Child plans Myths Vs Reality
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Table of Contents
- Types of child insurance plans in India
- General myth statements of child insurance plans
- Only the child is insured
- The child's insurance policy expires automatically when the parent dies
- The child plans can cover only the expense of the child's education
- Difficult to understand the policy's terms and conditions
- Payout is received only at the end of the policy tenure
- Payout is received only once the child turns eighteen
- Final thoughts
Types of child insurance plans in India:
General myth statements of child insurance plans:
1. Only the child is insured:
2. The child's insurance policy expires automatically when the parent dies:
3. The child plans can cover only the expense of the child's education:
4. Difficult to understand the policy's terms and conditions:
5. Payout is received only at the end of the policy tenure:
6. Payout is received only once the child turns eighteen:
Final thoughts:
About Author
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Disclaimer
¹ Provided all due premiums are paid.
² Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
³ ABSLI Child’s Future Assured Plan. Plan option: Education & Marriage Milestone. Male | Age: 35 years | Policy term: 25 years | Premium paying term: 10 years | Education milestone benefit period: 3 yrs & Education assured benefit start term: 15 yrs | Marriage assured benefit start term: 25 years | Annualized premium: ₹1,00,000 (excluding tax) | Total Benefits Payout: Rs 21,58,664 [Education Milestone Payout: Rs 10,79,332 (policy year 15,16,17) and Marriage Milestone Payout: Rs 10,79,332 (policy year 25)] | Age of Child: 0 years, Child as a nominee | Sum assured multiple for marriage: 100%
ABSLI Child Future Assured Plan (UIN: 109N124V01) is a non-linked non-participating individual life insurance savings plan
⁴ https://www.financialexpress.com/money/insurance/5-most-common-myths-about-child-insurance-busted/1648715/
ADV/11/22-23/2208
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