Child Insurance plans have become very important because they specifically provide for ones childs future even in ones absence. The inbuilt premium waiver rider ensures that the plan continues even after the parents death and the benefits accrue and when they are payable so that the benefits can be utilized for the purpose for which it was initially planned, i.e. for the childs future. For example, an individual with a child currently aged 5 years buys a 20 year child plan which promises money backs at the 15th, 17th and 20th policy anniversary. The policyholder has planned the money back periods to coincide with the childs educational milestones and would receive the funds when the child reaches 20 years, 22 years and 25 years. The funds will be utilized to take care of the childs higher education. If the insured dies, the plan will not be terminated. Future premiums will be paid by the company and the money-backs will be paid as and when promised. Thus, the money will be utilized only for the childs education which was the actual rationale for buying the plan. IndiaFirst Child Plan IndiaFirst offers a unit linked Child Insurance Plan to provide for the childs future even in the absence of the parent with attractive returns. Let us take a look at the plan in details along with its features and benefits. IndiaFirst Happy India Plan A unit linked child insurance plan which protects the childs future against untimely death of the parent by providing financial assistance. The features and benefits of the plan are as follows: Premiums under the plan are required to be paid for the entire duration of the plan. The premiums paid net of applicable charges can be invested in a choice of four funds available with the company at the discretion of the policyholder. The funds are Equity 1 Fund, Balanced 1 Fund, Debt 1 Fund and Value Fund The policyholder has the option to protect his fund from market volatility by transferring his Fund Value proportionately to the Liquid 1 Fund as the plan approaches maturity. Under this option, 3% of the Fund Value is transferred to the Liquid 1 Fund every month in the last 3 years of the plan maturity. On maturity, the available Fund Value is paid to the policyholder which can be taken either in lump sum on maturity or in instalments over a period of 5 years post maturity under the Settlement Option. In case of death of the insured during the tenure of the plan, the Sum Assured is paid subject to a minimum of 105% of all premiums paid till the date of death. The policyholder may additionally choose the disability benefit option under which, in case of death or disability of the insured during the tenure of the plan, the aggregate of all future premiums is paid which can be availed immediately in lump sum or can be invested in the fund where it will attract market linked returns. The resultant fund value is then paid on maturity of the plan. Two free switches are allowed every year to change between the funds with a minimum value of Rs.5000 Unlimited free partial withdrawals can be made from the fund value subject to a minimum of Rs.5000. Premium redirection facility is also available to redirect future premiums into a different fund Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Applying for a Child Plan from the company: Online The company offers specific plans which are available online only. The customer only needs to log into the companys website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued Intermediaries Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process. Applying For Child Plans through PolicyBazaar On the PolicyBazaar homepage, click on Child Plans under the Personal tab. Click New Quotes to compare and choose from top insurance providers. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue. Fill in your name, email address, city, country code, and mobile number. Click Continue. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed. This will take you to the insurers website. Fill in the necessary details to buy the plan. To know more about other life insurance plans check at IndiaFirst Life Insurance