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Child Insurance

Child life insurance is a form of permanent life insurance that insures the life of a minor. It is usually purchased to protect a family against the sudden and unexpected costs of a child's funeral or burial and to secure inexpensive and guaranteed insurance for the lifetime of the child.

What is Child Insurance?

Child Insurance Solutions are insurance plans that take care of your Protection and Savings needs for securing the future of your children. As a parent, one of your most important goals would be to make sure that your children have a bright future and lead their lives comfortably. These solutions can help you achieve that by saving for your children’s higher education at a prestigious university.

Types of Child Insurance Plan:

  • Regular Premium Plan: The former is called a single premium policy and the latter a regular premium policy. Even in the regular premium policy, you can choose the paying frequency which is usually annually, half-yearly, quarterly or monthly, depending on the plan.
  • Single Premium Plan: When you go buy a insurance plan company put 2 options in front of you, you can pay Premium Amount in a go and then you need not to pay premium again, This is called Single Premium Plan as you are paying amount once.
  • Why Child Insurance is Important?

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    The Time and Resources to Grieve

    There is likely nothing more devastating than the loss of a child. In such an unfortunate and untimely event, day-to-day responsibilities might be overwhelming - the demands of your job, paying the bills, and having to care for other children in the household. The reality is you might not have enough paid sick or vacation time from work to take care of yourself, your spouse or your other children during this difficult time. If the unthinkable were to happen, would you have done enough financial planning to have the resources to go back to work on your terms?

    They'll Always be Insured

    There are a number of factors that can affect your child's future insurability. High blood pressure, diabetes, obesity and cancer are just a few of the many health complications that might prevent your child from being insured down the road. One of the primary benefits of purchasing a life insurance policy when they are young is that they will always be covered regardless of their future health as long as premiums are being paid.

    Guaranteed Insurability

    Some life insurance policies for children come with an optional guaranteed insurability rider/endorsement that may available for a nominal cost. As your child grows into an adult, this rider allows you to buy additional life insurance above the face value of the current policy (on specific dates and in certain increments) regardless of his/her health status at the time. Usually, the older the child gets, the fewer dates the policy owner has to purchase more life insurance and in some instances, after a certain age, the rider may not be exercised.

    A Locked-in Rate

    Life insurance premiums for minors can be very affordable. Buying life insurance for your child now could give you an opportunity to lock in that rate for the life of the policy. As long as the required premium is paid, the policy will stay in force.Policies vary greatly from company to company. A life insurance professional can help you select the right policy type and optional policy riders so your child will get the most out of their policy - even when he or she is grown with a family of their own.

    Factors Influencing Personal Child Insurance:

    Income and Wealth

    Since insurance is a service provided by profit-making companies in both private and public sectors, it involves certain costs towards operations and management. These are generally termed as administrative costs which the insurer incurs towards the buying transaction and subsequent deployment of funds. Many times, a higher amount of premium loading de-motivates a person.

    Lock-In Period

    The lock-in period is another major deterrent to buying insurance. This is especially true with life insurance. Under section 80C of the Income Tax Act, one can claim exemption of up to Rs 1 lakh for buying life insurance policies. This limit was recently increased under the Union Budget 2013-14 by Rs 50,000. Therefore, one can invest up to Rs 1,50,000 under life insurance and claim income tax deductions.

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