No a grandfather cannot get tax benefit as proposer and life assured to his grandson.
As per provisions of section 80C of the Income Tax Act, 1961, Deduction of Insurance Premium Paid to an Individual is allowed ONLY IF the Policy is taken for his own life, life of the spouse or any children.
The life insurance that is best for Grandchildren is Gerber Life Insurance.
A whole life insurance policy can be a great gift for grandchildren because it can last a lifetime.
As long as the premiums are paid, a whole life insurance policy provides a death benefit, accumulates cash value each year and has the potential to give your grandchildren a head start on their financial future.
Grandparents most often take out a life insurance policy on their grandchild as a way to show that they love the child.
Since grandparents love their grandchild, they want to make sure that he or she has life insurance.
Grandparents can get life insurance on their grandchildren without the parents consent.
Insurance companies will sell life insurance policies for Grandchildren to Grandparents and they don't require the parents consent.
Grandparents can take out a life insurance policy on their grandchild any time after the child is born, and they do not require parental consent to purchase the life insurance policy for for the life insurance policy to be issued.
Since the Grandparents are the ones who took out and purchased the life insurance policy on the Grandchild the Grandparents are the policyholder and are responsible for the premiums, and may name themselves or someone else as the beneficiary of the policy when it matures.
For many Grandparents taking out a life insurance policy on their grandchild is a way to show that they love the child.
Since grandparents love their grandchild, they want to make sure that he or she has life insurance.
Another motivation for Grandparents to get life insurance for their Grandchild is as a way to pay for unexpected funeral expenses, or to provide the parents counseling or other support in case of the death of a child.
Gerber Life Insurance is a popular and common life insurance for Grandchildren.
However there are other life insurance for grandchildren and children available such as Ladderlife Insurance but the Gerber Life insurance is the most popular life insurance that parents get for Grandchildren.