Getting Life Insurance for Your Child

While planning and managing your finances, you leave no stone unturned to secure your child’s future, especially financially. Major expenses such as those for your child’s elementary and college education and marriage need substantial savings on your part. Therefore, it becomes crucial that you look for and leverage high-yielding, regular investment options early in your working years or as soon as you become a parent, to accumulate a significant amount of savings over the years. It is equally important to secure your child’s future in the event of an eventuality.

Given the varying nature of the financial requirements of your child; therefore, it is critical that you invest in a child plan. A child insurance plan offers the combined benefits of life insurance and an education plan, thus making it an attractive proposition for your financial portfolio. Here are certain aspects to consider while buying an insurance plan for your child.

  • Protection with Waiver of Premium

    While purchasing a child insurance plan, you need to ensure that all premium payments due under the plan are timely paid. Otherwise, if you miss out on one or more premium payments, you may risk your policy getting lapsed. To avoid such an instance, therefore, you must protect the premium payments under child plan with the waiver of premium benefit.

    This additional feature will ensure that all future premiums payable under the child plan are waived off, under special circumstances when an insured parent is unable to make the payments further. Subsequently, if you meet with an accident and incur any disability or in case of your unexpected demise, the insurer would pay the remaining premiums due on your behalf, while the policy terms and benefits continue to exist, to your help your child meet their immediate and future needs.

  • Mode of Premium Payment

    Under a child plan, you have the option to pay the premium amount in the form of a lump sum payment at the start of the policy period. You may also choose to make the payments for a limited period or frequently on a regular basis. The Assured Education Plan from Future Generali offers you the options to the premium either monthly or annually. That said, the premium amount varies according to the sum assured chosen by you.

  • Tax Savings

    Along with the comprehensive life cover and substantial saving benefits, child plans also help you avail tax deductions on the invested premium amount. Therefore, you are not only eligible to receive tax savings up to Rs 1.5 lakh under Section 80C, but you also benefit from tax-exempted maturity proceeds under Section 10(10D), subject to fulfilment of the existing terms and conditions stated therein.

  • Additional Riders

    Another important aspect of a child plan is that you can strengthen its financial security through additional riders. An insurance rider is nothing but an add-on insurance plan that can be availed to add another layer of insurance cover to your regular insurance plan, albeit by paying an additional nominal premium. With the Assured Education Plan from Future Generali, you have two rider options available under this plan.

    First, the add-on is the Accidental Death Rider, which provides an additional insurance cover in case of untimely death resulting from an accident. The cover amount will be paid to your family. Another rider add-on is the Accidental Total & Permanent Disability Rider. The rider provides an additional insurance cover in case of total and permanent disability resulting from an accident. The cover amount will be paid on confirmation of the total and permanent disability.


Like every parent, you must dream big for your child’s future. For you, the best way forward would be first to do the small things right. Therefore, you must complete onboard a plan that offers you financial protection to secure your child’s future against any unfortunate event. You must also make suitable arrangements for wealth creation and sufficient savings to supplement your child’s growing needs if things stay on course.

At Future Generali, we believe that all small financial decisions culminate into significant outcomes in due course. With our child plan; therefore, you can start saving small today with child insurance plans and give your child the wings so that s/he can soar in the sky of limitless possibilities.