Coimbatore, May 1
MetLife has introduced `Met Bhavishya,' which is a child's insurance plan that ensures that the future of the offspring is not compromised on account of the untimely death of the parent.
The insurance is not taken for the child, but is a `plan' wherein the parent is the insured and the child - the beneficiary.
Met Bhavishya allows the parent to plan for the child's future expenses, say on education with the assurance that the sums would be paid irrespective of the parents' continued investment (due to untimely death). The premiums paid and the maturity/survival proceeds are eligible for tax breaks.
Stating that it would be the `best gift' that a parent could give the child, not only during his lifetime but beyond, as long as the child lives, company sources said the plan guaranteed returns to meet the child's educational expenses at different stages.It comes with 2 options - fixed term benefit, periodic additions and terminal benefit.