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What is a Child Insurance Plan?


Child Plan Glossary:

Here are the basic terminologies used in a child Insurance parlance.

Bonus: Is the additional amount which the insurer gives to the policyholders out of the profits earned in a financial year.

Claim: The insured event where the insurance company will pay the policy proceeds under the contract.

Guaranteed Additions: It is the guaranteed payout expressed as some percentage of the sum assured which is added to the policy and paid on death or maturity as per the policy terms.

Insurer: The Insurance Company is known as the insurer.

Insured: The individual whose life is being insured under the life insurance contract.

Insurability: It means all conditions that are related to the health and life expectancy of an insured.

Insurable Interest: This means that there should be some financial loss to the policyholder who is taking an insurance policy on the insured. Without insurable interest an insurance contract holds invalid.

Money Backs: Periodic payouts paid back to the policyholder as some percentage of the sum assured on regular intervals.

Moral Hazard: Wrong intention or facts to seek the life insurance plan which affects the decision of the prudent underwriter or insurance company.

Misrepresentation: Statements or facts of any kind that does not represent the correct intent which affects the insurance policy contract.

Premium: The policyholder agrees to pay a cost for seeking life cover from the insurance company as consideration for buying the insurance policy.

Policy Term: The specified number of years for which the policyholder is insured with the insurance company.

Riders: The additional benefits linked with the base policy taken by paying an extra premium by the policyholder.

Sum Assured: The life cover which the person has taken under his life policy which is payable in the insured event.

Why should I buy Child Insurance?

Being a parent, it’s your prime responsibility to guard the future of your child, and you can do this by investing in a child insurance plan. Here are some top reasons to buy the Child Insurance Plan.

Secured Future of Child

Life is not certain, and you never know when and where death awaits you. In the event of your premature demise, who would take care of your child’s education, marriage, or other financial responsibilities? In this tough time, your insurance company provides a lump sum to your child who is the nominee. Child plans guard the child against the financial ramifications of the death of a parent.

Ensure Financial Protection

Child plan will ensure financial protection in the event of unfortunate demise of the parent. Child plan ensures such events does not impact the future planning of the child.Many child plans come with an inbuilt benefit of the waiver of premium which suggests that the policy will continue even in the case of the demise of the parent and provide the due benefits timely.

Regular Saving for Child’s Education Needs

Giving your child a better education is one of the primary concerns in today’s age of escalating cost of education. Moreover, your child may also opt for higher education in India or overseas, which will cost huge. By investing in a child insurance plan, you need not to worry about the rising cost of education and finance needed for your child’s education.

Periodic Payouts

Many child plans allow periodic payouts or partial withdrawals at the various milestone stages of your child like attaining the age of 16, 18 or 21 where the child is on the verge of deciding his/her career path, and as a parent you will certainly aspire to do the best in being a facilitator to follow your child’s dreams and aspirations. Such payouts reduce the burden of regular financial payout and allow to meet various education expenses and other needs of the child.

Cater to Extracurricular Expenses

These days barely education is not important. Rather, every parent aspires his/her child to be an all rounder. There are so many extracurricular activities for holistic development of the child like theatre, painting, sports coaching, horse riding, music, etc. which interests your child. Such talent enhancement needs to require extra infrastructure and finances. Child Plan will help you save a regular amount to spend for such activities in the long run.

What kinds of Child Plans can I opt from?

There are basically two broad categories of Child Plans available which are:

1. Traditional Child Plans

Traditional child plans carry the twin benefits of savings and insurance. On maturity, you are entitled to receive the sum assured plus the accrued bonus or guaranteed returns and on your premature death, the lumpsum amount is paid to your nominee who is a “child” under a child plan. For some plans, the child can be the life insured as well where parent being the policyholder. The traditional child plans offer safe returns on your invested premium amount to take care of the financial requirements for the child’s education, higher education, marriage, etc. Traditional child plans do not offer investment steering in your hands rather the insurance company invests your money as per the regulator’s guidelines. Traditional child plans are safe saving and investment tool for your child’s better future.

2. Unit Linked Child Plans

Unit linked child plans are such plans which offer a dual benefit of “market linked investment” to build a corpus for your child’s educational needs and “ insurance” to stabilize your child’s future financially in the event of your unforeseen death. The unit linked child plan will allow you to build a decent corpus over a period of time to provide your child a secure and robust financial future.

Unit Linked Child plans offer the flexibility and transparency in the investment in your hands. You may opt to put your money in equity (aggressive) or debt (conservative) related fund as per your risk capability. At maturity, the child ulip plan will give you a Fund Value which is the total amount of your invested fund. In the event of unfortunate death of the parent during the policy term, the unit linked child plan will provide Sum Assured or Fund Value, (whichever is higher) to the nominee.

What are the Benefits of Buying a Child Plan?

There are several benefits of buying a Child Insurance Plan which are:

Death Benefit

Every child plan either unit linked or traditional offers death benefit which is Sum Assured in the case of the traditional child plan and higher of two (Sum Assured or Fund Value) in case of the unit linked child plan. The death benefit is payable in the event of the death of the life insured during the policy term.

Maturity Benefit

At the maturity of the plan, the sum assured along with some guaranteed benefits are payable in the traditional child plans where as in the unit linked child plans, the total of fund value is paid at the maturity which no. of units multiplied by net asset value (NAV).

Periodic Money Backs

Most of the child plans offer periodic payouts or money backs at regular intervals to help in meeting the financial requirements at various life stages of a child.

Guaranteed Additions

Guaranteed additions are allocated to the policy corpus or sum assured in terms of additional sum assured in traditional child policies and in terms of additional fund units in case of the unit linked child plan. It is usually paid at the maturity of the policy.

Partial Withdrawals

Under a child insurance plan, you have the option to make partial withdrawals. You can also liquidate the plan via partial withdrawals and could suffice the financial requirement via such withdrawals from your child plan.

Loan Facility

Since child plans are basically an endowment policy, it offers loan which can be taken against your policy once the policy has acquired surrender value. The loan amount ranges between 80% to 90% of the surrender value with applicable interest rate by the insurer.

Rider Benefit

Various add-on or riders can be taken with the child plan to enhance the protection and life coverage. To avoid certain eventualities during the policy tenure rider benefits can be attached by paying extra premium. Few vital riders which can be taken are waiver of premium, accidental disability, critical illness, etc.

Tax Benefit

A child insurance plan duly provides the tax benefits. You can avail the tax deduction for the premium amount under section 80C and income from the plan is tax-free under section 10 (10) D of the Income Tax Act, 1961.

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