Every parent wishes to provide a stable future for their children. They are concerned about everything, from their meals to their schooling. Money is necessary to give them the most lavish amenities and to make their future worry-free. To ensure that your child does not have to suffer financially for future requirements, all you have to do is choose a child insurance plan.
Choosing the right coverage at the right age and at the right time will offer your child full protection. To make that happen, let’s delve into the world of child plans.
What Is A Child Insurance Plan?
A child plan is a type of investment plan offered by numerous companies to protect your child’s future ambitions and desires. It provides life insurance and flexible payouts at all of your child’s critical life stages. The insurance plan is one of the finest strategies to save money for your child’s future by making monthly investments. There are several sorts of child insurance plans from which to pick.
Benefits of Child Insurance Plans
The benefits associated with a child plan are as follows:
Financial Protection
A child insurance plan serves as a financial safety net by paying a lump sum to the nominee in the case of your untimely death.
Offers Tax Benefits
Section 80C of the Income Tax Act of 1961 exempts child insurance plans from taxation. You can claim a maximum of Rs 1.5 lakh in tax deductions for the premium paid.
Provides Investment Component
A life insurance policy, in addition to a life cover, includes investing components. Furthermore, a ULIP child plan allows you to tap on the financial markets’ potential for large profits.
Allows Partial Withdrawal
A ULIP child insurance plan allows you to access a portion of your assets to satisfy your child’s immediate needs. Once the lock-in period is ended, you may cash out part of your units to cover unanticipated medical expenditures, school tuition, and so on.
Best child insurance policies offered by Canara HSBC
Canara HSBC Oriental Bank of Commerce Life Insurance provides several child plans with guaranteed rewards to protect your child’s future. These plans provide a variety of policy terms and premium payment options from which you may select the ideal policy term based on your child’s age and needs. Let’s go over them one by one:
Invest 4G Plan
Canara Oriental Bank of Commerce Life Insurance Invest 4G is a unit-linked life insurance policy that can help you put your financial difficulties behind you. The policy provides both protection and savings, allowing you to save for your future goals while simultaneously giving life insurance cover.
The policy’s unique features, such as the loyalty incentive, wealth booster, and mortality return on maturity, make it an outstanding choice. Canara HSBC Oriental Bank of Commerce Life Insurance Invest 4G is a ULIP plan providing savings and protection.
Future Smart Plan Child Insurance Plan
It is a unit-linked child plan that allows for long-term investing. The policy should be purchased between the ages of 18 and 60. The policy can be purchased for 10 years, 15 years, 20 years, or 25 years. This plan only allows for yearly premium payments.
Depending on your investing philosophy, you may pick from five investment funds with equity exposure ranging from 0% to 100%. If the insured chooses milestone withdrawals, he or she will get 15T of the fund value in each of the previous five years.
mart Future Child Insurance Plan
It is a unit-linked plan that offers a long-term investment opportunity to meet the demands of diverse family members. In the event of an unfortunate incident, the Insured will be covered by the Premium Funding Benefit.
You have the option of selecting a policy term of 10 years, 15 years, 20 years, or 25 years. The policy should be purchased between the ages of 18 and 51. The Life Assured can select any premium-paying term ranging from 10 to 20 years.
Jeevan Nivesh Plan
Canara HSBC Oriental Bank of Commerce Life Insurance has developed a new plan named Jeevan Nivesh, which promises a 5% annual increase in income for 15 years to safeguard against inflation. The new Jeevan Nivesh Plan combines life insurance coverage and savings into a single plan.
Jeevan Nivesh is a classic endowment plan that allows you to pick full life coverage up to the age of 100. The strategy is intended to meet the customer’s various demands. The endowment with an entire life protection option is available to customers.
Money Back Advantage Plan
Canara HSBC Oriental Bank of Commerce Life Insurance Money Back Advantage Plan is a non-linked individual life insurance savings and protection plan. This is a popular money-back policy that offers guaranteed money-back payouts for the duration of the policy. Furthermore, the insurance provides a guaranteed lump amount at maturity, as well as bonuses that the policyholder may utilise to meet their needs and achieve their life objectives.
Every individual requires financial support, whether for personal or professional reasons. Even if a person intends to buy a house or go on a trip, they must have a financial backup so that money is never an issue. Canara HSBC Oriental Bank of Commerce Life Insurance Money Back Advantage Plan provides much-needed security for you and your family members by providing life insurance. In addition to maturity advantages, guaranteed money back reimbursements are available.
Smart Junior Plan
It is a child insurance plan that gives guaranteed payouts to protect your child’s future. The plan offers numerous policy terms and premium payment periods from which you may select the ideal insurance term based on your child’s age and needs. Smart Junior Plan Canara HSBC Oriental Bank of Commerce Life Insurance is a good option if you need assured rewards during your child’s education milestone. One of the plan’s standout characteristics is the waiver of premiums in the event of the life assured’s death.
Wrapping It Up
Child insurance coverage is the finest option for your child’s future security. To choose the best plan for your child, you must first understand the different types of plans on the market.
As a parent, you would never jeopardise your children’s future, especially their education. Investing in a child plan, on the other hand, helps you to prepare ahead of time and protect your child’s health no matter what occurs.
There are several types of child plans available, including market-linked and traditional plans and basic and lump-sum plans. Choose the one that best meets your requirements after analysing the various premiums and incentives.