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Financial Security

A very important part of your child growing well is how you plan their Financial Security. By now it must be evident that we at tell you much more than just ailments and diseases. March being the month when most of us start investing to save Income Tax, we give you some insights into few schemes available for you to invest in for your child's future. The information is gathered from company sources and our role is just to create awareness amongst you - the concerned netizens.

  1. Investment opportunities including Life Insurance
  • Jeevan Sukanya – This is a plan designed exclusively for female children and may be the first of its kind anywhere in the world. A policy under this plan can be taken on the life of a female child aged between 1 year (completed) and 12 years (last birthday).
    Contact your LIC agent

  • Jeevan Chaya – This is a need based insurance plan which gives risk cover to parents and makes provision for education and marriage of the child and extra benefit of waiver of premium in case of death of policy-holder, with additional sum to be paid immediately on death. The child should be less than one year of age.
    Contact your LIC agent

  • Bal Vidya  – This policy provides not only life insurance for the breadwinner but also money in regular monthly installments and in lump sums at specific points of time. These can take care of most of the expenses of the family – on school, college, and professional education, healthcare, starting a career etc. The child should be less than 12 years of age.
    Contact your LIC agent

  • Jeevan Kishor – This plan covers the life of the child from as early as the age of 7. With this you can give your child a start in life, a gift, a firm financial commitment for their secure future.
    Contact your LIC agent

  • Children’s Money Back Policy – Payment of premium ceasing on policy anniversary immediately after the child attains 18 years of age. The plan, besides offering risk cover, also offers payment of sum assured in installments at age 18, 20, 22, 24 and guaranteed and loyalty additions at age 26.
    Contact your LIC agent

  • ULIP - Unit Linked Insurance Policy - ULIP is a unique, multiple benefits Plan which combines the basic benefit of life insurance with good returns, tax benefits and accident insurance cover. The plan offers tax rebate of 20% on the amount invested under Section 88 of the Income Tax Act within the overall limit of Rs. 60,000/-. Accident insurance cover is up to Rs.30,000/-.
    Contact your UTI agent

  1. Investment opportunities without Life Insurance
  • CCCF – Children’s College and Career Fund - Children's College and Career Fund, an open ended Scheme launched in 1993, seeks to fulfil a parent's dream by providing for the cost of higher education etc. of a child through payment of scholarship on yearly/ half yearly basis in a tax friendly manner. Investment made in the Scheme grows through accumulation of bonus units. The rate of accumulation of bonus units is declared every year. After the child completes 18 years of age, returns will be distributed by way of scholarship in chosen number of installments. The Scholarship amount paid to the child will not be clubbed in the hands of parent/ guardian/ other investor, and will be thus completely tax free as per Section 10 (16) of Income Tax Act.
    Contact your UTI agent

  • CGGF – Children’s Gift Growth Fund - If you'd like to give a very special gift to a very special child, something that shows your care and your concern, this is just what you have been looking for. The CGGF is a gift that keeps growing with the years. Nobody, just nobody can touch it. When the child becomes an adult, the gift matures. So the child gets the money when he needs it most, to pay for higher education, to help set up a business or a practice, or to help set up a home.
    Contact your UTI agent

  • GUP – Grihalaxmi Unit Policy - Grihalakshmi Unit Plan is aimed at providing regular income with reasonable capital appreciation for women. While women can save for themselves through this plan, the plan can also be gifted to a daughter/ granddaughter/ niece/ any other female relative, who has completed 18 years of age, on a joyous occasion like her marriage, birthday etc.
    Contact your UTI agent

  • Lakhapati Scheme – A scheme of Global Trust Bank. You can invest different amounts for your child. We at growingwell have worked out a plan for you. If you start investing when your child is 1 yr. old. (at the prevailing term deposit interest rate of 11.25% upto 60 months) Rs 1249.55/- per month for 5 years gets you Rs. 1,00,000. So, if you start when your child is 1 yr. then at 6 yrs you get Rs. 1,00,000. If this is invested in any government security like Indira Vikas Patra etc. then at 11 yrs you get Rs 2,00,000. This becomes Rs 4,00,000 at 16 yrs and Rs 8,00,000 at 21 yrs. Imagine what you will get if you continue saving till the child is 21 yr.
    Contact Global Trust Bank
  1. Health Insurance

    Health Insurance is not investment in the real terms. With cost of quality healthcare skyrocketing, health insurance is a must for all and will come handy when least expected. When, in an emergency, you need all your wits about you, at least you won't have to run around thinking of money. Other than ULIP mentioned earlier, Mediclaim is the only other policy you can take for your child. If taking a cover, take at least a policy of 50,000/-. Mediclaim is offered by all the 4 Insurance Companies owned by Govt of India (viz New India Asurance, United India Insurance, Oriental Insurance & General Insurance co).
    Contact your LIC agent or Gen Insurance agent

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