I want to invest some money for my three-year-old son to meet his college expenses later. What insurance policy would you suggest that will give me maximum returns in this period to meet the expenses?
You can opt for specific child-care insurance plans meant for the benefit of children to save money for their education and marriage. The benefits under these policies are designed to coincide with the requirements of the children at different stages of life, that is, at the time of higher education, settlement in profession or marriage, among others. The main feature of a child care plan is that the life of the parent as well that of the child is insured. Repayments are made at crucial stages at the age of 18 to 21 years with bonuses.
In addition, these plans also provide for an immediate payment of basic sum assured amount on death of the parent during the term of the policy and the future premiums are waived and the policy continues to run uninterrupted. During the endowment term if anything happens to the child, the premiums paid are refunded.
Before committing to a child care plan it is important to know that there is no provision for surrender of policy at any stage and if the premiums are not paid for any reason other than death or disability of the parent, the policy lapses.
You can opt for specific child-care insurance plans meant for the benefit of children to save money for their education and marriage. The benefits under these policies are designed to coincide with the requirements of the children at different stages of life, that is, at the time of higher education, settlement in profession or marriage, among others. The main feature of a child care plan is that the life of the parent as well that of the child is insured. Repayments are made at crucial stages at the age of 18 to 21 years with bonuses.
In addition, these plans also provide for an immediate payment of basic sum assured amount on death of the parent during the term of the policy and the future premiums are waived and the policy continues to run uninterrupted. During the endowment term if anything happens to the child, the premiums paid are refunded.
Before committing to a child care plan it is important to know that there is no provision for surrender of policy at any stage and if the premiums are not paid for any reason other than death or disability of the parent, the policy lapses.
