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In the last few months, the life insurance space has seen a series of products targeted at parents who want to create acorpus for their kids' education. While child plans have always been the money-spinners for insurers given the emotions involved, this time, they are being sold on the traditional, and not the unitlinked, platform.
Recently, private life insurer AEGON Religare, too, has launched a child endowment plan, that offers prefixed pay-outs during the last four policy years. According to the company, it is aimed at parents intending to build a kitty to fund their children's higher education costs.
KEY FEATURES
The product offers two options for the life assured (parent) to choose from with respect to death benefits. Under the first option, the sum assured and accrued bonus then will be handed over to the dependent (child), with guaranteed pay-outs flowing in during the last four years. The second option, in addition to the benefits offered under option 1, undertakes to provide 10% of the sum assured to the nominee, every year, till the end of the premium payment term.
The product comes with an in-built waiver-of-premium benefit. This apart, the policyholder can opt for accidental death, disability, dismemberment (ADDD) rider benefit too.
The policyholder can select from three policy terms of 12, 16 or 20 years with a premium payment term of 8, 12 or 16 years, respectively. The minimum age at entry is 20 years, while the upper limit is 63, 59 or 55 years, depending on the tenure of the policy. The maximum age at maturity is 75 years. The minimum sum assured is Rs. 1,00,000. Against the policy, the insured can also take a loan if required of up to 60% of the surrender value.
The plan may interest parents who are convinced about the insurance-cum investment concept and seek comfort in the secure returns promise.
The key area of concern in endowment plans is their opaque charge structure. Also, since these traditional products do not invest in equities as such, their return generating ability is limited.
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Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )
- HDFC TaxSaver
- ICICI Prudential Tax Plan
- DSP BlackRock Tax Saver Fund
- Birla Sun Life Tax Relief '96
- Reliance Tax Saver (ELSS) Fund
- IDFC Tax Advantage (ELSS) Fund
- SBI Magnum Tax Gain Scheme 1993
- Sundaram Tax Saver
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