What are Child Insurance policies

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Child insurance plans are nothing but an extension of Endowment, Money Back and in many cases ULIP plans,
It is the Premium Waiver Benefit which makes them interesting, and a worth investing your money.

In normal Child Insurance plan,
1)One need to pay premium up to a fixed term.
2) If Proposer(In most cases parents) dies and if PWB is taken(In many policy it comes by default)all the future premium will be waived, and child will continue to get all the benefit stated in the policy.
3) If Child dies
a) Before commencement of risk, Premium paid is returned
b) After Commencement of risk, S.A + Bonus is paid to proposer.
Policy gets terminated.
For a child policy, normally risk commence after child completes 7 years or after 2 years of policy, whichever is later.
4) If every thing works fine, On Maturity Child will receive amount as stated in the Policy.

Like Money Back plans many child policies pay Periodic amount so parent can use this amount to fund educational and marriage expense of their child.

If you are looking for an instrument for making financial provision for your child, Child Insurance policies are definitely for you.

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2 comments:

CHILD INSURANCE POLICIES CAN U PLEASE POST A ILLUSTRATION OF DETAILED PREMIUM, SA 1L, AGE - 32, YEARLY STATUS,

Bhargav said...

Hi Santosh,

Please http://lifeinsureinfo.blogspot.com/search/label/Child%20Insurance%20plans on my blog for illustration of child policies by LIC.
Alternatively please suggest a policy for which you want illustration.

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