There are many plans specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her own life. Benefits under the plan are payable at pre specified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy depending on the specific policy. One could opt for either a unit linked product, term policy, endowment plan for your child’s secured future needs be it education, marriage etc The premium waiver benefit is available i.e if anything happens to the guardian the company bears the premium for the remainder of the policy term.