Every parent is looking to secure his/her child’s future, even at times when they are not around. Your untimely death may ruin the entire future of your child. As per National Crime Records Bureau statistics, In India, every 90 seconds, one person dies in an accident. In order to cover the risk of your untimely death, it’s a good move to buy a child life insurance plan. It is a long term investment that helps to accumulate the corpus plus ensures financial protection for the child.
A child insurance plan offers the death sum assured as a lump sum that caters to your child’s immediate needs. On payment of death benefit, the policy does not cease. With the waiver of premium option, Plan continues and benefits are payable as planned. Your child receives the money at specific intervals, especially at key education milestones of the child. This plan thus, ensures that our child’s needs are properly taken care of. You can also opt for child health insurance plans that take care of your child’s health care needs.
If you are looking to secure your child’s future, it would be advisable to choose the best child life insurance plan. This article helps you know all about the plan benefits of the top 3 cost-effective child life insurance plans.
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Bajaj Allianz Young Assure
Bajaj Allianz Young Assure Plans is a savings insurance plan, which ensures a bright future for your children, irrespective of any eventualities. This plan provides cash inflow during key milestones such as a child’s education, marriage, etc. It also provides comprehensive coverage in the event of death or accidental disability.
Key Benefits
- Death Benefit as Sum Assured on Death is payable immediately.
- In the event of Accidental Permanent Total Disability during the policy term, all future Guaranteed Additions, Vested Bonus and Terminal Bonus are accrued.
- Maturity Benefit payable is Guaranteed Maturity Benefit (GMB) plus Guaranteed Additions (GA) plus Vested Bonus (VB) plus Interim Bonus (IB) plus Terminal Bonus.
- Guaranteed additions are available under the policy.
- Compound Reversionary Bonus, Interim Bonus, Terminal Bonus & Vested Bonus are payable under this policy.
- You can avail loan amount up to 90% of the surrender value.
Reliance Nippon Life Education Plan
Reliance Nippon Life Education Plan is a non-participating child insurance plan, which ensures that your child don’t have to compromise on his/her goals & aspirations. With this plan, you can save and also opt for payouts that caters your child’s future needs.
Key Benefits
- Death Benefit as an immediate lump sum benefit is payable to the nominee, depending on the Death Benefit Option chosen. This plan also provides a waiver of future premiums and all benefits will be paid, as applicable.
- Maturity Benefit as Guaranteed Maturity Benefit is payable depends on the payout option chosen.
- The loan amount that you can avail is up to 80% of the surrender value.
- Six riders are available that you can choose from to enhance protection.
Future Generali Assured Education Plan
Future Generali Assured Education Plan is designed specially to provide the necessary funds, so your child can easily get access to higher education and don’t have to put off on his/her aspirations and goals. This plan helps you to save systematically plus ensures a financial protection for your child, in case of your demise.
Key Benefits
- Death Benefit as Guaranteed Death Sum Assured is payable immediately. 5% of the Sum Assured is also paid immediately and the same amount is payable on every death anniversary till your child aged 17 years. Under the policy, waiver of all future premiums is also applicable.
- Maturity Benefit payable is 100% of sum assured.
- The maximum amount that you can avail is 85% of the surrender value.
- You can opt for riders including, Future Generali Non-Linked Accidental Death Rider & Future Generali Non-Linked Accidental Total and Permanent Disability Rider.
Don’t forget to Read “Top 10 Child Insurance Plans” for understanding more about Child Insurance.
Child life insurance plans, no doubt, aim to secure your child’s future, but it is essential to choose the best plan by comparing the quotes online and pick the pocket-friendly plan that fulfills your child’s needs. When it comes to planning for your child’s future, it is advisable to buy the plan earlier, so you can ensure a brighter tomorrow for your child.