We know that education is an immensely valuable resource that equips our children with the ability to establish well in their life. It develops their intellectual ability and enables them to adjust to/cope up with any situation. These well-educated individuals with varied skill sets are an asset to the community as well. We, at Punjab Insurance strongly encourage the education of kids and for this, we encourage you to make use of the financial support for educational initiative as provided by the government.

We firmly believe in giving back to our loving community and consider it our moral responsibility to encourage the members of the community for constructive efforts. So, like previous years, with immense delight we announce a free contest on Lohri Festival in which you can win a total cash prize of $5,000. On January 15, 2021, there will be 5 lucky scholarship draws of $1000 each. We encourage you to participate and avail the chance to be the next winner. You can use the winning amount to invest for the education of your child.

To participate, you don’t need to purchase a plan. If You have children under age 25 or you are an expecting mother, simply go to our website and register your kid’s/your name in the contest.

Prior to this, very recently, we had organized ‘Life Insurance Awareness Month Contest’ to celebrate National Life Insurance Awareness Month and we heartily congratulate our winners of the grand prize of $5000 and 5 lucky draws of $1000 each.

RESP: a wonderful saving initiative for your child’s education

Since the cost of education in Canada is quite high, in order to ease the financial burden of parents, the government has designed a unique educational savings program namely RESP. Parents who intend to save for the post-secondary education of their children can take advantage of this wonderful savings initiative of the government of Canada. To encourage parents for this investment as early as possible, the government has devised CESG plan in which it provides an annual Grant of 20% of your annual contribution. The contribution limit of Annual Grant is $500 while the total lifetime limit per saving (per beneficiary) is $7,200. You receive an education bonus* of up to 15% of your total contributions once your commitment has been fulfilled. The best feature of this amazing plan is the flexible subscription option that is offered not only to blood or adoptive relation, instead anyone can subscribe to the plan. The funds are invested in a combination of two Diploma funds namely Diploma Elementary Fund and Diploma Secondary Fund and the allocation is established according to the age of the child. Like RRSP, the funds invested in RESP grow in a tax-sheltered manner until the time you withdraw the money to cover educational expenses.

We strongly encourage that you should invest in RESP for the bright future of your children.

To make a little contribution to your child’s education, we have introduced this scholarship draw on January 15, 2021. So do participate in this opportunity for a chance to win the scholarship amount.

As an independent insurance advisor working through Punjab Insurance Agency, I deal with different insurance companies offering plans for different types of insurance. I can explain to you in detail, the insurance plan options and coverage that are suitable for your needs and resources. Besides, I can also help you to purchase mortgage insurance, super visa insurance, disability insurance, critical illness insurance, extended medical plans, group medical plans, RESP, RRSP, travel insurance, TFSA accounts, health and dental plans along with estate planning suitable for your needs and resources.

This article is © Copyrighted 2019-09- 25 and can be reproduced only with prior permission.

Sandeep Ahuja
604-996-6862 sandeepahuja@punjabinsurance.ca