my little niece is 5 years old and my sister is planning to start investing for her education early ( i know this is too early but she wants to give her the best!). She is very creative and paints really well but then she wants to become an Astronaut like Kalpana Chawla :-)
now-a-days there are a lot of child insurance plans coming up-all look the same to me. Was thinking if someone can tell which one is the best : Aviva Child Insurance, ICICI, Kotak, etc..
Firstly kudos to you for taking an early investment initiative. I think the cost of education is rising by the day...what An MBA will cost you like 10 lakhs today...by 2020 it will be a whopping 48 lakhs!
Now these numbers are mind-boggling and scary.
1. I think you should firstly look at how much your sister is ready to put aside every month for her child and
2. Decide and shortlist upon a suitable child education policy. Personally I have taken Aviva Child Insurance for my kid- I know Sachin Tendulkar would have already made you think about taking up Aviva's Child Policy but that's not the only reason I insist, It is because they will really understand your needs and will provide you a customized Child Education Policy.
check out http://www.educationisinsurance.com/ for details. Also you can take a quick glance of Schoolex- which might come handy during the grueling and nervous school admission rounds :-)
Good Luck!
P.S : Give me the 'Best Answer' if you find this useful :-)
Hi! It's really good if she is thinking Investment for her Child. I think it is not too early actually it little let. but it's ok. My point of view go with future generali india lifer insurance Co. in this company there is one child benefit plan in this plan you have 2 option for paying the premium, If you want single investment than go with single premium if you want regular than go this Regular premium. also in this plan you get money back step-by-step. Pls go on the website i.e. www.futuregenerali.in and search for the best plan within your budget it's very nice plan.Actually i am working with this company in pune and it's very nice plan i am also select for my friends daughter. Hope you understand. Bye and all the best.
yes all are same in fetures you see a over look but differes in
Premium payment period : makes a lot importance to coustmer .
past performance may be indicative of their consistancy in returns
premium allocation charges some comapnies charge more some times 60 - 100% of first yera premium like in hdfc and , met life ..
if un fortunately wants to close / surrender in middle some companies charge you up to 40% of Fund value some charges only 1% of fund value like sbi life
benifits on sudden misfortune Parent loss then the comaniees will be giveing different benifits ....{hdfc pays S.A to appointy and future premiums need not pay , every year till child attains 18 years company pays 10% of S.A as survival benifits too.. }
so you need to take brocher of each company and compare all these accpects. if you intrested give a test mail to mrkdas@yahoo.com , so that i can send you a comparitive statement of some children plans.
as per me hdfc youngstar plus or sbi life unit plus child- ii be the best choice .
Hi,
Various kinds of child insurance products are available in the market. It also secures a child's future in case of any unfortunate event.With a number of children plan available in the market, it becomes difficult for most parents to evaluate them objectively.I think we should compare child plan before taking the plan for all companies.Please visit to http://www.bimadeals.com/life-insurance-india/compare-child-plan-companies.php
Hi, this really is a mind boggling task, but fear not.
We were going through the same dilemma until someone sent us to this site: http://www.educationisinsurance.com/, and it completely sold us on Aviva's education insurance investment plan.
They seem to be one of the few financial institutions that understanding the actual importance of education, from the perspectives of parents. Also, they have some really important social initiatives all in the field of upliftment via education, for the poor and underprivileged.
Once you click on the link, you'll see that they're also very actively offering a whole bouquet of non-financial-related educational services.
All the best with your search. Hope you find the right plan for you.
Yes there are some child insurance plan, but they are not free and they charge you for all plans.
Best is get term insurance plan(i.e. only insurance no moneyback and no return at end of insurance term) 10Lacs insurace anually premium is around 1400 rs approx for 20 or 25 years.
And for your child start SIP in two good MF and continue it for long term.
My Finance Advicer suggest me following MF two months back.
IDFC Permier - Rs. 3000/- Pm
DSP Top 100 - Rs. 1000/- PM
HDFC Top 200 - RS. 1000/- PM
Also i am not agree with you that its too early for investment, she should have started some investment plan 3 years back.
Regards
i should compliment your sister on thinking about her child's future at an early age,
My brother owns a Max New York Life Policy for his daughter,
and the features are very nice compared to other policies, my brother checked with all 22 insurance companies and than came to a decision to do it with Max New York Life, the child plan is called Smart Steps Plus.
The Best childeren Insurance Plan - Jeevan Anurag or Jeevan Chaaya Plan from LIC. In these plans, insurance coverage given to the parent and the benefits go to the children. For further details pls. contact your nearby LIC Branch Office or LIC Agent
LIC Insurance Plans - Komal Jeevan
This is a Children's Money Back Plan which can be purchased by any of the parent or grand parent for a child aged 0 to 10 years.
For more details contact near by LIC agent
You can take best children plan from icici bank.
As per your question Insurance Plan for Education of 5 years old child is :- of course, LIC Komal Jeevan (159) , Children's Money Back Education Plan. (GUARANTEED PLAN)
All private players as they entered in 1990's, They not even have good nos. of claim settlement record.
LIC is most reliable Insurance Co. & its claim settlement record is good. LIC settles 1 claim in every 3 second. LIC is a Government Company and from last 54 years it is running No. 1 LIC formed by an Act of Parliament, viz. LIC Act, 1956 If some how LIC fails CENTRAL GOVERNMENT will pay the money to the policy holders.
So, to Invest in LIC is 100% SAFE. But in Private Companies it is RISKY. Decision is yours, as you are going to invest your hard earn money.
LIC Komal Jeevan is Best for your 5 yrs. old Daughter as it is a Children's Money Back Plan that provides EDUCATION & Financial protection during the term of plan with periodic payments at specified durations.
PREMIUM WAIVER BENEFIT: - If Father/Mother dies,No further premiums are payable & all benefits to Child are available.
GUARANTEED ADDITION: - @ Rs. 75 per thousand payable at Maturity.
TERM RIDER OPTION: - 20% of the Sum Assured is payable If Father/Mother dies.
COMMENCEMENT OF RISK: - 2 years from ploicy Date or child attaining 7 years of age, whichever is later.
PREMIUMS: Yearly, Half-yearly, Quarterly, (Single premium also).
PREMIUM CEASED: - After Child attaining age 18 years.
INCOME TAX BENEFITS: - Sec 80C
SURVIVAL BENEFIT: On the policy anniversary immediately following the child attains the age of
child attains the age of 18 years 20% of Sum Assured
child attains the age of 20 years 20% of Sum Assured
child attains the age of 22 years 30% of Sum Assured
child attains the age of 24 years 30% of Sum Assured
child attains the age of 26 years (G.A + L.A) = MATURITY AMOUNT
For Personal Illustration please send a mail to sachin.123.lic@gmail.com with following details
1. Father Full Name & Child Name
2. Date of Birth, both of them
3. Amount of Insurance Required: i.e 2lacs / 4 lacs / 5lacs / 8 lacs / 10 lacs
4. No. of years you are willing to pay: i.e. 15yrs / 20 yrs / 25 yrs
5. Telephone Numbers
6. Any other info/question you are willing to share
Few more child Plan by LIC....
1. Marriage Endowment or Education Annuity
2. Child Future Plan - MONEY BACK in last 6 Yrs.
3. Jeevan Chaaya - MONEY BACK in last 4 Yrs
Always take Advice before taking any Insurance or Investment.
Thanks & Regards,
SACHIN SAHNI
LIC / GIC Consultant, {Gold Medalist}
LIFE INSURANCE CORPORATION OF INDIA
Mob:9899633555 email:sachin.123.lic@gmail.com
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