The idea behind Insurance, is very simple no one knows what is in store for us in future. As you know your date of Birth no one knows his date of death. So it is his duty to take necessary measures to protect his family even in his absence.
The formula is very simple if some one is earning Rs 10,000/- every month he should insure his life for atleast 20,00,000 .ie 20 lakhs, the idea is in his absence the family will receive 20 lakhs and if they put in any nationalized bank if they get 6% per annum that is it works to 1,20,000 , ie 10,000 every month. The last drawn salary of the person insured. The family will still get the same amount even in his absence. If he does more well and good.
Every one should take children Policy so that it will help their kids for a bright Future, The above said companies all have Children Policies. Each has their own merits and de merits.
ICICI Prudential has launched a Children Policy called Smart Kid. This Policy is ULIP based .The Policy can be taken for the kids from 0 age to 15 years. Minimum Premium amount in this plan is Rs 25,000/- per annum. This policy can be paid Monthly, Half Yearly or Annually.
The policy has to be paid mandatory for 3 years. Incase of the death of the Insurer,
• The sum assured will be paid to the family.
• The remaining premium need not be paid
• 10% of the Sum Assured will be paid for the Children Education
• At the end of the policy term the Amount Accumulated will be paid.
As far as I know the 10% of the sum assured paid also called as Income Benefit Rider is provided only by ICICI Prudential. I doubt if any other company is providing the same.
This information is provided by Mr.Elangovan ,an ICICI Prudential Advisor, You can reach him at +91 98414 02337 for any commercial needs.
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