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Child Insurance Plan to Support Your Little Ones’ Future
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For the ones whom you pledge to protect, forever. A Child Insurance plan is a go-to for all guardians and parents. Because when it comes to dreams and the future, your child’s safety comes Sabse Pehle.
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Financial Protection for Child’s Future Emergencies
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Tax Benefits with Inflation-Resilient Growth
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Wealth Building for Your Child’s Future
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Tax Benefits with Inflation-Resilient Growth
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For the ones whom you pledge to protect, forever. A Child Insurance plan is a go-to for all guardians and parents. Because when it comes to dreams and the future, your child’s safety comes Sabse Pehle.
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What are the Benefits of a Child Insurance Plan?
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Wealth Building
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At the end of the policy term, the plan offers a maturity benefit to the child to fulfil his dreams and aspirations.
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Peace of Mind
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Some child insurance plans offer a premium waiver, where, in case of the policyholder’s demise, all future premiums are waived, and the policy continues till maturity with benefits.
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Life Coverage
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Child insurance plan offers life coverage on the parent or guardian’s life, ensuring that the child’s financial needs are met under the untimely demise.
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Cost-Effective
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Child plans are designed to be affordable, as the premium payments are spread over time. They focus on securing funds while maintaining day-to-day financial balance for the parents.
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Enables Savings
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Investing in a child insurance plan early on allows you to claim tax benefits under Section 80 of the Income Tax Act, 1961. This enables a hike in your overall savings.
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Time-Flexible
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You can choose the term of your coverage according to your needs and plan. It can be customised based on your life stage or your child’s requirements.
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Loan-Supportive
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Child insurance plan acts as strong collateral to avail loans. Be it for education or unassessed requirements of the child. You can easily obtain a loan as a parent or a guardian.
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Flexible
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You can enjoy flexible partial withdrawal up to a certain amount from the plan during the period of the policy. Or, with a lump-sum benefit in case of untimely death within the policy term.
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What is a Child Insurance Plan?
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Insurance Plan Description
A child insurance plan is a specialised policy designed to secure your child’s future against life’s uncertainties, ensuring stability and growth regardless of circumstances. It combines the dual benefits of investment and insurance, making it a smart choice for building a strong financial foundation for your child’s milestone events, such as education, graduation, or marriage.
As parents, you can provide your child with a safety net and a fund for their future through a child insurance plan. You can create a dedicated financial provision, while offering protection and reassuring that your child’s dreams are supported even in your absence. Child Insurance Plans are a thoughtful way of turning your care and commitment into lasting financial security for your little ones.
As parents, you can provide your child with a safety net and a fund for their future through a child insurance plan. You can create a dedicated financial provision, while offering protection and reassuring that your child’s dreams are supported even in your absence. Child Insurance Plans are a thoughtful way of turning your care and commitment into lasting financial security for your little ones.
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What are the Different Types of Child Insurance Plans?
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Single Premium Child Insurance Plan
Term Description
It offers long-term financial protection through a one-time lump sum premium payment, eliminating the hassle of regular premiums. It ensures uninterrupted coverage with partial withdrawals.
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Regular Premium Child Plan
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It allows you to make periodic payments (monthly, quarterly, half-yearly, or annually), making it an affordable and flexible option. It offers life cover during and at the maturity of the policy term, ensuring disciplined finances.
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Limited Premium Child Plan
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It lets you pay premiums for a shorter, fixed period, enabling you to enjoy the coverage for the entire policy term. It’s ideal for those who wish to complete premium payments before potential income changes for their children.
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Child Unit Linked Insurance Plan (ULIP)
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Child ULIP (Unit Linked Insurance Plan) combines insurance with investments. A portion of the premium provides life cover, while the rest can be invested in equity, debt, or balanced funds.
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Child Endowment Plan
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It combines insurance and savings to ensure long-term security. It offers fixed returns, making it an ideal choice for parents and guardians. It is available as participating (with bonus) or non-participating (with fixed benefits) plans.
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Child Money Back Policy
Term Description
It is a traditional life insurance policy that offers guaranteed periodic payouts along with life cover. With low risk and steady returns, it is ideal for parents and guardians who are looking for stability in their child’s financial expenditure.
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Documents You’ll Need to Purchase a Child Insurance
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How To Buy Details
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Proof of Age (both parent and child)
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Birth Certificate, Aadhaar Card, Passport, or School Certificate (for the child).
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Proof of Identity (parent or policyholder)
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Aadhaar Card, PAN Card, Passport, Voter ID, or Driving Licence.
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Proof of Income (parent or policyholder)
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Salary Slips, Form 16, Income Tax Return (ITR), or Bank Statements.
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Proof of Address (parent or policyholder)
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Aadhaar Card, Utility Bills (Electricity, Telephone, Gas), Passport, or Rent Agreement.
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Your Child Insurance knowledge is complete.
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Welcome to the community of financially informed individuals who value security, trust, and smart planning. Share your certificate and inspire your circle to prioritize financial awareness.
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Congratulations!
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It is important to choose a child insurance plan that best suits your child’s needs. You can follow these simple steps to choose the best insurance plan:
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How to Choose the Right Child Insurance?
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Identify Your Child’s Future Goals
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Have a rough estimate of your child’s financial requirements, considering events such as education or marriage, to lock on a sum assured amount.
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Start and Plan Early
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Planning early will help you build a larger savings fund through compounding. The earlier and longer you invest, the lower your premium rate.
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Explore!
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Amongst the many available options, find an investment plan that suits your needs, considering every affecting factor.
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Check for Premium Waiver Benefits
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Make sure that you opt for a plan that offers a premium waiver in case of untimely death of the policyholder, to ensure financial stability for the child.
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Plan for Rising Costs
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Look ahead and plan for inflation, ensuring that the maturity benefit is sufficient to cover rising living costs.
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Compare and Consult
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Make sure that you evaluate the benefits, features, and fund performance of the plan from various insurers before investing.
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Add Riders
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Riders are additional benefits that can be availed for extra protection against unfortunate conditions such as critical illness or disability.
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Review Policy Documents
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Before jumping to conclusions, read all the terms and conditions along with policy features such as payout structures and other benefits.
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