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FAQs

All that you need to know...

FAQs

faqs

Frequently Asked Questions

Does Child Education plan help in Tax Saving

A child education plan offers significant tax-saving benefits on both the premiums paid and on the policy benefits received upon maturity and during the policy term. The premium paid under a child education plan, up to an amount of 1.5 lakh, is tax deductible under Section 80C of the Income Tax Act 1961. On the other hand, the policy benefits received during the plan's duration and upon completion of the policy period are exempt from taxation, according to the regulations of Section 10(10D) of the Act.

It is advisable to consider here that the tax benefits associated with the child education plans are valid as per the prevailing Income Tax laws. From time to time, these tax laws are subject to amendments. For any tax-related queries, therefore, you must contact an independent tax advisor.

Child education plans from Canara HSBC Oriental Bank of Commerce Life insurance allow you to diversify your financial portfolio with opportunities to maximize your savings while securing the future needs of your child. Invest 4G plan allows you to invest in up to seven fund options – ranging from equity, hybrid, and debt instruments. Moreover, you can leverage up to four portfolio strategies to avail of maximal investment returns as per your risk preference.

With child education plans from Canara HSBC Oriental Bank of Commerce Life Insurance, you can also make partial withdrawals throughout the policy tenure, to take care of any immediate needs that may come up. Therefore, it is sensible that you take your time in understanding the various features and benefits on offer under different child education plans before choosing an appropriate investment plan so that your child can continue living their dreams and never have to worry about money as they grow.

Child Education Plans with Canara HSBC Oriental Bank of Commerce Life Insurance

1. Invest4G

A protection cum savings oriented plan, which provides life cover protection along with saving opportunities for your life goals, loyalty additions, and wealth boosters.

2. Smart Future Plans

These plans provide long-term investment opportunities to help fulfill the various needs of your child.

3. Jeevan Nivesh Plan

This plan helps develop the habit of disciplined financial savings so that you have a stable financial platform to support your child's life goals.

4. Future Smart Plan

This policy provides long-term investment opportunities to secure your child's future while protecting them with life insurance coverage.

5. Money-Back Advantage Plan

This plan protects your loved ones with a comprehensive life cover and milestone-based payouts

6. Smart Junior Plan

This plan offers protection in case of your untimely demise and promises to pay guaranteed payouts and annual bonuses, along with maturity benefits.