Bajaj General Child Insurance Plans

There are many benefits of buying child plans. Some of are as follows:

• By buying a child insurance plan, you can save for your child's education, marriage, and future needs.
• It provides financial security, so your child's future is protected even if something happens to the earning parent.
• Regular savings over time help you build a large fund for your child's long-term goals.
• You can easily manage the cost of rising education and other important expenses.
• Child plans also offer tax benefits under Sections 80C and 10(10D) of the Income Tax Act, 1961.

Types of Child Insurance Plans

There are two common types of child insurance plans that are offered by Bajaj General:

1. Child ULIP Plans: These plans combine life insurance with investment. In this type, a part of your premium is invested in market-linked funds, through which you can grow your savings over time. These plans also include a premium waiver benefit, which helps in securing the child’s future even if something happens to the parent.

2. Traditional Child Insurance Plans: The main focus of these plans is on savings and life insurance. They include endowment plans, which pay a lump sum amount at maturity, and money-back plans, which provide regular payouts during the policy term. With the help of these plans, you can easily meet important expenses like education and marriage.

Working of Child ULIP Plans

Here is the working of child ULIP plan:

• Select the premium amount, policy term, premium payment term, payment frequency, and the funds you want to invest in.
• After deducting the applicable charges, a part of your premium is invested in selected funds, and the rest of the amount is used to provide life insurance cover.
• The value of your investment will totally depend on how the selected funds perform in the market.
• If the life insured passes away during the policy term, the nominee receives the death benefit as per the conditions.
• If the insured parent passes away during the policy term and the waiver of premium rider has been added, then future premiums will be waived. The policy still continues, and the rider is available at an additional cost.
• At the end of the policy term, the available fund value is paid as the maturity benefit.

Working of Traditional Child Insurance Plans

Mentioned below is the working traditional child insurance plan:

• Select the sum assured, policy term, premium payment term, and how often you want to pay the premium.
• The premium is calculated based on factors such as your age, policy details, and other applicable risk factors.
• Pay the premiums for a number of years you decide to pay for it, so that your policy keeps active.
• If you have a money-back plan, you receive payouts at regular intervals as mentioned in the policy.
• If you have an endowment plan, you receive the maturity benefit when the policy term ends.
• If the insured parent passes away during the policy term and the waiver of premium rider has been added, then future premiums will be waived. The policy continues, and the maturity benefit is paid at the end of the policy term, as per the policy terms.
• If the life insured passes away during the policy term, the nominee receives the death benefit according to the policy terms.

Documents Required for Buying Child Plans

The following documents are required to but child insurance plans:

• Identity proof 
• Address proof 
• Age proof 
• KYC documents 
• Income proof 
• Medical check-up reports (if required)

Steps to Claim Children's Insurance Plans

By following the steps given below, you can claim your child’s insurance plan:

Step 1: Inform the insurance company about the claim and fill out the claim form.

Step 2: Submit the required documents, such as the policy document, identity proof, and medical records (if required).

Step 3: Your documents will be verified by the insurance company.

Step 4: After verifying everything, your claim gets approved, and the insurance company will process it.

Step 5: The claim amount will be paid to you or the nominee.