What is Bharti Axa Child Insurance ?-bharti-axa-child-insurance-plan

Child plans are plans offered by the company for the welfare of the policyholders child even when the individual is not there. The plans designed for the child generally do not cover the childs life. The life covered is of the parent with a minor child. Underwriting is done on the parents life while the childs details are given in the policy Some common aspects of the plan include: There is a `deferment period in some child plans. Deferment means delay of coverage and is applied if the childs life is insured. Under the clause, risk coverage will commence after the completion of some years. If the child dies during this period, the aggregate premiums paid till death is returned since life cover is not available during that period. If the child is insured, he will become the policyholder when he attains 18 years. The process of reverting the ownership to the child is called Vesting If the parent is insured and he dies, there will be no requirement of paying future premiums because they will be provided by the insurance company as per the provisions of the inbuilt waiver of premium benefit