A good education sets your children up for success in life. Our unique plan combines protection with savings and investment benefits, so you can grow the wealth you need to support your children’s education and their future. Child education plan gives you various benefits such as life cover, building a corpus for the child’s future needs and the option of adding specific riders. Here I am describing what is child education plans and some of best child education plans. Check those out below.
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What Is Child Education Plan?
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A child’s education plan offers the combined benefits of savings and protection. Some insurance plans provide the opportunity to create wealth as well. Child education plans are designed to provide financial security to your child so that his or her education never gets hindered due to an unfortunate event in the future.
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Why Did Child Education Plan Is Required?
- Child Education Plan is required as the cost of education is increasing.
- Child Insurance plans have the benefit of Waiver of Premium, which says that if something happens to the parent, all the future premiums are waived off and are paid by the insurance company and thus the goal for which child planning was done does not get defeated.
- Also, it inculcates tax savings under the prevailing income tax laws.
Child Education Plan:
Here I am giving some of the best Child Education Plan. See those below…
1. Aviva Young Scholar Advantage Plan:
This is a non-participating unit-linked child education plan. This plan allows you to create wealth for future through market investments. Based on your market strategy, you can choose from seven varied funds with different risk profiles. Both death benefits and maturity guaranteed under this child education plan. Loyalty additions are also paid out at different stages of the policy term.
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2. Max Life Shiksha Plus Plan:
This is a unit linked non-participating child education plan offered by Max Life Insurance. Death benefits, maturity benefits, and loyalty additions are the obvious benefits guaranteed by this child education plan. 6 fund options are available for diversified asset allocation based on your risk appetite. Almost all child education plans in India offers the inbuilt waiver of premium rider and this plan is no exception to this.
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3. MetLife College Plan:
This child education plan is a type of non-linked deferred participating endowment plan. It offers the dual benefit of savings and protection. Along with maturity benefits and survival benefits, guaranteed additional bonuses are paid out. In case of the death of the life insured, the sum assured is immediately paid out as the death benefit.
4. SBI Life Smart Scholar:
SBI Life offers this unit-linked non-participating child education plan which provides the twin benefit of investment and insurance. Seven fund options are available to match your investment strategy. Apart from the premium waiver benefit, accidental death benefit and accidental total and permanent disability benefit riders are the integral parts of this child education plan.
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5. Aegon Life Educare Advantage:
This is a traditional child education plan with money back facility. It is a participating plan with limited premium payment mode. Simple reversionary bonus and terminal bonuses (if any) are paid out along with maturity benefit as well as a death benefit. Like the four child education plans, mentioned above, this plan also allows you to enjoy income tax benefits.