Child Plans
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Before purchasing any insurance plan it is advisable to opt for a reputable insurance company which is financially strong and keeps its customers interest as the foremost aim and provides good quality services. Let us look at the steps which one needs to follow while buying a Child Insurance Plan:
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As a parent, we always dream of providing the best of education and a secure life to our children. To ensure that our child's dream are fulfilled it is vital to plan your finances to provide a secure future for your loved ones. When you plan for your child's future the most important aspect is to provide quality education at all steps of their life. However, rising cost of education is troubling all parents. The cost of Education in India has nearly tripled in the last 15yrs. Probably there will also be an increase in the course fee over the next 15 years.
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A Child Plan is an Insurance Cum Investment Plan that serves two purposes:-
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As the term suggests, Nominee is a person who is nominated or appointed by the policyholder to look after his/her financial accounts, assets, etc., after his death. It is the responsibility of the nominee to disburse the proceeds among the legal heirs.
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Different companies offer different Child plans which can be categorized based on the premium payment terms, benefits received and modes of investments.
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Yes. Life Insurance Policies can be used as a Tax Planning tool as the policyholder is eligible for tax benefit under the Income Tax Act 1961. There are 2 types of Income Tax Benefits available to Policyholders with respect to Long Term Savings made under a Life Insurance Policies:
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