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Child Insurance ULIPs

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AVIVA life insurance
 

You are the sole breadwinner of the family and rising expenses eat up most of your savings. Providing your child a good education is your main duty to your children and no doubt you are saving up for this.

You can provide for your Child's education with:

  • Child Endowment Plan

  • Child Ulip Plan

What are child ulip plans?

  • A child Ulip works in the same way as a Ulip.

  • A child Ulip has twin benefits

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    Hello friend! I am your personal financial advisor. By the end of this interactive session, I will help you to plan yours and your family's finances to ensure a better future.

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Why invest in Children Insurance

A Good Gift

You can gift your child a childrens plan, on his first birthday. This is a gift he will always remember and cherish.

Good Education

You can provide your children, with good quality education and not bother about the cost.

Rider Benefits

Child plans with waiver of premium rider, ensures your child has a good education, even in your absence.

Tax Benefits

You get tax deductions on your salary, if you invest in a child plan. The amount you get at maturity is tax free.

Insurance + Investments

The child Ulip can be taken by you (parent), your spouse or even your parents (child's grandparents), as the proposer of the policy. The child ulip is taken on the proposer's life. (You/Spouse/Child's grandparents) and he/she becomes the life assured under the policy.

If you are the life assured of the child ulip plan, on your death a lump sum is provided to your child (or the guardian), for your child's education.

Lock in Period

The child Ulip has a lock in of 5 years. (You must stay invested for five years).

Charges

n Ulips. These are deducted from the premiums you pay.

Tax benefits of child ulip plans

You get a deduction under Section 80C of the Income tax act up to INR 1.5 Lakhs per year, on your taxable salary for the premiums you pay for the child ulip.

The maturity amount you get when the child ulip matures, or the death benefit your child gets on your (life assured) death, are tax free under Section 10(10D) of the income tax act.

What is a child ulip with a waiver of premium rider?

You have to pay the premiums in a child ulip plan until the maturity of the plan or for a fixed period.

If you (life assured), die before the maturity of the plan, the child ulip pays your child (or his guardian), the death benefits (sum assured).

What makes a child ulip plan with a waiver of premium rider unique is on your (life assured) death, all future premiums are paid by the Insurer (Life Insurance Company).

On maturity of the plan (when your child is 18-25 years of age), the child gets a maturity amount which is the fund value of the plan.

The child ulip policy makes payments twice :

  • On your (life assured) death the sum assured is paid.

  • On the maturity of the policy the fund value is paid.

 

Concepts & FAQ's Child Insurance ULIPs

What Are Children Insurance Plans?

These days, insurance policies play a key role in the financial planning activity revolving around children. Insurance companies offer children plans which help parents fulfill their most important financial responsibility towards their children even in their absence, and that is financing their higher education.

Basically Children Insurance plans are there to provide better education to your child at the right time and secure the child's future in case of any uncertainties like death, disability, loss of job etc

Children plans are offered by both public and private insurance companies. Although the policies of different companies vary in the details, most of them have some common features like:

Aiming at securing the educational/marriage needs of the child

  • Term period of 10-25 years

  • Most have no maximum sum limit

  • Children Insurance plans have tax benefits

Tax benefits: Children insurance plans qualifies for tax benefits under Section 80C

  • Ask Money Doctor

    Hello friend! I am your personal financial advisor. By the end of this interactive session, I will help you to plan yours and your family's finances to ensure a better future.

  • Ask IndianMoney.com Money Doctor
Thinking of buying a Children Insurance ?

To be absolutely sure of WHAT TO LOOK OUT, talk to IndianMoney.com on the phone for FREE financial consultation.

Expert Financial Advisors from IndianMoney.com would provide you unbiased, correct and up to date information so that you can make an informed financial decision.

Frequently Asked Questions

Why child life insurance policies are important?

There may be various expenses which you need to incur for children in your future for various events like education, marriage etc. Children insurance policy will help you to accumulate the required wealth in future and solve your financial problems.

Who can buy child life policies?

The child's parent or legal guardian or grandparent can buy the child life insurance.

Is the maturity amount tax free?

Yes, the proceeds from a life insurance policy are tax-free on maturity

When should I buy a child plan?

Ideal time to buy a child plan is when the child is still young and not reached teens. This allows enough time to build the corpus you have planned for, with considerably lower premiums. If the child is already in teens, you hardly get 3 to 5 years to build the same corpus so the premiums are quite high.

What happens if the proposer passes away?

Most child plans come with the payer benefit or the waiver of premium benefit. So, if the proposer dies, the insurance company takes care of all the future premiums of the child's policy. The child is also entitled to a sum assured along with it. Each insurance company has this benefit in exact or similar form depending on the company policy. Generally payer benefit is inbuilt in the child plan but if not, it can be taken as a rider with nominal premium. To learn more about riders that suit your children insurance plan, call us on 080 67974000.

What is a traditional child insurance policy?

The traditional child insurance policy has guaranteed returns. It has a fixed maturity amount that is given to the insured at a specific age. It can be of two types: i. Child endowment policy: In this case the child receives a fixed maturity amount in lump sum at the maturity of the plan. ii. Child money back policy: Here, the child receives fixed portions of the sum assured at pre determined regular intervals. Finally on the policy maturity date, the child receives balance maturity amount.

Should I buy a traditional plan or a ULIP?

It depends totally on your ability to bear the risks and the ups and downs of the market. Traditional plans are risk free. The returns may be on the lower side but are guaranteed. Unit linked child pans are market based. Returns depend on the type of funds and market conditions at the time of maturity.

What is guaranteed addition?

Guaranteed addition is a percentage of sum assured which the insurance companies guarantee. It is added to the basic sum assured or the maturity amount and is payable at the time of policy maturity.

What is loyalty addition?

Loyalty addition is a kind of bonus amount declared by the insurance company from time to time depending upon the company performance. It is a non guaranteed amount calculated on the sum assured. This amount is added to the maturity amount and is payable to you on the maturity date.

How do I get the maturity amount?

The insurance companies issue a discharge or a claims form some time before the maturity date. You need to fill up the form and send it to the insurance company along with documents as mentioned in the form. The amount is then sent to you or deposited in your account.

Can a claim be denied in event of death of the insured?

Yes, death benefit can be denied in some cases: i. Death benefit is not payable in case the insured commits suicide within 12 months of taking the policy or within 2 months of reinstating the lapsed policy. ii. If the policy has lapsed due to nonpayment of premiums, death benefit is not payable.

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