum protection plan that offers guaranteed benefits along with the flexibility to choose your savings horizon for optimising the return you receive against the investments made.

  • Provides life cover for the entire term while you have to pay the premiums only for a limited period.
  • Multiple policy term helps you in customizing your savings horizon according to your financial goals.
  • Availability of high premium boosters ensures that you get additional benefits if you choose to make higher premium commitment.
  • Guaranteed benefits are paid out during maturity of policy term if all the premiums have been paid.
  • Get tax benefits under Section 80C and Section 10(10D) as per the Income Tax Act.

3. Jeevan Nivesh – Whole Life Insurance Plan

Jeevan Nivesh is a savings cum protection plan that offers you life insurance cover along with helping you save for the future of your loved ones. Secure the dreams of your loved ones and leave them a legacy so that they can achieve each of their milestones without any financial setback.

Features of Jeevan Nivesh Plan

We strive to make the lives of our little ones better by saving every penny. Help your child achieve their goals and dreams by investing in a Jeevan Nivesh Plan. Here are some of the benefits of this child policy:

  • Guaranteed savings through guaranteed payout of sum assured at maturity.
  • Flexibility to convert your guaranteed sum assured on maturity to annual payouts payable over the next 15 years.
  • Additional lump sum benefit through payout of accrued annual bonuses and final bonus to build a steady fund considering the impact of inflation.
  • Multiple policy term options allow you to select a plan option that is closely aligned with your financial goals.
  • Life insurance cover throughout the term of the policy and beyond – available under Endowment with Whole Life Cover option.

4. Money Back Advantage Plan

You will get guaranteed money back payouts during the policy term along with guaranteed payout at maturity in lump sum. It can be used to achieve each of the milestones that you had planned for. This child policy could help to fulfil the aspirational needs while providing financial protection to your family.

Features of Money Back Advantage Plan

Be financially prepared and build a legacy for your kids with this child plan. The future of your children depends on how you plan to build a financial cushion for them. Here are some benefits of this child insurance plan that may help you make an informed decision:

  • Three guaranteed money back payouts of 15% of the sum assured to meet your planned milestones.
  • Receive guaranteed lump sum payout at maturity that will be equal to 55% of the sum assured along with accrued simple reversionary bonuses.
  • Provides protection for 16 years through payout of death benefit if the life insured happens to pass away.
  • Offers guaranteed money back payouts at regular intervals. It also offers maturity benefits in lump sum.
  • Limited premium payment term of 10 years to align the child insurance plan benefit according to your finances.

5. Invest 4G

It is a Unit Linked Individual Life Insurance Savings Plan that allows you to customize the plan according to your goals and changing life stages. Invest 4G plan gives you complete control over your insurance and saving needs while also helping you to boost your investments. Plan for a secure future of your kids and build a legacy while safeguarding your wealth.

Features of Invest 4G

Invest 4G has different cover options to choose from for different stages of life. Ensure that your kids meet their goals even in your absence.

  • Mortality charges deducted during policy term for regular and limited premium paying policies will be added to fund value at maturity.
  • Premium Funding Benefit option available under Care Option cover ensures that your targeted savings contributions are made even in your absence.
  • Optimise your returns from the investment that you have made in the policy with multiple portfolio management options.
  • Systematic Withdrawal Option can help in creating additional income stream during the term of the policy.
  • Flexibility of choosing to pay for entire policy term or pay for limited years or choose to pay the premium in a single shot.

Buying a Child Insurance Plan – Best Financial Decision

Child insurance plans build a safety net to help you during unforeseen situations that demand monetary attention. It offers you an avenue for investing in your child’s future that may help them over time. To find the best child insurance plan, compare the available child policies and understand the benefits of each of the plan.

Assess your financial needs, premium paying affordability and your child’s needs and choose a plan that is highly customisable. Such child policies can be tweaked according to changing life stages and needs. To keep yourself on solid financial footing, you need to understand your priorities, and the primary one is to build up your savings into an emergency fund that serves as a safety net against the many uncertainties of life.

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