Private sector life insurer Max New York Life on Monday launched Shiksha Plus, a unit-linked plan, to facilitate a child's aspirations and goals over different phases of student life. "Shiksha plus is a 360-degree child plan that provides resources for over all development of your child under all uncertain circumstances," said Max New York Life director V Viswanand. Along with addressing the increasing cost of education, the plan also provides an option to secure the future of second child, he said. In case of death of the parent, the nominee or beneficiary is entitled to receive 10% of initial sum assured every year, subject to a maximum of 100% of sum assured, to provide for yearly education expenses of the child, Mr Viswanand said. It provides control over uncertainties of life and inflation, he added. Available with seven investment fund options, the plan has the option for upgrading premium for sibling on birth/adoption of second child, he said, adding, one could also increase the premium option to counter the impact of inflation. With a minimum premium of Rs 5,000, the fund allows partial withdrawal after completion of three years.
National Savings Certificate Here's everything you need to know about the 5-year savings scheme offered by the Government This is a 5-year small savings scheme of the government. From 1 July 2016, a National Savings Certificate (NSC) can be held in the electronic mode too. Physical pre-printed NSC certificates have been discontinued and replaced with Public Provident Fund-like passbooks. What's on offer The minimum amount you can invest in them is Rs100 and there is no upper limit. Under this scheme, all deposits up to Rs1.5 lakh qualify for deduction under section 80C of the Income-tax Act, 1961. The interest earned is taxable. You can invest in multiples of Rs 100. These certificates can be owned individually, jointly and also on behalf of minors. The interest rates for all small savings schemes are released on a quarterly basis. The effective rate for NSC from 1 October to 31 December is 8%. The interest is calculated on an annual compounding basis and is given along w...
