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Child Plans

While every parent wants to secure their childu2019s future, education costs are climbing high every year. <br><br>https://www.sbilife.co.in/en/individual-life-insurance/child-plans

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Child Plans

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  1. Child Plans

  2. Child Insurance Plans- An Overview While every parent wants to secure their child’s future, education costs are climbing high every year. A child education plan is an investment cum insurance plan that will: • Provide money at key education milestones of your child, even in your absence. • Pay out a lump sum benefit to your family in case of your sudden demise.

  3. Various Child Plans You can invest in two types of child plans: • Traditional Child Education Plans- Life and accidental death coverage throughout the period. Pay one-time premium or limited premium. • Unit Linked Insurance Plan (ULIP)- Save money for child’s future and accumulate wealth, by investing in various funds based on your risk appetite.

  4. Why Should You Buy a Child Education Plan • It will help you save for a specific future goal. • Child education plans also provide options for wealth generation. • Will take care of your family’s financial needs in case of your sudden death. • Tax benefits • Will make budgeting easier. • You can avail partial withdrawals after a specific time period.

  5. Benefits of Child Plans • Build a financial corpus for future • No restriction on usage of funds • Flexible premium and investment options • Premium waiver benefit; which means in case of your sudden death your child wont have to carry the financial burden of premiums. • Assured returns on maturity • Tax benefits • Easy online application process

  6. How to Use a Child Education Planner? A child education planner can help you figure out an approx. amount you will need to save for the future. • Provide details about yourself and your child; name, age, number of children, etc. • Select the type of career you child might prefer; also the location • Provide the current cost of education, your savings and other financial details • The child education planner will give you an estimate based on target inflation rate.

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