Child plans, in simple terms, are insurance policies that help take care of any future needs related to a child, including education and wedding. These plans come with the dual benefit of investment and insurance, and generally provide payouts that is at least 10 times the total premium paid during the policy period. Such plans are best for individuals who want to save for their children but are averse to investing in the equity market directly.
At present, Aegon Life, a partnership between Europe-based Aegon NV and The Times Group, offers just one child plan called the Rising Star Insurance Plan. This is a market-linked insurance policy that allows you to save money for your child’s future, whether it is for education or for important milestones such as first vehicle or wedding. The death benefit is equal to 105% of premiums paid or sum assured, whichever is greater, and maturity benefit would be the fund value. The noteworthy details of this plan are:
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