What You Need To Know About The Minimum Installment Amount for Child Education Plans?

Jun 29, 2018 | 5 months ago | Read Time: 3 minutes | By iKnowledge Team

The costs of education are at an all-time high and it is only set to go higher. Rather than keeping your savings in the bank account, you can choose to invest it. With a minimum amount of Rs. 2000, you can start an investment for the long run. With systematic and steady investments, your money will multiply and come to your rescue when you need it the most.

To start saving for your child now, let’s look at some useful tips you can follow:

Education Plan Calculator

Before you begin investing, get to know the type of investments suited to your end-goal. Prepare for your child’s education future by using the Aegon Life Education Calculator. Questions such as, ‘Where would you want him/her to study?’ and ‘Amount required for professional education per year in today’s term’, can help you to plan future educational expenses for your child.

Child Education Plans

After you finalise your goal and the amount you need to invest, the next step is to decide where to invest. With so many investment options available, a child education plan could well become your priority, if you are seeking a bright future for your child.

What are Child Insurance Plans?

Simply put, a child insurance plan is a blend of insurance and investment that protects and safeguards your child’s future while providing him/her security in your absence. The benefits of investing in a child plan are two-fold – it offers a lump sum payment to the nominee, at the end of the policy term and waives all future premiums. In addition, some child plans also have the option of offering flexible disbursals at significant occasions of your child’s education. With so many benefits at hand, a child education plan can become a vital contributor to successful financial planning for your child’s future. If you are looking to invest and insure your family at the same time, consider the iMaximize Plan from Aegon Life. Along with insurance, it can plan your child’s future to meet their educational needs and offer you tax benefits.  

What is  iMaximize Plan?

iMaximize is an online Unit Linked Insurance Plan (ULIP) that offers a combination of market-linked returns and financial cover. It has been designed to offer you a considerable degree of flexibility, which makes it well-suited for you if you are a first-time investor or even a market expert.

What Are the Benefits of iMaximize Plan?

  • Benefits Upon Maturity

Upon maturity of your policy, you will get the full fund value.

  • Income Tax Benefits

The premiums you pay and the benefits you receive are eligible for tax benefits under Section 10 (10D) of the Income Tax Act, 1961.

  • Death Benefits

You have two options to choose from.

Benefit option 1: The nominee receives higher of the Sum Assured or Fund Value or 105% of all the premiums paid. If there is a Top-Up fund, Top-Up Sum Assured or Top-Up Fund Value will also be paid, whichever is higher. The policy is terminated thereafter.

Benefit option 2: Sum Assured or 105% of all the premiums paid, whichever is higher + All regular premiums due for the remainder of the policy term are waived and paid by the company (Premium Continuance Benefit) + the annualised premium paid to the nominee at the start of each policy year (Income Benefit).

Conclusion

Arranging for funds for your child’s education well in advance is crucial. Child Education Plans like the iMaximize Plan from Aegon Life can help you through the planning and implementing. You can begin with a minimum amount of Rs. 2,000 every month to start saving for the future. Sow the seeds of investment now to reap the rewards of it in the future.

Advt. no.: IA/Jun 2018/4156


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