The plan is appropriately designed for people who desire growth in the long term with little risk. The product has options to choose between equity, debt, and liquid funds. One can select a combination of all three options or a high weightage of equity to bring exponential growth in the corpus. It is ideal for someone who can manage to switch between the schemes to capitalize on the market conditions. The switches between the options in a year are without charges and there are no capital gain taxes to be paid. Importantly, the plan distinguishes itself from any mutual fund investment as it has a built-in life cover and many more coverages.

KEY BENEFITS

• Comprehensive protection to secure your goal: In the unfortunate event of death of the Life Assured, Lumpsum payment of Sum Assured to take care of immediate liabilities on the family.

• Waiver of all future premiums payable under the policy is available, provided all due premiums have been paid.

• Units will continue to be allocated as if the premiums are being paid - ensuring that your savings for your desired goal continue uninterrupted.

• Choice of portfolio strategies: Select a portfolio strategy from Fixed Portfolio Strategy: Option to allocate your savings in the funds of your choice from a diverse suite of funds.

• Lifecycle-based Portfolio Strategy: A unique and personalized strategy to create an ideal balance between equity and debt, based on your age.

• The flexibility of premium payment: Pay premium just once, for a limited period, or the entire policy term.

• Liquidity: Fund any intermediate financial need through Partial Withdrawals, any time after the completion of five policy years.

• Loyalty benefits: Get rewarded with Loyalty Additions & Wealth Boosters on staying invested over the long term.

• Options of Riders: One can opt for riders like Critical Illness, accidental insurance, and others, making it a comprehensive package with built-in coverage for the family. 

These plans are the old generation plans which have been part of many in yesteryears. Schemes from life insurance companies have been popular means of savings for households to achieve their goals. It is the safest option to channelize funds to accumulate an amount for education or marriage of your children. The best part of the plan is that one is assured of the amount on the maturity as it isn't dependent on the performance of markets. There are two types of variants in the plan, as mentioned below;

• Income Benefit

• Lump-sum Benefit

The two schemes have different benefits and should be opted as per the family's requirement.

Income Benefits: The option gives regular benefits after a period that can contribute to your child's different milestones. From graduation to higher education to marriage, higher education can be taken care of by inflows that the Insurance Company releases regularly.

Lumpsum Benefits: The option gives a lump sum amount on maturity, which provides an accumulated amount to achieve a significant milestone like higher education abroad or marriage. The above plans may have different investment styles but have many standard features. The plans for children should not be only with the risk cover, and it would be appropriate to add riders. Following are the features one needs to decide before considering the plan depending on the situation of the family;

FEATURES

a) Flexible-Premium payment

b) Option to choose Extended Life Cover (ELC)

c) To extend your Life Cover beyond your Policy Term Can opt from a variety of riders

• Accidental Death Benefit Rider Accidental Permanent Total/Partial Disability Benefit Rider

• Critical Illness Benefit Rider Family Income Benefit Rider

• Waiver of Premium Benefit Rider

d) Tax benefits on premiums paid and benefits received per the prevailing tax laws