INSURANCE PLAN FOR CHILD?



HI.. I want to know which is the best insurance plan for the childrens from L.I.C OF INDIA..
Jeevan Anurag
Komal Jeevan

Educational Annuity Plan
CDA Endowment Vesting At 18

Jeevan Kishore Jeevan Chhaya
Child Career Plan Child Future Plan
Child Fortune Plus

MY child is 2 yrs old
Serious answers only if possible with explainations

17 Replies to “INSURANCE PLAN FOR CHILD?”


  1. People do it all the time.
    If you mean completely pay off credit card X with credit card Y. If you are just robbing Paul to pay Peter, that isn’t the best idea.

    If you are just transferring balances in order to take advantage of a good APR, that’s what a lot of people do, and it’s a good idea.


  2. Its definitely possible.. Its what is called a balance transfer. call the company with the lower interest rate or APR, and initiate a balance transfer (BT) over the phone or try the banks website for mare info. Now there maybe fees associated so make sure you get all the info, like time needed to transfer, if its electronic or via check, and if you do decide to call, keep the cards handy and stmts for bank addresses


  3. If you have not fully utilized the credit limit, then you can use the balance credit to transfer money from that card to another credit card. This is known as Balance Transfer, the balance transfer can be done in online or offline(by means of a cheque drawn in favour of the other credit card bank). There may be options like 0% interest for 2 months with 2% processing charge or 1.7% for 6 months without any processing charge. This way, we need not pay 3.5% monthly interest on the balance.


  4. your overall debt will increase, not decrease and you will be paying probably 20-30% on the money you are “borrowing” from the one card to pay teh other card.

    this will only get worse if you start using debt to pay debt.
    you should cut up your cards immediately and stop using them if you are already that far out of control with your debt


  5. You can do a balance transfer if they are different banks. Chase has thousands for example, so you need to look at the bottom of the card’s back to verify.

    If you have a lower interest rate on one card that would be advisable only if the APR was very low and the balance transfer fee is reasonable. The chances of this are really slim now though. In ’97 zero bounces were common because new accounts were almost always zero APR with no fee.


  6. No matter for credit card payment from another credit card. In simple Words company need a money So no Issues will be opened in these type of transactions.



  7. Paying one credit card with another credit card would be considered a “cash advance” which usually has an upfront fee of 3 to 5%, plus interest starts immediately at a usually higher rate than purchases (unless you have a special “balance transfer” teaser interest rate). So that would usually increase your debt and interest rate unless you have a special deal to make that worthwhile.

    If you find yourself in a position of having to use a credit card to pay a credit card, that is a bad sign that you are already using too much credit and digging yourself into a deeper hole.


  8. Absolutely! It’s called a balance transfer, and people do it all the time. If you’re doing this because you don’t have the money to pay your credit card bill, then you’re headed for trouble and need to get help very soon.

    The other reason for doing it (and I hope it’s this one that applies to you) is to shift credit card balances on to another one with a lower interest rate. If you’re serious about paying off all your debts, find a credit card with 0 % interest on balance transfers, for the longest time possible. In the UK Virgin & HSBC both do 15 months at 0%. After 15 months they go on to quite high interest rates, so either make sure you’ve paid it off, or transfer the balance on to another 0% offer. This is called ‘stoozing’. Normally you do need a good credit rating for these cards.

    If you have a poorer credit rating and think it’ll take you years to pay off your debts, just find a credit card/loan with a permanently low APR. You’ll still pay interest but it’ll be much lower than what you’re currently paying.

    Once you’ve transferred the balance CUT UP YOUR OLD CREDIT CARDS, and close the account, or it’ll be too tempting to spend on them again. Preferably cut up the card on your new account as well (unless your balance transfers take you up to your limit, in which case you won’t be able to use it anyway)

    One last thing – if (like me) you have an ’emergency’ credit card for large, unexpected bills; keep it at home, or leave it with a trusted friend/family member. That way you won’t be tempted.

    Hope this helps – good luck.


  9. Huh? Why would you buy insurance on a child? If you want to save for your child’s future, then SAVE for his future. Invest money in an investment account.


  10. Life insurance is designed to replace income. e.g. if the wage earner, usually the husband, dies then his family has lost income they might not be able to replace. So life insurance would help cover burial, mortgage payments, children’s education, etc.

    Since a child usually is not contributing income to the family then there is no need to insure them. Better to save or invest the money for your retirement or the child’s education.



  11. hope securing child is fine but verify with competitor like HDFC SLIC & other but Youngstar has already been awarded which suits entire requirement in planning……


  12. Jeevan Anurag, is not a child plan.
    Komal Jeevan – Min.age at entry is 0 Years. It is a money back plan. No medical examination required for the child. Maturity Benefit: 20% each at age 18 & 20, 30% each at age 22 & 24 paid. At age 26, guaranteed addition + loyalty addition. Ideal Gift for children’s education.
    Jeevan Chayya: Father can nominate the child. Maturity Benefit: 25% of Sum assured is given every year during the last 4 years of maturity. Right policy for daughter’s marriage.
    Jeevan Kishore: Min.age at entry is 0 years. Policy mature at ages 20 to 30, 35, 40 & 45 only, Maturity Benefit: Sum assured + Bonus+Final Additional Bonus is paid on maturity.
    CDA Endowmnt: Min.entry age is 0 years. There are two components in this policy.
    1) The period from commencement to the deferred date (2) Deferred date to the date on which policy is claimed. A combined policy is issued covering both.
    The main advantage is that relatively a large amount can be secured to a child, with a smaller premium.
    Child Future Plans 184 & 185.
    Plan 184: Sum Assured 30%(5 years before)& 15%each (remaining 4 years) paid during the last 5 years of maturity. On the date of expiry: 15% of the sum assured along with final additional bonus.
    Plan 185: Sum Assured 25%(5 years before) & 10% each for remaining 4 years). On the date of expiry: 50% of the sum assured along with vested simple reversionary bonus & final additional bonus.
    Alll the plans are equally good with distinctive features and payment methods. Returnwise, Plan 185 is better.
    Child fortune plus is a Unit Linked Plan. Risk cover will be on the parent, and no insurance cover for the child.
    You may select the right plan as per your requirement. If you need any further information, you may contact me: email: [email protected]


  13. Instead of going for LIC, i would suggest that you have a look at Aviva New Young Scholar Plan. It is much more comprehensive child plan compared to any other child education plan in India.
    It has got:
    Attractive returns, enhanced by loyalty additions every year starting end of 5th year and maturity addition to build the desired corpus of funds on maturity of the policy

    All future premiums being waived off and invested as a lump sum amount in to the funds, so the policy continues even in the unfortunate event of the parent’s death, disability or on contracting a critical illness, while the Sum Assured is paid out immediately

    Provision of a regular income for the minor child, in the event of parent’s death

    Systematic Transfer Plan (STP) for safe entry and safer exit into equities

    Option to minimize the effect of inflation through Indexation

    Also in addition to that, Aviva also has this new tool called Aviva Educost using which you can calculate and predict the future cost of education and be prepared for the same. The cost of education is rising and if you can foresee the future and save how much you may need, it will help you for your child’s education. Since he is just 2 years, its still long way to go before he starts his further studies. I would suggest that you start investing in Aviva Child Plan at the earliest and avail maximum benefits.
    Hope it helps


  14. Hi.. Looking at different options is always good.. this way you might just stumble upon a better deal.. My sister too was stuck on getting a LIC child plan but happened to check out the Future Generali’s Child Benefit plan. She quite liked it as it gives you two options within the plan of different term periods and payouts. Try checking it out.





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