SIMPLIFYING CHILDREN PLANS

Why do need a child Plan ?

As a parent, your priority is your children's future and being able to meet their dreams and aspirations. In today's era, providing good education, establishing a bright career or even arranging for a marriage is expensive. To meet future needs of your child, it is very important to plan in advance.

What are Children Plan and how do these help ?

Life is uncertain and you would not want to take a chance when if comes to your children's future. Even at the time of death of a parent, CHILDREN PLAN provides lump sum to the child at the time of maturity. Double benefits occur both at the time of death and maturity.

Types of Children Plan

Unit Linked Insurance Plan (ULIP): Your premium paid is invested in unit linked funds which allow you to withdraw money, at any time after three years.

Endowment Plan : This is a traditional plan in which you enjoy bonus declared by the Insurance Company and also the facility of withdrawing a minimum amount of 15% on different milestones.

Advantages of taking up Children plan ?

• In the unfortunate event of death of policyholder during the policy term benefits like future premium waived off., are available.
• Sum assured would be received immediately in the event of death of policyholder.
• Policy benefit continues for your Child's financial needs.
• In case of ULIP, fund value will be paid at the time of maturity.
• Your Child's dreams for higher education etc., would be fulfilled.

Premium Payment Option:

One can opt for yearly, half yearly quarterly or monthly mode of payment.

Tax Benefit:

Under Section 80C, premiums up to Rs. 100,000 are allowed as deduction form your taxable income. Maturity & Death Benefit are tax free under Section 10(10D) of the Income Tax Act, 1961.

How does the plan of different insurance Companies differs ?

Plans of different insurance companies mainly differ on following:

• Minimum & maximum entry age of child
• Policy term
• Minimum & maximum premium
• Variety of optional riders
• Minimum & maximum sum assured
• Switches
• Premium allocation charges
• Funds Options

Is there a minimum amount of sum assured or minimum premium* ?

Different Insurance companies offer different minimum premium or sum assured. E.g. Marriage Endowment Plan of LIC can be subscribed for a minimum sum assured of Rs. 50,000 and for a term of 25 years, premium is as low as Rs. 170 per month. In case of Smart kid of ICICI, the minimum premium is Rs. 700 per month for Endowment Plan and Rs. 833 per Month for ULIP, both for a term of 20 years.Plans of different insurance companies mainly differ on following:Plans of different insurance companies mainly differ on following:Plans of different insurance companies mainly differ on following:

Why do you need an advisor ?

An advisor is needed to:
• Understand your requirement
• Analyze the same and then
• Recommend the right type of plan

How can an Insurance Broker helps ?

An Insurance Broker is an Organisation licensed by Insurance Regulatory and Development Authority (ww.irdaindia.org), authorized to work for all the Insurance companies. Thus, it is not obliged/motivated to advise you CHILDREN PLAN of only a particular company. This may not be possible when you deal with an Insurance agent representing a particular Insurance Company or with an advisor or a consultant or a sales manager employed by a particular Insurance Company.

Besides, the professional advisors employed by SPA Insurance Broker Services Limited will provide a comparison of key features of different plans and explain you the intricacies in a SIMPLE manner. He also helps you as and when the benefits becomes payable.

YOU NEED UNBIASED PROFESSIONAL ADVICE:

• For access to all products of all insurance companies
• To understand the comparison among different products
• To help you in selecting the most appropriate plan
• To review the suitability of your existing policies &
• Uncompromising after sale services.