Thursday, May 19, 2022

    Latest Posts

    FAQs for Child Life Insurance Plans

    The following is a list of frequently asked questions about child insurance coverage:

    1. What am I Saving For?

    Child plans help you to save for the future expenses of the child. They help the parent or the guardian save for the child’s educational expenses or their marriage or any other predefined goals they have for their child. You can save for their higher education so that if the child decides to study abroad, you can comfortably let them study and give them the best of the education there is.

    1. When Should I Start Investing?

    Planning ahead helps you to invest over a longer period of time, allowing you to steadily increase your money. It comes before choosing a plan that fosters long-term investment.

    1. What Will Be the Plan’s Tenure?

    Your policy’s maturity period is usually determined by your child’s current age. If your child is now six years old, he or she will be at college in eleven or twelve years. As a result, you’ll need to choose a child education plan with a minimum maturity period of 10-12 years.

    2. Does The Plan Include Premium Waiver?

    A premium waiver is included in most child plans, allowing the policy beneficiary to continue to benefit from the plan after it matures. All existing premium payments are waived in the event of the policyholder’s death, and the nominee receives an ensured sum at maturity.

    3. Does The Plan Offer a Bonus?

    According to the terms and circumstances of your plan, you may be eligible for bonuses. Bonuses begin to accrue after the first year, and they help to maximize the fund. There are two types of reversionary bonuses, namely, simple revisionary and compound revisionary. A monetary incentive and a terminal bonus may be included in some programs.

    Hence, child plans are very safe and effective to be able to provide a child with all the necessities. They are most effective when you start planning for them early. The plan’s tenure depends on your child’s age. Most child plans include premium waivers. Bonuses are also included in most of the child plans. 

    ALSO READ:   Yes Bank Scam

    Latest Posts

    Don't Miss

    Stay in touch

    To be updated with all the latest news, offers and special announcements.