Planning for a child's future is one of the most important responsibilities for parents, especially for milestones such as education, marriage, career advancements, and so on. To help meet these future needs, parents can opt for the IndiaFirst Life Little Champ Plan. It is a non-linked, participating life insurance plan designed to help you secure your child’s future. With benefits such as guaranteed payouts and life insurance coverage, it can support the long-term goals you may have for your little one.
Features of IndiaFirst Life Little Champ Plan
Let’s look at the features of the IndiaFirst Life Little Champ Plan and see why it can be a smart choice for parents looking to secure their child’s future.
Life Cover for Financial Protection
The policy offers life insurance coverage throughout the policy term. In the unfortunate event of the policyholder’s demise, the family receives the sum assured, which can ensure that the child’s dreams are unaffected by sudden life events. It not only gives the child a sense of security but also provides the policyholder with peace of mind.
Continual Benefits Even After the Policyholder’s Demise#
In case the life assured passes away during the policy term, all future premiums are waived, and the policy continues. As the IndiaFirst Life Little Champ Plan is an endowment plan, it will continue to accrue bonuses even after the demise of the insured. The guaranteed payouts will still be paid as scheduled. This ensures that your child’s future stays financially secure even in your absence.
These benefits are also applicable if the insured suffers an accidental total and permanent disability, which can affect their ability to work, and thus, to secure their child’s financial future.
Flexible Guaranteed Payout Options
Another standout feature of the IndiaFirst Life Little Champ Plan is the flexibility in how you receive guaranteed payouts. You can choose from eight different payout options. Depending on the payout option you choose the total amount you receive during the payout period can range from 101% to 125% of your sum assured. With these payouts, you can take care of major expenses in your child's life, such as school fees, college admission, or even marriage-related costs.
Flexible Premium Payment Term and Frequency
Premiums can be paid yearly, half-yearly, quarterly, or monthly, based on your income flow. The IndiaFirst Life Little Champ Plan is a limited premium payment plan, allowing you to complete your premium payment so that the plan can continue uninterrupted.
Multiple Policy Terms Options
This child education plan lets you select a policy term ranging from 15 to 25 years. So, you can choose a term with a maturity value matching your child’s key life milestones, such as the beginning of higher education or marriage.
Bonus Benefits#
The IndiaFirst Life Little Champ Plan is a participating policy, which means it may earn simple reversionary bonuses and terminal bonuses. However, it depends on the company’s performance. If declared, the bonuses can enhance your overall savings and increase the overall benefit amount over time.
Option to Add Riders
The plan allows you to enhance your protection through a life insurance rider of your choice. For instance, the IndiaFirst Term Rider or Waiver of Premium Rider can be added to level up the coverage.
In addition to the above features, you can also enjoy tax benefits when you buy this life insurance policy. Premiums paid under this plan may qualify for tax deductions under Section 80C (under the old tax regime). In addition, the life insurance proceeds may be exempt under Section 10(10D) of the Income Tax Act, as long as the terms and conditions are met. **
Who Should Opt for the IndiaFirst Life Little Champ Plan?
The IndiaFirst Life Little Champ Plan can be ideal for:
- Young parents looking for a structured way to save for their child’s education and marriage over the long term.
- People with fixed income who want guaranteed returns to fund their child’s future expenses.
- Individuals who want a non-linked child education plan that ensures the safety of their capital while also offering a life cover.
- Parents who may have an irregular income flow and are looking for flexibility in premium payments and payout structure for their child’s expenses.
If you are unsure about how much to invest or for how long, you can use the child education and marriage plan calculator. It helps estimate the future financial needs of your child so that you can invest the right amount accordingly.
The IndiaFirst Life Little Champ Plan is a comprehensive child savings plan that merges various benefits such as savings, guaranteed payouts, and life insurance in one product. It gives parents the resources they need so that, no matter what life throws their way, their child’s future is certain.
** Tax exemptions are as per applicable tax laws from time to time.
#Bonus rate may vary from time to time based on Company’s Investment Performance.
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