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Top Five Reasons to Buy a Savings Insurance Plan for Your Child

As parents, there is nothing more blissful or joyous than holding your new-born baby in your arms. You want to do everything possible to protect your child from any harm. And a major part of protecting your child includes ensuring their financial well-being. When your kids grow up, they might want to conquer the world. You need to plan for their education, their dreams, their marriage, their future and so on. The rising cost of education, the burdening lifestyle expenses, etc., all need to factor in your financial plan.
 

Moreover, it is a terrifying thought for any parent to leave their children without adequate financial support to lead a comfortable life. But, as parents, you can fulfil all dreams of your child and also provide them with a stable financial future by making the right investment choices today. Choose to save in a savings insurance plan for your child, and you can be assured that your children will be safe and financially well-provided even if you are not around.
 

When you buy a savings insurance plan for your child, the policy provides you with a comprehensive insurance cover as well as guaranteed1 returns on your funds. This means that if any unfortunate event like unfortunate demise of the life assured would occur, your children will get a defined benefit, enabling them to fulfil their financial requirements. Besides, the guaranteed1 returns on the policy allow you to support your children in fulfilling their dreams like getting a quality education, opting for higher studies, etc.
 

What are savings insurance plans? How do they work?
 

Savings plans are modified insurance policies that provide you with a secure life cover while also allowing you to save and build a strong corpus to meet the future needs of your children. These plans help you develop a regular savings habit and generate effective returns from your funds. Savings insurance policies come with insurance protection, which means that your children are financially secure even when you are not around.
 

A savings plan offers a definite maturity amount at the expiry of the tenure. Some plans also give regular income throughout a defined policy term or as part of the maturity proceeds. These plans are optimally designed to help you support your children in achieving their life goals, protect your family in case of any unfortunate event and build a corpus for future liabilities. It is advisable to save in the right savings insurance for a child with flexible features that cater to your specific needs.
 

These plans can also be clubbed with riders# to provide additional benefits in case of unforeseen emergencies. Moreover, when you buy a savings insurance plan, you also get significant tax* benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. This helps you lesser your taxable income in the present and save more to create a better financial future for your child.
 

Why buy life insurance for a child?
 


The importance of life insurance has grown manifold over the past few years. Aggravated by the uncertainties around health, environment, modern lifestyle, professions, etc., the risk to your life has only increased. Moreover, unforeseen eventualities like an accident, illness or death can completely leave your dependents, especially your children, financially and emotionally handicapped. Your absence could leave your kids without an income and any monetary support for meeting their needs, paying off liabilities, maintain their standard of living or planning for their future goals.
 

However, when you buy children life insurance, you are protecting your children from any such circumstances. Instead, you are investing in providing them with a stable financial future so that even in your absence, they have some source of income and monetary support for their requirements. Besides, with the guaranteed1 returns generated from the savings insurance plan, you can accomplish long-term goals like sponsoring the child’s education, buying a house for your family, funding the marriage for your child, and so on. You can also opt to get the benefit in the form of a lump sum or regular monthly or annual income.
 

The top five reasons to buy a child savings plan are:
 
  • Your children will always have a security insurance shield against unfortunate events.
  • The future financial stability of your child is guaranteed.
  • You get peace of mind that your children will have adequate monetary support even in your absence.
  • The assured and attractive returns on such plans help you build a large corpus for your child’s future goals.
  • Savings insurance plans are affordable and have a pre-determined rate of return, thereby promoting easy financial planning.

Some of the key features and benefits of the TATA AIA Life plan include: -
 
  1. Guaranteed1 income to support in fulfilling the financial goals of your children.
  2. Quick and seamless claim process, along with doorstep claim service. 
  3. Flexibility to choose between regular income option or regular income with in-built critical illness option to secure your children under all circumstances.
  4. The choice to get the income either on an annual basis or a regular income basis to serve as income replacement for your child and help them with their daily needs.
  5. Choice of premium payment frequency – annual, half-yearly, quarterly, monthly.
  6. Choice of premium payment mode - single, regular or limited pay option.
  7. Option for Joint Life under single premium payment option, so that you and your spouse are both covered under a single plan.
  8. Income tax benefits as applicable under Section 80C and Section 10(10D).
  9. Ability to fortify your coverage with add-on riders#:


With guaranteed1 competitive returns, you can have the peace of mind that your funds are secure and yet, generating profitable returns for your child. Moreover, this plan ensures that you have sufficient liquidity in the present by offering you to get a lump sum benefit or regular monthly or annual income over a defined period.


With the life insurance cover, you can shield the financial future of your kids, even when you are not around. Besides contributing to your children’s financial requirements, the plan incorporates flexible features that make it more suitable for your circumstances and budget. 


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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

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Disclaimer

  • Insurance cover is available under the product.
  • The products are underwritten by Tata AIA Life Insurance Company Ltd.
  • The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.
  • 1Guaranteed Returns/Payouts depend on Plan Option, Policy Term, Premium Payment Term and Age at entry
  • #Riders are not mandatory and are available for a nominal extra cost. For more details on the benefits, premiums and exclusions under the riders please refer to the Rider Brochure or contact our Insurance Advisor or visit our nearest branch office
  • *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.