I did speak to couple of insurance providers and by the looks of it all the Insurance providers provide good plans with regards to the child plans. ICICI prudential pro and HDFC life both have bank sponsered premium payment in case of death of the parent. ICICI smart kid premier seems to offer a slightly better like you would also have your life insured along with investing in you child's future.
Liquidity or withdrawal of funds invested can be done only after of five years.
Death benefit is available in both the insurers as mentioned above.
Tax benefit (by default)
Bonus distribution is slightly different
ICICI smart kid - Bonus is disbursed from the 10th year of investment and then every 5th year after that a sum of 2% of the fund value is released as bonus.
HDFC life - Bonus is issued at maturity. However, HDFC provides life insurance
HDFC Life - Health Insurance - has good coverage of ailments (ICU, CT Scan charges etc with OPD, Pre and post treatment are also covered in certain cases).
The sales reps always suggested to go to either a tradtitional insurance plan where the interest rate would be typically 3% (no risk) or with moderate risk rated ULIP so that the returns are much higher (12 to 15%) if you are ok with investing in market.
To get an estimate how much you would require to spend at the end of 15 or 20 years from now for your child's education, do visit the the college plan page of Max life insurance. It would give you a better picture, also even there child policies are good.
Start early and have a safe and worry-free future!
Liquidity or withdrawal of funds invested can be done only after of five years.
Death benefit is available in both the insurers as mentioned above.
Tax benefit (by default)
Bonus distribution is slightly different
ICICI smart kid - Bonus is disbursed from the 10th year of investment and then every 5th year after that a sum of 2% of the fund value is released as bonus.
HDFC life - Bonus is issued at maturity. However, HDFC provides life insurance
HDFC Life - Health Insurance - has good coverage of ailments (ICU, CT Scan charges etc with OPD, Pre and post treatment are also covered in certain cases).
The sales reps always suggested to go to either a tradtitional insurance plan where the interest rate would be typically 3% (no risk) or with moderate risk rated ULIP so that the returns are much higher (12 to 15%) if you are ok with investing in market.
To get an estimate how much you would require to spend at the end of 15 or 20 years from now for your child's education, do visit the the college plan page of Max life insurance. It would give you a better picture, also even there child policies are good.
Start early and have a safe and worry-free future!
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