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In recent times, child plans have been attracting the attention of a lot of Indian consumers. Evidently, child insurance plans are soon becoming one of the key insurance sectors for the immense benefits they provide for the child’s benefit as he/she grows. In the past few years, market factors such as inflation have only raised the prices of commodities and essential services. Right from education to child care, raising a child has become a costly affair. That is why, an investment in a child insurance plan today has the potential of rendering considerable returns when the child needs it the most.
Apart from this inherent benefit, child insurance plans also help save the parents from unnecessary financial burden that they incur during the growing years of their children. A uniform pattern of investment helps them ensure that they no longer have to spend a fortune towards the benefit of their child since the returns from these plans manages it all for them.
One of the best companies that offers child plans is IndiaFirst. This entity helps parent secure the financial interest of the parents during early years of parenthood so that they do not have to depend on loans and other debts to cater to the needs of their child. In this article, we have tried to compile all relevant information about IndiaFirst Child Plans so that you are well aware of its prospects. We will also tell you about some great IndiaFirst Child Plans that you can think of investing in.
IndiaFirst Life Insurance is one of the newest financial services in the country. It is a joint venture of Bank of Baroda, Andhra Banks as well as Legal & General, a firm based in UK. IndiaFirst offers two types of child plans, one that is an investment based plan and one which is a conventional plan offering regular payouts.
Let us have a close look at both these plans.
How does the plan work?
The money invested by the insurance holder as premium is invested by the company in the equity market, the returns of which are paid to the policyholder as per the term of the plan. In addition, bonuses, if any, are also paid at the end of the maturity period.
How does the plan work?
The mechanism of this plan is quite simple and straightforward. The money invested by the insurance holder as premiums multiplies over time during the policy period. The returns are provided to the insurance holder at the end of the policy period along with bonuses, if any, generated throughout the years.
Applying for IndiaFirst Child Plans has never been easier. You can buy the policy in a few clicks sitting at the comfort of your home.
Does the family get the benefit of the policy after the death of the policyholder?
Yes. The family is paid the sum assured amount in lump sum so as to avoid any financial hardships and difficulty.
Do I have an option to change investments in my policy?
Yes. In case of an investment based insurance policy, you can change your investment fund twice during the tenure of the policy through the switching option.
Are bonuses paid to the policyholder?
The bonuses are paid at the end of the policy period or death in lumpsum to the policyholder/nominee.
Which is the best investment plan of IndiaFirst Child Plans 2018-19?
IndiaFirst Child Plans are designed to serve the interest of the child so that financial constrains do not deter him/her from realising his/her dreams. The plans come with an option of investment along with the insurance plan or without it, which the policyholder can choose depending on his risk appetite.
Which is the best IndiaFirst Child Plan for long term?
Ideally, both the plans offered by IndiaFirst for children are the best ones and are competitive products in the insurance market. The policy term of both these plans is focused on long term investments so that the policyholder receives maximum returns over a certain period. Rating the best plan out of the two would not be justified since each plan comes with its own benefits and eligibility criteria. As a potential insurance holder, we suggest that you glance at both the plans and then decide which one suits you best.
Why should I buy IndiaFirst Child Plans?
What should I do if I want to change my premium paying?
In case you want to change your payment of premium system, it is advisable that you either contact your policy manger or contact the customer helpdesk. Changing the mode of premium payment depends on the company’s policies as well as duration of investment.
Why you should opt for IndiaFirst Child Plans?
How to pay premium and what are its modes?
Premium can be paid in the following ways:
How can I check policy status for IndiaFirst Child Plans?
You can either contact you policy manager physically or contact the customer care. You can also check the policy status online by logging in to the portal from which you have purchased the child plan.
What is the policy renewal process for IndiaFirst Child Plans?
The policy can be renewed through the internet itself by simple selecting the renewal option and paying the due premium. You can also visit the nearest branch along with your documents to get the policy renewed.
What is the company’s process to settle claim for IndiaFirst Child Plans?
Claims are settled in a transparent manner and the information about the same has to be delivered within 7 days of the occurrence of the event. You can contact the policy adviser or contact their customer care to process your claims. The usual settlement period is within 15 days.
What is the policy cancellation process for IndiaFirst Child Plans?
IndiaFirst Child Plans is cancelled within 15 days of the application which the policyholder has to make along with the requisite documents to the nearest branch.
How do IndiaFirst Child Plans work?
IndiaFirst Child Plans work as per the nature of the plan. In an investment based plan, the money is further invested into equities to garner maximum returns to the policyholder over a period. In case of the traditional plan, guaranteed payments are made to the policy holder at the end of the period.