Someone wise said that”Two of the greatest gifts we can give our children are roots and wings.”As we all know the cost of education is rising day by day due to inflation.
So, getting a child plan for education has become very important! Multiple factors such as school uniforms, books, transportation have also contributed to increasing children’s education costs.
If you have come to this article, it means you are worried about your child’s future and are looking for the best child plans for education.
Therefore, securing your child’s future and getting child plan for education is one of the best gifts that you as a parent can give to your child.
Getting insured with a child plan further secures parents financially in case of any uncertainty or mishap such as the unfortunate demise of a parent.
Let us look at a few advantages of why one should insure with a child plan for education.
Various Benefits of Getting a Child Plan for Education as Education Cost Shoots Up
#1. Financial Security
It is rightly said that death or any other mishap does not come with a prior warning. Therefore, it is essential to think about your child’s future and dreams in case of your absence.
Being insured with a child plan for education provides financial security to your child. Furthermore, in case of an unfortunate event such as a parent’s death, the child will not have to face financial constraints.
#2. Tax Benefits
The premiums paid by the investor for child plan for education are eligible for tax benefits under Section 80C of the Income Tax Act 1961 for upto Rs. 1,50,000 per year.
Also, under Section 10D, an individual can avail tax exemption on the sum assured and accrued bonus (if any) received through their life insurance policy claim (maturity or death benefit).
This is one of the major advantages of getting a child plan for education.However, tax laws are subject to change from time to time.
#3. Eligible for Partial Withdrawals
A child plan for education has the provision of partial withdrawals to give wings to your child’s dreams and talents. This provision provides that extra relief during the time of financial need.
#4. Helps You with Medical Expenditure
There might be an unfortunate event when your child might fall sick or meet with an accident. In such cases, parents might face financial constraints.
Buying the best child plan for education will ensure that parents are financially secure and get their child treated without any worry!
With the increasing cost of education, getting insured with the best child plan for education has become crucial in today’s time and age.
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