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Why do you need a Child Education Plan?

• A Child Education Plan is an insurance policy that offers protection as well as an opportunity for saving money to ensure a secure future for your child


• It makes sure that your child receives the education he/she desires with a lump-sum payout at maturity or when any unfortunate event occurs to you


• It acts as a safety net to make sure that your child’s education does not get affected even if you are not around. In case of an unfortunate event, your child receives the life cover

Features of a Child Plan

Generally Child Education Plans provide the following features-

• Lump-sum benefit: The plan provides your children with a lump-sum benefit in the case of your death within the policy term


• Waiver of premium: Your child won’t be burdened with premium payments as the company pays it on your behalf. Thus, the policy continues to exist


• Partial withdrawals: You can access your funds during the term in the form of partial withdrawals, subject to conditions. This takes care of your child’s different educational milestones


• Tax benefits: Such a policy offers tax benefits to the policyholder under section 80C of the Income Tax Act^


• Loyalty Addition** and Wealth Booster**: These plans may also offer benefits such as Loyalty Addition and Wealth Booster, to help you grow your money without you needing to invest extra money