Financial Daily from THE HINDU group of publications
Sunday, Jul 25, 2004
Financial Daily from THE HINDU group of publications Sunday, Jul 25, 2004 |
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Investment World
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Life Insurance Money & Banking - Life Insurance Columns - Insurance Corner ChildGain policy from Allianz Bajaj Sowmya Sundar
The policy provides financial assistance to your child to pursue studies or start a career. The additional in-built protection features, such as family benefit, premium waiver and cover for the policyholder, reinforce the protection to your child, even if something untoward happens to you. Like all insurance savings products, the returns on the product are nominal. In the absence of sufficient long-term savings products, insurance schemes are the only way out if you were to plan for a certain requirements beyond, say, 15-20 years.
Variants
The ChildGain policy comes in four variants:
ChildGain 21 Plus and ChildGain 24 Plus provide additional cover on the life of the policyholder. On death or permanent disability following an accident during the term of the policy, an additional sum assured is paid to the child. ChildGain 21 and ChildGain 24 do not offer this facility. The child's life is insured in all the variants.
Features
ChildGain is a money-back policy and matures when the child turns 18. After maturity, the payout is made at regular intervals depending on the plan chosen. The benefits of the plan are: Premium waiver: If the policyholder dies or suffers total permanent disability due to an accident, all future premiums are waived. The payout is made as indicated. Family income: A monthly income benefit of 1 per cent of the sum assured per month is also paid for the rest of the term. These benefits ensure that the child's financial needs are taken care of even if something untoward happens to the premium payer. Both the benefits are not payable if total permanent disability due to accident occurs after the policyholder turns 65.
Death benefit
On the death of the child, death benefit is paid to the policyholder and the policy terminates. If the child is less than 7 years, all premiums are refunded. If death occurs between the ages of seven and 18, the sum assured plus the accrued bonuses are paid lumpsum. If the child dies between 18 and 24, payouts outstandings are made as a lumpsum.
(Readers are requested to compare products featured under this column with similar ones offered by other players.)
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