As a parent, your kids are the most important part of your lives. Smallest of your happy moments depend on them. While trying to maintain a balance between emotions & practical life, managing spending and savings often becomes a tricky task.
You would do anything to make your children happy and to secure their life & future. Max Life Child Insurance Plans have been specially customized to address your child’s future needs, even in your absence.
A child insurance plan is a combination of insurance and investment that ensure a secure future for your child. Life cover is available as a lumpsum payment at the end of policy term. Not just this, these plans also provide flexible payouts at important milestones of your child's education. While one may not want to think about unfortunate situations like death or serious medical illness, it’s important that you shield your child’s future against such incidents. Max Life Child Insurance Plans ensure that your child’s future financial needs are taken care of even in your absence.
Simple monthly savings might not suffice the growing higher education costs. For your child to shine in the competitive environment, education fees should be the last constraint. Child insurance plans provide you the flexibility to invest based on your child's education needs, your current financial status, and other monetary goals. Typically, child insurance plans provide a life cover of around 10 times the annual premium. Additionally, these plans also provide partial withdrawal facility as needed. Along with this, you can also avail tax benefits for the premium paid.
Provides financial security during the most crucial years of your child's life
Offers a perfect blend of investment and savings in a single plan
Safeguards child's future, even after demise of the parent
Favours disciplined, long term savings, which usually becomes a challenge
In addition to the death benefit and the annual income benefit, insurance buyers often look for tax saving avenues. It is noteworthy that child plans come with tax benefits like any other insurance scheme. Policyholders can claim deductions on their taxable income through such policies under Sections 80C, 10(10D), and 80DD of the Income Tax Act, 1961. Note that all the proceeds including death and maturity benefits from a child plan are entirely tax free.
Sections of the Income Tax Act, 1961
Tax Benefits
Section 80C
Premiums paid against a child plan are eligible for tax deductions.
One can claim deductions up to Rs. 1.5 Lakhs from their taxable income.
One can claim reduction of up to Rs. 1 Lakh on their child’s tuition fees.*
Section 10(10D)
All the proceeds, including maturity benefit, death benefit, and income benefit from a child plan are completely tax-free.
Section 80DD
This applies to parents of children with critical illnesses or special needs.
Deductions of up to 33% can be claimed against child treatment related expenses.
Deductions up to 40% and 80% can be claimed against expenses related to minor and major disabilities, respectively.
Section 80E
Interest paid towards a loan for a child’s higher education is tax deductible.
* The tuition fees should not exceed the prescribed limit. Further, exemptions can be availed for two children only.
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We provide services in all over India.