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Child Education Insurance, Child Education Insurance Advantages and Disadvantages

  Child Education Insurance, Child Education Insurance Advantages and Disadvantages

Child Education Insurance, Child Education Insurance Advantages and Disadvantages

Thursday, January 18, 2024 0

 

Insurance is a contract. It is a legally binding contract between 2 parties. A party enters into a contract by promising to indemnify the other party as per the terms of the contract.

“Insurance” is an agreement between the 1st party insurer and the 2nd party insured to guarantee payment of indemnity and premium respectively.

What is called Insurance in English. In case of life insurance loss is not covered, no value of human life can be measured. Hence financial security is provided in the case of life insurance.

Child Education Insurance, Child Education Insurance Advantages and Disadvantages

Insurance industry plays a very important role in the economic development of any country. Insurance helps in capital formation by collecting small savings (premium) from the public. Guarantees compensation for human life, debt, and property.

Having such assurance makes people feel secure in their workplace and focus on work. As a result personal development, productivity increases. In this way, if personal development, production increases, national production increases. When production increases, the standard of living of the people improves.

Economic prosperity of the country as a whole. Examples of insurance : Life insurance contract, fire insurance contract and education insurance contract.

What is education insurance ?

The government is launching an insurance policy so that the education life of young students is not ruined due to lack of money. It has been named as "Bangabandhu Shiksha Bima". The premium of this insurance policy will be Rs.25/- per month and Rs.300/- per year. The sum insured is Rs. 1 lakh.

Students aged 5 to 17 years will be covered under this policy. If the parents die, the student will get 1 thousand rupees per month. The policy is for a term of 1 to 12 years.

And the policy will be considered expired only when the student reaches 18 years of age. The bank will store all the information including the age of the insured, the age of the student, the class. On completion of the term, the bank will send the necessary information to the insurance company to fill the insurance deposit.

MetLife Education Insurance is called “My Child's Education Protection Plan”. It has the opportunity to protect students' lives from uncertainty as well as ensure their higher education.
Some of the other financial institutions that offer education insurance policies are Sonali Bank Education Insurance , Dasbangla Bank Education Insurance, Zeenan-Bima Education Insurance etc.

Planning is essential to ensure the best education for your child.

Education insurance also ensures financial support for the child's future.

How to get child education insurance

* Look for institutions which provide junior education insurance.

* Carry your required documents like photocopy of National ID card, two copies of passport size photographs.

* Collect the form from the insurance company and fill it with correct information.

* Child's birth certificate and two copies of passport size photographs will be required.

* Insured should not be more than 15 years old and minimum age limit is one month.

* The maximum age of the guardian of the child should be 55 years and the minimum age should be 21 years.

Duration of insurance

You can take child education insurance for a period of 10 to 25 years. You will schedule it according to your convenience.

amount of money

You can get education insurance from a minimum of 1 lakh to a maximum of 20 lakh rupees.

Insurance money must be deposited between 1st and 15th of every month. Insurance premium can be deposited quarterly, semiannually and annually.

convenience

Insurance companies offer special benefits on education insurance, such as in case of accidental accidents.

* If unable to pay the insurance amount, the guardian of the child will get some facilities-

In case of death

If the guardian dies before the sum insured is paid up within the specified period, the future premium will be waived off and will continue till the maturity of the policy.

* If the guardian of the child becomes totally disabled then he will not have to pay any premium. In addition, the child will get education scholarship at the rate of 1 percent of the sum assured per month till maturity.

* In case of death or disability due to an accident in any institution, the sum assured will be paid as a lump sum and all premiums will be waived immediately. No more premium to be paid. Apart from this, you will get all benefits.

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* And if everything is normal the insurer will get the sum assured and total bonus on maturity.

warning

While taking out education insurance , the bonus amount will be given in the packages that the education insurance company has. You have to take the packages according to your convenience and ability by looking at the amount of bonus money.

* Review and insure whether the company has credibility and license.

* Know all the information while insuring.

Many private banks also offer child education insurance. Dutch-Bangla Bank is one of them.

Some questions about insurance and financing

Some more insurance and finance related posts for you

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