LIC Jeevan Sugam Policy
LIC 's Jeevan Ankur Plan|Table No. 807
One gets an option to liquidate their policy i.e. one gets guaranteed Surrender Value which is as under:
CHILDREN'S INSURANCE CUM INVESTMENT PLANS|MUST FOR YOUR CHILD AND WHY DO YOU NEED IT???
As a parent we always endeavor to provide best education, facilities to our tiny tots whose dreams and aspirations becomes ours’ as we grow in life. To fulfil these dreams and aspirations we work hard and save for our children’s future. However have we ever thought how would our kids would lead a same lifestyle or even survive with ever increasing inflation and prices of certain things going over the roof.
Fortunately children plans offered by various insurance companies have come to our rescue. These plans come with a lot of benefits and strings attached and one must think twice before buying these plans and taking a plunge as future of your child depends on this decision.
Children plans cater to serve our children’s most important stages in life such as higher education, marriage even if we are no longer around. It also offers them the benefit of maintaining a same lifestyle and status.
Today a medical degree costs around Rs 15 lacs and an MBA degree costs around 7 lacs in prestigious institutes like IIMs. At a assumed 6% rate of inflation per annum, 20 years later, you would need almost Rs. 60 lacs for medical and 20 lacs to finance your child's MBA degree. So how will you arrange for the funds required to finance these milestones. A small sum invested by you regularly can help you build a decent corpus over a period of time and go a long way in providing your child a secured financial future
Factors to consider while buying child plans.
Think about the ever increasing inflation and subsequent rising costs of a normal educational course or any other requirements that your child might have in the future. This should be the sum which you would like to save when the need arises and the term of the policy will depend on the time at which your child needs money either for education or marriage. After identifying the amount you need to discuss your requirements with your financial advisor to work out the amount to be invested and the level of protection required.
Tax Benefits of Investing in Child Plan
You will be eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, subject to the provisions contained therein (tax benefits are subject to change in the tax laws. Please refer to the Tax Benefits section for more details)
In whose name should the policy be purchased
When purchasing a Life Insurance plan, it is important to remember that its main purpose is to replace an income that is lost in case of the unfortunate demise of the chief wage of the family (Life Assured). A child rarely has an income and therefore has no reason to get insured. If the Insurance Plan is taken in name of the child, the plan gets derailed in case of unfortunate demise of the parent. Thus, the very objective of any Children’s Plan is undermined if the plan is acquired in the child’s name.
Therefore, as far as possible, make sure that the parent is the Life Assured and the nominee or the beneficiary is the child.
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