LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Sundar (NA)     19 May 2011

Child insurance

Dear All Learned,

My wife and me are seperated for more than a year. She went to in laws house when she was 3 months pregnent and has delivered a girl child in Oct'10 and not willing to comeback to stay with me. My question here is

1> Can i apply for child insurance(No birth certificate available).

2> Can my Father in law or brother in law apply for her insurance as a guardian (We are not legally seperated)

3> Can my wife apply or Can my wife give in writting that their parents are gaurdians and proceed for insurance

4. The child is just 10 months old.

Awaiting your earlist response.

Thanks,

Sundar



Learning

 4 Replies

adv. rajeev ( rajoo ) (practicing advocate)     19 May 2011

father or mother can insure the child, no guardinas are required for that.

Johnwilliam (none)     24 May 2011

I and my wife decided that we have to do our child insurance becuase after our life this money can help him in his bright future.

Kumar Doab (FIN)     19 June 2011

Insurance policies for child, ULIP and traditional, both   are available with all life insurance companies.

Previously hospital certificate/neo natal certificate with photograph of parent and child was being accepted by the companies as a proof of DOB, and also MC certificate with gender of child, and without name of child with name of both the parents was also accepted, assuming that parent shall name the child later. Later it was accepted with a clause that parent shall supply birth certificate with name of child within 6 years of age of child, believing that by that age child shall join a school. If the child does not join a school then doctor’s certificate was asked for certifying child is healthy.

Now as per guidelines insurance companies are accepting only birth certificate issued by MC, with name of child. Other acceptable DOB proofs are passport etc.

If you have named the child get the birth certificate from MC.

In the mean time decide the insurance policy you want to purchase for the child. There are insurance policies available in which both child and earning parent are insured and in case of unfortunate event of disability, death, of parent or , in case contracts a critical disease as defined by the company, rest of the premiums of the policy are paid by the company, and amount of insurance of base cover, double accidental death cover, critical disease ids paid immediately to the child.

Child shall become owner of the policy on attaining adulthood at the age of 18 years.

The company shall deduct a set amount of charges for insurance of base cover, double accidental death cover, critical disease from the premium paid. The charges vary from company to company. Please look at the specific mortality table and PQIS of the specific policy.

Parent can also take the policy in their name and nominate the child. In such case an appointee shall be required, which can be either of the parent without any explanation, or another close relative with explanation depending upon the rules of the company and subject to the acceptance by the company.

It is suggested that you may compare the policies carefully, and stay away from ULIP as there are no guarantees for final payment at the maturity stage. Kindly do not carried away by oral/verbal claims of the agents/managers of the company.

For a girl child Komal Jeevan from LIC may be evaluated, by you. Previously in traditional policies guaranteed bonus, interim loyalty additions, terminal bonus were provided. Now majority of the companies declare bonus every year depending upon their financial experience, and there are no guaranteed interim loyalty additions, terminal bonus. You may take the help of a senior, experienced, competent, sincere agent/ financial consultant of repute and take a qualified decision after carefully studying the brochure, policy details. It shall be appropriate to ask them to show policy document of freshly issued policy to any of their client.

You can cancel the policy with in 15 days (free look period) of the receipt of the policy document, if you are not satisfied, and the company shall have to refund the premium paid by you after deducting the stamp duty, medical expenses if any, adverse movement of the NAV ( in case of ULIP).

 

Johndel Clay (Account Officer)     22 June 2011

Either the mother or the father can have the child insured.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register