Insurance Policy For Child
It is a child insurance policy that helps the policyholder to secure the future of the child.
Insurance policy for child. You can then place that income into a whole life insurance policy for your child. Your child earns 12 200 income tax free. You can build a corpus for your child to draw from and teach your child fiscally responsible behaviours. A policy also provides a financial buffer to allow you to focus on grieving.
There are a few ways to go about doing this it depends on whether your child is travelling alone with friends or family. Parents can purchase this policy for a child as young as 14 days old with terms of the policy varying in tenure from 15 25 years. Lic child money back plan is a traditional participating money back insurance policy which pays the benefit in important times ages of the child to ensure the child receives the required finance for higher education and marriage. Having a life insurance policy on your children allows you to cover the funeral expenses.
Lic of india came into existence on september 1 st 1956 through the life insurance corporation act passed by the indian parliament. These plans ensure that your children s dreams come true even in your absence. Down the road your child can access the cash value income tax free via a life insurance loan. A child insurance plan not only secures the financial future of the child but also provides flexible payouts at specific intervals of time so that they can achieve the major milestones of life.
A child insurance plan offers dual benefits of insurance and investment. Sometimes with these policies you can also add critical illness cover to the policy. The good news is that you can purchase an insurance plan for your child from hdfc life. Lic child plans are child insurance policies offered by one of the oldest and the most trusted insurance companies in insurance sector of the country the life corporation of india lic of india.
The biggest benefit is that once you have a child insurance plan you can ease your biggest tensions regarding your child. Buying an insurance plan for your child is a very sound decision. It also comes with hospital care benefits which pay you 100 200 for each day of hospitalisation. So your child may never be taxed on that money.
Prenatal insurance essentially protects you financially by paying a lump sum of 5 000 in the case of 3 local insurers in the event of pregnancy complications or congenital diseases when your child is born. A policy will help to provide additional financial resources to cover other outstanding bills such as medical bills not covered by your health insurance. There is also the option of getting term life insurance for children. When your child is travelling with relatives you can insure them on a family travel insurance policy.
A child insurance plan is a combination of savings and insurance which help the individuals to plan for the financial future of the child. That s when you add your children to your own life insurance. When children see you their parents using your good judgement they too will make good decisions in the future. The most common kind of insurance for children is known as rider insurance.
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