One of the major responsibilities as a parent is to ensure that you provide your children with a high-quality education. The education children receive today is the guarantee for their future. Today, education costs are increasing at a staggering rate all across India. From metros to small towns, school fees, and other miscellaneous fees like co-curricular, extracurricular make up the major expenditure of a family’s monthly budget.
ULIPs help you save for your children’s education costs, thereby setting them up for a bright future. Here are some of the features of child-education ULIPs.
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The amount you invest is locked-in for the first five years. After the completion of the mandatory lock-in period, you can withdraw a part of the funds to pay for your child’s education milestones like higher secondary, undergraduate, post-graduate, overseas education, etc.
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In case of the unexpected death of the insured, the insurer provides your family with a lump sum payment to help them meet immediate financial emergencies. This ensures that your child’s education continues unhindered, even when you are not around. Additionally, the insurer takes responsibility for paying all your future premiums so that your plan is not interrupted.
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At the end of the policy period, the insurer pays a lump sum to the child or nominee.
Popular Child ULIP Plans in India :
- ICICI Prudential Smart Kid Premier Plan
- Aviva Young Scholar Advantage Plan
- Max Life Shiksha Plus Plan
- SBI Life Smart Scholar Plan
- HDFC SL Youngstar Super Premium Plan
Community Manager.