Child Insurance Plan
As parent you always want to provide the best for your children. To ensure that your children get the best even during unforeseen financially difficult time child plan insurance has been designed to secure their future. Protecting your child's future is undoubtedly an important part of successful parenting.
Child plans offered by insurers usually allow you to plan for your children's education needs in the future while also providing a risk cover on your life. In case of death of a parent, the child's future is secured by way of the proceeds from the claim. This is the best gift parents can give to their children. The investment in life insurance provides exemptions and deductions under the Income Tax Act 1961 (Act).
The insured can avail deduction benefits under 80C. However the life insurance policy should be evaluated on the basis of protection benefits rather than tax exemption benefits.