Every parent wants to provide their children with the best of education and see to it that there are no hurdles faced by their wards while shaping their future. The Good Kid Plan aims to not only help you grow your money and maximise your returns but also help take care of your children's future from a financial point of view. This plan provides money back returns along with various benefits including tax and maturity.
The eligibility criteria for this particular plan are given in the table below:
|Parameters||Criteria for eligibility|
|Minimum age at entry||25 years|
|Maximum age at entry||45 years|
|Minimum Nominee Age||30 days|
|Maximum Nominee Age||17 years|
|Maximum Maturity Age||70 years|
*Ages mentioned above are as on the policyholder’s last birthday.
Sum Assured and Premium*
The sum assured is the minimum amount the insurer will pay to the insured or the nominee incase of policyholder's death. The sum assured won’t contain any benefits or bonuses that the insured might be entitled to. Similarly, premiums payable will be decided at the beginning of the policy and will depend on the policy term,sum assured and premium payment term. All the relevant information on sum assured and premium for this plan is given in the table below:
|Minimum Sum Assured||Rs.2.5 lakh|
|Maximum Sum Assured||No limit|
|Minimum term of the policy||12 years|
|Maximum term of the policy||25 years|
|Premium Payment Term||Policy Term minus 5 years|
|Premium Payment Mode||Yearly, Half-Yearly or Monthly|
|Minimum Premium Amount**||Based on minimum sum assured|
|Maximum Premium Amount||No Limit|
*The premium amount can change based on the entry age of policyholder, policy term, payment mode, etc.
**Based on the minimum annual premium requirement. This can change based on the entry age, plan option chosen, policy term, etc.
|Death Benefit||Incase of the insured’s death, the sum assured will be paid as the death benefit which will be equivalent to a minimum of 105% of total premiums paid. The sum assured on death payable will be higher of:
|Maturity Benefit||The policyholder will be paid the guaranteed sum assured as maturity benefit as the policy attains maturity.|
There is no rider or add-on plan.
If the insured commits suicide within a year of the date of the purchase or the revival of the plan, the nominee will be entitled to the total premiums paid, provided the policy is still in force.
Other Key Features
|Grace period||A grace period of 30 days is given for yearly and half-yearly mode of premium payment. 15 days for monthly mode of premium payment.|
|Free look period||A free-look period of 15 days are given.|
|Surrender Benefit||The policy can be surrendered at any point of time given that premium for the first year has been duly paid.|
|Policy Loan||One can opt to take a policy loan provided that the policy acquires a surrender value. The minimum loan that one can undertake is Rs.2,500.|
|Revival||If the policy lapses due to premiums not being paid, it can be revived within two years of the date of the first unpaid premium.|
|Assignment||Assignment is allowed under Section 38 of the Insurance Act 1938.|
|Nomination||Nomination is allowed under Section 39 of the Insurance Act 1938. Under this plan, it is mandatory for the nominee to be a child.|
You will be eligible to avail various tax benefits under Section 80C and Section 10(10D) of the Income Tax Act,1961. Since, the income tax laws are subject to change, it is advisable to consult a tax advisor incase of any query.
There are various other benefits that you can enjoy under this plan.
Every parent want to see their children’s future shape up well and they would want that no hurdles are faced while doing so. Nobody wants to fall short financially when trying to provide the best of everything including education to their kids. The Good Kid Plan ensures that not only does your investment grow and returns get maximised but you are also able to take care of your children’s future without any financial problems.
This plan offers money back benefits along with various tax and maturity benefits. You can choose your policy term and the premium to be paid based on your financial capabilities. Since, the nominee must be a child, the plan ensures that the kid achieves all his/her dreams even if you are not around. You can also take a policy loan with the minimum amount being Rs.2,500. Tata AIA Life Insurance is known to be extremely consumer friendly as one can not only purchase insurance plans online but also pay their premiums and file for claims online as well.
Tata AIA Life Insurance is a joint venture between TATA Sons Ltd. and AIA Group Limited. They are considered to be one of the most reliable insurers today as they boast of having a 96% success rate in settling claims. They are also one of the best companies known to take care of their customers as they enjoy a 100% success rate in addressing their consumers’ grievances. They are recipients of various awards including the prestigious ‘Golden Peacock’ award for Risk Management.
*The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.