Protect your Child’s Future with Life Insurance

by Vinaya HS on January 20, 2016

in Finance

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The following post is a sponsored post.

A child is the greatest gift Life can bestow us with. She is your very heart and soul. So it is natural that you would want to go to great lengths to protect your child’s future; to give her everything she could possibly want; to care for her dreams and aspirations when she grows up.

To do so, you need to be financially secure and ready. This is easily achievable with Life Insurance Savings Plan. After all, Life Insurance, especially one combined with a Savings Plan, can be a genuine lifesaver.

Consider future costs

Go back to your childhood—how cheap were things back then and how much they cost today. It would be the same in case of your child. What costs thousands today may cost lakhs tomorrow. Let’s put the costs of education into perspective. A study shows a dramatic spike of 433%in school fees over the span of last ten years.

It is therefore, important to invest wisely and beat the effects of inflation—make your money grow faster than the rise in prices! The convenient e-Assured Savings Plan that Life Insurance companies like Kotak offer can help you on this account.

If you plan to invest today, you can be ready for your child’s university fees in the next ten years and thus have her education plan in place.

How will it help?

The equation is simple. Life insurance savings plan has two components – Insurance and savings. A life insurance policy helps protect your family in case something unfortunate happens to you; while the latter protects your money from inflation and lets it grow.

Benefits of the plan are:

a) Tax Benefits: Premiums paid in this plan will be eligible for tax deduction under Section 80 C, while any income from the plan will be tax-free under Section 10(10D).

b) Stay Longer, Grow Richer: If your premium payment commitment with the Insurance Company, is longer, you accrue higher benefits. This leads to a larger Guaranteed Maturity Benefit sum.

c) Enhanced protection with Riders: Boost your cover by adding a Term Insurance rider. Additionally, there is also an Accidental Death Benefit Rider which can be availed at affordable rates.

d) Guaranteed Returns: On survival till the end of the policy term, a Guaranteed Maturity Benefit will be paid.

e) Convenience in Premium Payment: You can choose to pay the premiums yearly, half-yearly, quarterly or monthly. You can change the mode of the payment at the time of the policy anniversary.

f) Convenience of buying online through the website.

A wise mom once said “Your child will keep building castles in the air; you better start buying bricks for the castle today.” Fulfil your child’s dream with online Savings Plan which not only provides protection but also boosts your savings through Guaranteed Returns. Stronger the financial security, bigger will be her dream.

About Kotak Life Insurance:

Kotak Mahindra Old Mutual Life Insurance Limited is a private Life Insurance company which is jointly owned by Kotak Mahindra group of India and Old Mutual of South Africa.

Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.

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