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HDFC's |
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Children's Plan |
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HDFC's "Children's Plan" provides a lump sum amount to the child on the maturity. There is also a provision for financial security to the child even if the insured parent dies during the tenure of the policy. It is a "with profit" plan with simple reversionary bonus. Under this plan the Parent / Grand Parent / Adult is the life assured and the child is a beneficiary. There are three options under this plan: |
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| Option |
On death of the Insured Parent during the policy term |
On Maturity |
| Maturity Benefit Plan |
Future premiums waived and policy continues till maturity |
Sum Assured + Bonus paid |
| Accelerated Benefit Plan |
Sum Assured + Bonus paid and policy stops |
On survival of the insured parent to the maturity date SA+Bonus paid |
| Double Benefit Plan |
SA paid, Future premiums waived and policy continues till maturity |
SA+ Bonus paid |
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The child is the beneficiary under the policy. On the death of the beneficiary the policy holder can opt for any one of the following. |
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- Policy can continue to remain in force as long as the Life Assured (Insured) is alive. The beneficiary can be changed to another child with no change in the premium.
- Policy can continue to remain in force as long as the Life Assured is alive. The beneficiary can be changed to the life assured himself with no change in the premium.
- The policy holder can surrender the policy immediately and take a surrender value.
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This plan is eligible for benefits under Section 80C and 10 10(d) of the IT Act. These are however subject to change as per the government policy. |
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The eligibility age of Life Assured is from minimum of 18 years to a maximum of 60 years, Maximum age at maturity 75 years. Term is from 10 years to 25 years. |
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The premium is paid yearly, half yearly or quarterly. |
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