Best Insurance Policy For Girl Child

Need For Child Insurance 

Children are dependents who rely on their parents for education, basic standards of living, etc. A child insurance policy helps a parent ensure that the child does not have to suffer financially should anything untoward were to happen to the parents. The best insurance policy for girl child will be one that pays out a maturity fund or a death benefit to the child at the end of the policy term or on the death of the parent, respectively. This assured sum of money shall allow a parent to secure the financial future of the child. In turn, the funds can be used by the child to pursue their dreams and ambitions while keeping up with the rate of inflation.

Types Of Child Insurance Policies For Girls

The following types of insurance policies can be bought by parents for their girl child.

• Term Insurance - Term insurance is a type of pure risk life insurance policy that offers an assured death benefit to the family of the deceased life assured. Your girl child can be named a nominee of the policy, which will ensure that the death fund goes only to her and for her benefit. If the child is a minor at the time of your death, you can name an adult to oversee the fund value till the child reaches the age of 18 years. 

  Notably, term insurance now comes with the return of premium benefit on maturity which means that you do not lose out on the money invested on the cover in case you survive the policy term.   

• Child ULIPs - One of the best insurance policies for girl child is a ULIP. These are unit-linked insurance plans meaning that a part of the premiums goes towards investments in market instruments such as stocks, bonds, etc. The other part goes towards the insurance protection aspect of it. The ULIP component ensures that the money a parent invests grows substantially based on the market performance of the funds. The accumulated fund value is paid out to the girl child on the date of maturity. 

  The insurance component ensures that even if the parent dies within the policy term, the money remains invested for the child to access the full corpus later, while also waiving off future premiums in some cases. 

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• Child Education Plans - The importance of education cannot be undermined and every parent should do everything in their power to ensure that their child receives it. Education for the girl child has garnered a lot of attention in the last decade with the government of India introducing schemes such as the Sukanya Samriddhi Yojana for girls. 

  Insurance protection has the potential to cover your girl child’s education and keep it continuing till the child achieves financial independence. From higher education to studies abroad the growing cost of education should not deter your child from getting the right education in your absence. Child education plans can help you offset any financial limitations in the case of unfortunate circumstances.  

• Money-back Plans - These plans are well suited if you have a plan in place for your child’s expenses. These are endowment-based schemes that offer guaranteed payouts at periodic intervals. Be it schooling, college or studies abroad, you can plan every stage of your child’s future based on the expected returns from these policies. 

List Of The Best Insurance Policies For Girl Child

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