Future Generali Pramukh Nivesh ULIP Plan
Star Union Da-ichi Life Insurance Company Limited is a joint venture between Bank of India, Union Bank of India and Da-ichi Life. While Bank of India and Union Bank of India are leading Indian banks, Da-ichi Life is a leading insurance company which is the second largest insurance company of Japan. Da-ichi is among the top 10 global insurers and has great expertise in the insurance sector.
What are Child Plans?
An insurance plan offered by the insurance company which is for the sole purpose of protecting the childs future against adverse financial crisis in the absence of the parent is called a child plan. These pans are a foolproof way of ensuring your childs future.
There are some common factors which are inherent in all types of child plans which are detailed below:
The plans may be offered either as a traditional plan or as a Unit Linked Insurance Plan (ULIP)
The parents life is insured under the plan though some plans also insure the life of the minor child.
If the life of the child is insured, the company keeps a deferment period in the plan which excludes the Sum Assured coverage in the first few years of the plan. The rationale is to protect the company from the higher death risk of the infant. If the infant dies during the deferment period, the premiums paid are returned
The child also cannot be the policyholder of the policy in the above scenario since he is a minor. The policy anniversary following the child reaching 18 years is the date on which the ownership of the policy will revert back in the childs name and the child becomes the legal policyholder this date is called the Vesting Date
In other cases, the plan automatically provides for the payment of any future premium if the parent, who is the life insured dies. This is in lieu of the inbuilt premium waiver rider which entails this benefit.
Applying for a Child Plan from the company:
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
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.