ULIPs to Secure Childs Future

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ULIPs to Secure Childs Future
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You are the sole breadwinner of the family and
rising expenses eat up most of your savings.
Providing your child a good education is your
main duty to your children and no doubt you are
saving up for this. With inflation eating up the
value of most of your savings and expenses
rising, managing the family budget is quite a
difficult task. God forbid what if something
happened to you? How would your children get a
quality education?
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A child Ulip has twin benefits

• Insurance Investments
• The child ulip can be taken by you (parent), your
  spouse or even your parents (childs
  grandparents) as the proposer of the policy.
• The child ulip is taken on the proposers life
  (You/Spouse/Childs grandparents) and he/she
  becomes the life assured under the policy.
• If you are the life assured of the child ulip
  plan, on your death a lump sum is provided to
  your child (or the guardian) for your childs
  education.
• investors invest in a child ulip. The Insurer
  (life Insurance Company) pools this money
  together after deducting all applicable charges
  for life insurance and other costs.

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What is the minimum sum assured/death benefit you
get in a child ulip Policy?

• If you invest in a child ulip when you (life
  assured) are below 45 years of age the minimum
  sum assured (death benefit paid to your child) is
  10 times the annualized premium (10 times the
  premium you pay annually).
• If you invest in a child ulip when you (life
  assured) are above 45 years of age the minimum
  sum assured (death benefit paid to your child) is
  7 times the annualized premium (7 times the
  premium you pay annually).
• The death benefit at any time within the plan
  cannot be less than 105 of the total premiums
  you pay.

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What is a child ulip with a waiver of premium
rider?

• You have to pay the premiums in a child ulip plan
  until the maturity of the plan or for a fixed
  period.
• If you (life assured) die before the maturity of
  the plan, the child ulip pays your child (or his
  guardian) the death benefits (sum assured).
• What makes a child ulip plan with a waiver of
  premium rider unique is on your (life assured)
  death, all future premiums are paid by the
  Insurer (Life Insurance Company).