Dreams of little ones are as precious as they are to the family. Others may call their dreams immature, but they mean a lot to them.
Life is uncertain, and there is no doubt about it. The only way to mitigate the uncertainty is by securing it with the best child plan in India. Don’t let their future aspirations get shattered because something terrible happened in your life.
You may lose your job, prices may rise more than expected, or you may come across an unfortunate incident. Such factors take away the opportunity from your little ones to get their education or marriage expenses covered.
What The Best Child Plan In India Offers?
The best child plan in India is different from a regular term plan. While a term plan is purely for insurance purposes, the best child plan in India is used as an insurance cover as well as for investment purposes.
Here is a list of what else the best child plan in India offers India.
1. Waiver
The premium payable on India's best child plan gets waived if the policyholder suffers from an unfortunate incident. It may include permanent disability or death. In both the cases or other such cases, the future premium payable on a child plan is waived by the provider.
Child plan continues as per the term that was opted by the policyholder, and the benefits are served later. Premium, however, is waived completely.
2. Coverage
Another offering of the best child plan in India is life coverage. This relates to covering the child's future and the family in financial aspects. Expenses are majorly covered by the child plan, with only a portion of the expense remaining to be covered in case the price rises.
In case of an unfortunate incident, the financial burden does not fall upon the family members. They do not have to rush from one place to another seeking financial assistance to meet the needs of the child. All of it gets covered under the best child plan in India.
3. Tax Benefits
The best child plan in India qualifies the policyholder to claim dual benefits. This means that the policyholder can avail of tax benefits under two different sections of the Income Tax Act. These two sections are Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Benefits under Income Tax Act, 1961, are determined by the amount of premium that is being paid towards the best child plan in India. The benefit received can be used to meet the current needs of the little ones.
4. Bonus
Policyholders become eligible for accrued bonuses after holding on to their savings for the long term. The actual benefits vary from one child plan to another. Hence, it is important to review the terms of the best child plan in India.
Holders may receive a bonus towards the best child plan in India in terms of lower premium or higher return. The child plan may yield other forms of bonuses as well. The provider may offer an option of letting it get accumulated.
5. Withdrawals
Returns on the investment towards the best child plan in India can be withdrawn systematically. The stages, in this case, must be pre-defined at the time of confirming the child plan. Systematic withdrawals of returns on India's best child plan help meet future requirements at regular intervals.
Benefits are served based on the period that was locked at the time of finalizing the best child plan in India only.
6. Loan
Investment in India's best child plan comes in handy when a policyholder needs a loan urgently. Emergencies come in without looking at your liquidity position. Instead of panicking, holders can turn to the child plan they secured for their little ones to meet their present urgency.
This way, the best child plan in India serves two of the most important roles. These are, securing the future of the little one and helping the family in case of an emergency.
Prices normally increase as we progress in life. While a correct estimate cannot be prepared, you can always try your best to get the maximum portion of the future expenses covered by finalizing the best child plan in India.
