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Child Insurance Plan
What is Child Plan?
A child plan is an essential part of any child’s future that enables an individual to secure their child’s future financially. It is a combination of insurance and investment blended in one that helps deliver complete cover for the business.
Child Education Plan
A child education plan builds a healthy financial corpus for a child’s education providing best opportunities to maximize their savings by covering up with a lump sum amount to support your child’s education.
Documents Required to Purchase a Child Insurance Plan
Proof of Age:
This can include any of the following documents - a valid birth certificate, valid marksheet of class 10th or class 12th, or even a valid passport.Proof of Identity:
This can include any of the following documents - a valid Aadhaar card, PAN Card (if available), Voter ID (if available) or a Passport.Proof of Income
The buyer needs to submit documents for proof of income in order to process the insurance.Proof of Address:
This can include any of the following document - a valid passport, telephone/electric bill, ration card, Voter ID, or a Driving License
- Proof Of Age
- This can include any of the following documents - a valid birth certificate, valid marksheet of class 10th or class 12th, or even a valid passport.
- Proof of Identity
- This can include any of the following documents - a valid Aadhaar Card, PAN Card (if available), Voter ID (if available) or a Passport
- Proof of Income
- The buyer needs to submit documents for proof of income in order to process the insurance.
- Proof of Address
- This can include any of the following documents - a valid passport, telephone/electricity bill, ration card, Voter ID, or a Driving License
Tax Benefits on Child Insurance Plan
| Section of the Income Tax Act, 1961 | Tax Benefits |
|---|---|
|
Section 80C |
⚈Get tax benefits on child insurance premium payments; ⚈Deduction of upto Rs 1.5 Lakh can be claimed against taxable income; ⚈ Reduction upto Rs 1 Lakh can be claimed on child's education, specifically tuition fee if the fee does not exceed the defined limit |
|
Section 10(10D) |
⚈ Benefits of claim on proceedings of maturity benefit, income benefit and death benefit are tax-free. |
|
Section 80DD |
⚈ Claim for disability and critical illness can be made with up to 80% deductions as per the specific terms and conditions; |
|
Section 80E |
⚈ Tax deduction benefit for any interest paid on behalf of your child's education loan; |
Looking for your Child Insurance?
InstaCover India offers a variety of benefits and advantages in terms of covers and savings, so when searching for a good Child Insurance, you need to look no further!
Call us now and we will do the best we can to help you out with your Child Insurance needs
Toll Free 
+91-9995551863
Child Plan - Types
- Here are the different types of child plans available in the market offered by various insurance companies:
SINGLE PREMIUM
Pay a lump sum amount in the form of a single payment without having to getting involved in the monthly/annual payments.
Regular Premium
Pay monthly/quarterly/half-yearly/annual premium payments to get insurance for your child.
Child Endowment Plan
Start by saving money over time and get paid in a lump sum for when the policy is matured.
Child ULIP
ULIP plans are quite new yet unique in terms of feature and benefits. They offer more flexible and feasible benefits to its beneficiary on maturity on when claimed. You can get more information on this by connecting with one of our agents. Call at +91-9995551863.
Child Insurance Plan - Exclusions
Drug or Alcohol Abuse
No cover insured in case if the damage or loss is due to alcohol or substance abuse.Self-Harm or Suicide
No claims offered in case if done against a scenario where the reason for damage or loss is due to self-harm or suicide.
Adventurous or Risky Sports
No claims offered in case if damage or loss is incurred due to engaging in adventurous or risk sports.
Criminal Activities
No claims offered in case if the damage or loss is incurred due to engaging in criminal or illegal activity.
- Drug or Alcohol Abuse
- No cover insured in case if the damage or loss is due to alcohol or substance abuse.
- Self Harm or Suicide
- No claims offered in case if done against a scenario where the reason for damage or loss is due to self-harm or suicide.
- Adventurous or Risky Sports
- No claims offered in case if damage or loss is incurred due to engaging in adventurous or risk sports.
- Criminal Activities
- No claims offered in case if the damage or loss is incurred due to engaging in criminal or illegal activity.
Why Do You Need a Child Education Plan?
- Here are a few important factors that every parent should know as to why they need to invest in their child education plan:
- Assured Financial Protection When Needed
- Your child get insured lump sum amount in case of parent's death where the money received is completely free of taxes and often equal to the amount insured as mentioned in the policy.
- Counter for Inflation and ever increasing tuition fee.
- Child plans assure healthy returns and benefits from your investments compared especially when compared to the inflation of the education price.
- High Returns on Investments
- Benefit from the power of compounding, get better and assured returns on your investment when you invest in child insurance plan.
How to Claim Child Insurance Plan
- In a situation when you want to make a claim for your child insurance here are the things that you need to follow:
- ⚈ Notify your insurance provider and file a claim immediately;
- ⚈ Submit all the necessary documents including that required to make a valid claim, with 100% complete details in order to make the claim successful.
- ⚈ Get the survey done along with filing of all necessary documents once the claim process is accepted.
- ⚈ Claim amount gets transferred on approval from the insurance company provider end.
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Child Insurance Policies - FAQ
Yes, you can withdraw the money (as per the policy plan) once the terms exceed 5 years duration. This is something that is allowed since education support demands financial support and for that, the funds can always be withdrawn to meet the liquidity needs.
This is important to be added when purchasing a child plan for your child since it is important to add/nominee as it assures your child gets benefitted from that in case of unwanted accidental death.
Child Life Coverage reflects the amount of sum that is assured to the nominee in the event of death of the policyholder.
Any kid between the age of 0 and 15 years is eligible to get a proper child insurance to get proper future insurance.
You would require the following documents while filing a claim for child plan:
- Duly filled claim form
- Policy document
- Medical certificate
- Death certificate
- Diagnostic reports, prescriptions
- Post-mortem report (in case of unnatural demise)
- FIR Copy (in case of unnatural demise)
- NEFT Details
- KYC of the nominee and the policyholder
Looking for your Child Insurance?
InstaCover India offers a variety of benefits and advantages in terms of covers and savings, so when searching for a good Child Insurance, you need to look no further!
Call us now and we will do the best we can to help you out with your Child Insurance needs
