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1. Create a Fund for your Child’s Future
For example, in the Promise4Growth Plus Plan offered by Canara HSBC Life Insurance, if your child is 5 years old, you can opt to pay premiums for, say, 10 policy years, i.e., until your child attains 15 years of age. From the age of 18 years onwards, you can opt to receive annual pay-outs that can help finance his/her education.
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Myth #10: Child Plans Lack Liquidity:
You can choose either periodic cash inflows or a lump-sum corpus paid at the end of the payment term. This can typically occur when your child turns 18 or starts university education. If your child is 5 years old, you can opt to pay premiums for, say, 10 policy years, until your child attains 15 years of age. From the age of 18 years onwards, you can opt to receive annual payouts that can help finance their education.