The Triple Benefit Child Plan

A children's insurance policy provides three main advantages for complete protection. The triple benefit consists of a monthly income for the child, a life insurance policy for the parent, and a premium waiver in the event of a parent's passing. Only a few child ULIPs offer all the advantages.

The Triple Benefit Child Plan is offered by two different plans - ABSLI Child's Future Assured Plan (UIN: 109N124V01) & ABSLI Vision Star Plan (UIN: 109N096V03). They give the flexibility to choose the cover amount and payment terms, insurance duration, and milestones.

The main advantages of the Triple Benefit Child Plan are as follows:

1. Life Insurance is paid as a one-time death payout.
The family receives the death benefit payment in a lump sum if the parent of the child passes away within the policy's term. A guardian responsible for the child's requirements, including schooling, marriage, tax benefits², and other expenses, can be given the entire sum.

2. The insurance company waives future premiums.
The insurer settles all outstanding premiums upon the death of the parent. This Plan ensures that up to the end of the policy term. The Plan continues accumulating returns from the market-linked funds. The insurer importantly assumes the responsibility for premium payment. On the maturity date, the Child receives the fund value to use.

3. The child receives regular income benefits.
From the parent's death until the conclusion of the insurance term, the child receives a monthly payment. Typically, the price is constrained to a portion of the annual premium or the total assured. This plan assists the family in meeting the child's routine necessities, paying for school expenses, etc. The child receives the cumulative corpus or the fund value after the policy period, regardless of whether the parent survives the policy term. This plan aids the parent in covering any other expensive fees like an overseas school. The child has the financial resources to choose any career path without limitations.

Parents might purchase additional insurance against unanticipated events by paying a premium amount. Most child plans include riders that protect against the parent's death or disability due to an accident.

It is expensive to obtain a high-quality education, and paying for a child's college or university requires careful planning. The following are some advantages of purchasing a child's future guarantee¹ insurance plan.

A. Educational benefits:
Parents can obtain guaranteed¹ annual Assured benefits for their Child's educational needs if they want to fulfil their aspirations and desires. The assured benefit payment will start receiving payouts when they reach the age of 15 to 21.

B. Marriage benefits:
Customers may also utilize the policy to fund and prepare for their Child's wedding. In this situation, the beneficiary child will receive the sum insured when they reach the age of 24 to 32. The customer will get a lump sum payment from this option after the policy's term.

C. Maturity benefits:
Let's say a terrible thing happens, like the life insured passing away within the policy's term. The beneficiary will get the death benefit from the company. By the policyholder's choice of option, the corporation will provide promised benefits. In addition, the insurer will not charge any additional payments if the life insured passes away.

Never put off investing in the future of your Child. The earlier is preferable because you pay a lower premium and reduce your inflation risk. Take a stand right away for the future by buying the triple benefit child plan that will protect you, your spouse, and your little one.

https://economictimes.indiatimes.com/wealth/insure/why-you-must-have-a-child-insurance-plan/articleshow/30943498.cms⁴