Q1 – What is Child Plan?
This is a Saving Plan plus insurance cover on the life of child upto the end of the term selected.
Q2 – What is the object of this Plan?
The main object of the Plan is to create a fund for the purpose of marriage or education or for creating a start in life & capital for the child.
Q3 – What are the main features?
(a) The Plan can be taken by father or mother on the life of child of any age between 0 to 14 years maturing at the age of 20 years or 25 years or 27 years or 30 years or 35 years or according to need.
(b) The insurance cover shall start after attaining the age of 7 years by child.
(c) The premium is much less because of lower age of child where mortality rate is quite low.
Q4 – What are main benefits?
(a) Parents can lighten their burden of education or marriage of their Children by getting them insured at early age.
(b) This is a good financial planning tool in the hands of parents.
(c) The premiums are quite low in this plan.
Q5 – What are Disadvantages?
(a) If parents dies even then the premium has to be deposited by child. This will a burden on the child.
(b) There is no risk cover upto age of 7 years of child; and as such if child expires before attaining age of 7 years there will be mere refund of the deposited premium.
Please select the insurance type