Child Insurance Plan
Child Insurance Plan Service By GK MF Invest Private Limited
Keeping your family financially protected
A child plan is an investment + insurance plan that helps you meet your child’s financial needs. A child insurance plan will help you create wealth for your child’s future needs like education. You can start investing in these plans from the birth of your child. You get the flexibility of investing your hard-earned money into several funds on the basis of your financial condition and goals in mind.
What does Child Insurance Plan cover?
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New Delhi , India
Features Of Child Insurance
Premiums: Payable as a lump sum at the start of the policy tenure. You may also choose to pay it frequently on a regular basis or for a limited period of time. Most Life Insurers provide options such as monthly, quarterly, half-yearly, yearly. Premium amount varies as per the sum assured chosen by you in case of traditional child plans.
Sum assured: This is the amount that will be paid out in case of the policyholders’ demise. Most of the time, sum assured should be above 10 times the current gross income of insured.
Maturity: The maturity amount should be chosen with an eye on the future. Assuming your child is 8 years old, and his policy will get matured in 10 years’ time, then you should take into consideration factors such as inflation and interest rates. If you fail to consider these factors, the released funds may fall short of the requirements in future.
Policy Tenure: Mostly meant for children up to the age of 18-21. Here, tenures can be selected from birth until the child reaches a predefined age. The policyholder/insured is not to be 70 plus years at policy’s maturity.
Segmented pay-outs: With child life insurance policies, you can select if the child will get payment as a lump sum, or in yearly instalments. Such a setting will help in paying dues such as college fees, marriage expenses, higher education expenses, appropriate funds for starting a business, etc.
Premium Waiver Benefit: An inherent feature of child plans is that premium waivers become applicable when the insured dies in a stipulated duration of time. In this situation, the sum assured will be paid out to the beneficiary, while the premium for the remaining tenure will be paid by the insurer. At the end of the tenure, the maturity amount will be provided as detailed in the policy document.
Partial Withdrawal Clause: A partial withdrawal clause allows the policyholder to make a partial withdrawal, in case of a financial emergency. Many policies also come with the option of partial liquidity.
Choice of Funds: A child insurance policy such as a ULIP scheme allows a policyholder to select the choice of investment funds (equity, debt, hybrid and money market). You also have an option of a Systematic Transfer Plan and Dynamic Fund Allocation.
One of the most cost efffective plans
Term Insurance Plan With Return On Premium
Secure your family and get back your premium.
Ensure protection for your family along with options to get money back*
Guaranteed Income Plan
A guaranteed income plan packs a variety of options and benefits that can help you get peace of mind once you retire
Importance of Child Insurance Plan Policy
It is one of the best ways to save enough with regular investments for your child’s future for needs like higher education which can be costly.
Financial protection features in child plans ensure that your child gets the best in the future even in your absence.Contact us to know more.
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