Children's Education Policies for Non Resident Indians
Age, Premium payment and sum assured: Since the policies are purchased for children the age of the proposer and the child is considered for entry and exit of policy. 18 to 50 and 0 to 17 are age constraints at entry for parent and child respectively. Premium is payable monthly, quarterly, half yearly and annually and amount of premium depends on the sum assured, policy term and premium payment interval. There are children’s education policies that offer a minimum of Rs.50,000 as sum assured.
- Planning for financial expenses of child’s education will help channel a part of the parent’s income and also provides a sense of security about the child’s future.
- Accidental death cover and health benefit rider along with children’s education plan makes the proposer feel much relaxed form uncertainties of life.
- Tax benefits can be availed by a NRI on the basis of section 80C and 10 (10(D)) of the Income tax act.