For a parent, there is nothing more important than ensuring their child’s comfort. Even from before the child is born, parents usually try to prepare well in advance and plan their lives so as to best accommodate the addition to the family. Right from the time the child is old enough to walk, parents dream about everything the child can accomplish.
As the child grows older and begins going to school, parents encourage them to cultivate dreams of their own and work towards achieving those dreams. The older a child gets, the more dreams he or she has. While parents are never short on encouraging their children to pursue their dreams, only encouragement alone will not do. Parents need to start planning well in advance so that you can save for your child an adequate amount.
The cost of education is constantly on the rise. The cost of higher education is expected to be astronomical over the next few years, in line with inflation. This further enhances the need for parents to begin planning at a very early stage in order to secure your child’s future.
Whether your child wants to be a nurse, pilot, or an astronaut, you need to ensure that they can do this only if you begin to save for your child while they are still young. These days, many investment plans are available in the market which allow you to save for your child’s future. It is important to scrutinise these child plans carefully before making a solid purchase.
However, the Smart Junior Plan, offered by Canara HSBC Oriental Bank of Commerce Life Insurance, brings together the best of all these plans. The plan is ideal for those looking to make a long-term investment into their children’s future.
Read on to learn about how this plan can help you save effectively and efficiently towards your child’s future.
- Enhanced Protection: The Smart Junior Plan is ideal as an insurance instrument for children. It comes powered with triple protection which allows for a range of benefits that ensure that the child is never troubled by a lack of funds. The policy enables your child to hold onto their dreams by providing the funds required for their education in a balanced manner. In the unfortunate event of your demise, your child will be protected by receiving the lump sum amount at the time of your death, and guaranteed annual payouts as planned by you will be made in order to fulfill your child's education needs. Additionally, if the demise occurs before the premium payment term is complete, there will be no need for the remaining premiums to be paid.
- Flexible Terms: While making any kind of investment, and especially an insurance policy, it is necessary to have a certain level of flexibility in the terms. As you and your child both age, your responsibilities and your child's dreams may change, both of which require flexible terms which allow for making changes to the policy in line with your requirements. With the Smart Junior Plan, offered by Canara HSBC Oriental Bank of Commerce Life Insurance, you can enjoy a high level of flexibility in your policy terms. You can plan for the policy payouts to be aligned closely annually with your child's education milestones. The plan also has several options with multiple policy terms to choose from. This allows you the freedom to choose the most suitable plan, suited for your child's age and the future educational milestones. There is also a high amount of flexibility offered in premium payment terms which can allow you to closely align them with your other financial goals.
- To build a substantial corpus: While all parents have good intentions in terms of saving up for their child's future, not everybody is successful at saving the enormous amount required. Many domestic emergencies and requirements may also creep up often, which will often channel away the funds intended to be invested towards savings. By investing in the Smart Junior Plan, parents can ensure compulsory savings and successfully build up a large corpus that can be used profitably to fund your child's educational goals.
- Extra advantages: Along with an enormous amount of flexibility in terms of premium payments, additional benefits are also available with the Smart Junior Plan offered by Canara HSBC Oriental Bank of Commerce Life Insurance. By paying a higher premium amount, you are entitled to a higher sum assured rebate.
- Tax Benefits: One of the major benefits behind all kinds of investment plans are the tax benefits they offer. A child plan is no different, since it allows you to save for your child’s future while also saving a substantial amount in taxation. Tax benefits with the Smart Junior Plan are available not only on the premiums paid towards the plan, but also on the benefits received by the child. Benefits are available under Sections 80C and 10(10D) of the Income Tax Act, 1961.
While these are only the most prominent reasons to choose the Smart Junior Plan, offered by Canara HSBC Oriental Bank of Commerce Life Insurance, there are several others as to why this plan has emerged superior to other child plans available in the markets. This plan ensures that your child’s future is secured and that they are well equipped to aspire towards fulfilling their hopes and dreams.