Child Education Plan and Leading Life Insurance Companies
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Securing Your Children’s Future through a Child Education Plan
You can secure your own future by
securing the future of your children. The future of children is safe when
parents are around them but there are some instances that the parents may not
be present and their absence could them financially unstable. A child’s
education plan will furnish security on financial level at a time that matters.
The biggest
dream of most of us is to support our child’s education and to send them in
best schools, colleges and universities. But in the last few years, the cost of
child’s education has gone skyrocket and even increasing day by day. Therefore
it is must to make a plan for securing child’s education in order to secure his
future.
Life Insurance Companies offering a Child Education Plan in Pakistan
The leading
life insurance companies that offer s child education plan are highlighted
below:
1. Child
education plan by Jubilee Life Insurance
2. Child
education plan by State Life Insurance
3. Child
education plan by EFU Life Insurance
4. Savings
plan for college education by IGI Life Insurance
5. ABC
Education plan by Pak Qatar Family Takaful
6. Education
secure plan by United Insurance Company
Types of Child Education Plans
The child
education plans offered by the above mentioned leading insurance companies are
fall in one or another category as discussed below. These plans are associated
with insurance and investment options as part of the policy. This then makes it
facile for you to manage the amount and the dates of any future payment related
to policy of your child.
Regular Premium Plan:
This plan involves to pay premiums till
the time to reach the child of 18 years age. After that, the insurance company
is responsible for paying the recipient the total amount throughout the coming
years.
Single Premium Plan:
These plans includes a lump sum being
paid once the policy gets to maturity.
Unit-Linked Child Plan:
There are various advantages that are
associated with these plans in addition to good returns. They provide a number
of withdrawal options and offer the exact level of cover that provides high
returns in addition to over time, the value increases.
Money Back Plan:
These plans provide well organized way
to plan and can be used as child plan. They are outlined to fulfil the future
expenses of the individual as well as providing a regular income option.
Endowment Plans:
These plans bring together the
excellence of investment and insurance plans. After an agreed duration of time,
the investment feature of the plans come into effect. At the ending of the
endowment period, you will also accept a lump sum, facilitating it a right
option for securing the future of your children.
A Review of State Life Insurance Child Education
State Life Insurance
Policy for Child Education enables you to give best start to your child in
their adult life and so it is considered to be the most important plan for all
involved. The plan provides a lump sum cash benefit for your children after the
completion of overall terms of policy.
Main Features of State Life Insurance Child Education:
The aim of
the plan is to provide a lump sum facility for the child after the completion
of the policy term. After the completion of the term, the full insured amount
in addition to accrued bonuses are paid to the policyholder.
Somehow, the
policyholder may be passed away before the completion of policy term, then the
child will be provided with a family income benefit to the sum of Rs 240 per
1000 sum insured on an annual basis up to point where the policy term ended.
All the future premiums that are part of the policy are waived as a policy
benefit to the policy holder’s family and at the same time the policy stays in
place having full sum insured to continue to become a part of surplus of State
Life and receive bonuses. So when the policy comes to completion, the child is
offered with two options to choose from. This includes to receive the proceeds
in one lump sum or to receive it in instalments.
The
same policy can also be continued in the same manner through switching the plan
to avail benefit for another child. However it is more beneficial to continue
the contract rather than to refund all the previous premiums paid up to the
death of the policy holder. It is also possible to continue the policy without
the need to name another child. However the option of refunding will not be
available at this point.
Benefits Offered by Child Education Plan:
The child
education plans are the ideal plans for those parents who want to secure their
children education and career life by providing with a good financial support.
The lump sum
benefits will be paid to the children, when they reach their predetermined age
of either 18, 21 or 25 years old. This option enables the parents to select an
age that is the most suitable time in their life when they are probably in need
of money for entering in education or even going into business.
The plan can
modified according to the specific needs because there are two versions
available for choice. The first version offers built-in family income benefit
while the other comes without family income benefit. In addition to parents,
the plan can also be guided by uncles, grandparents and all other family
members who are helping to cover the costs of maintenance for the child.
A surrender
value will be given to the plan after effectiveness of plan for consecutive two
years providing no payments have been missed. This surrender value will be given
by the State Life on the official request of the policyholder.
Eligibility criteria for getting a Child Education plan:
There
are some specific eligibility criteria in order to issue that plan and put in
place. The person as policy holder should have minimum age of 20 years while
the maximum age of policy holder is 60 years. However the maximum age should be
70 the plan comes to the maturity.
To plan for the secure future of your
children is important and this plan enables you to do just that provided by the
state owned largest life insurance company in Pakistan called State Life
Insurance company. Having a vast range of benefits, it is an extraordinary
option for parents to give their children the best start in life. This is a
plan that provides flexibility in the way of working and that refers that
parents can be confident in all that it has to provide.
You can make it sure to get best education
plan for your child through Mawazana.com before buying a plan in Pakistan.
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