How to Choose An Insurance Plan for Child?

The biggest aim of any parent is to provide their child with a hassle-free and financially secure future. For this, they do every possible type of planning like investment and saving. One of the good ways to provide your child with a financially secure future is by buying a child insurance plan. Most insurance companies offer pure endowment and market-linked products under child plans.

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Investing in your child's future:A wise decision & a loving choice
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  • Insurer pays premium in case of loss of life of parent

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  • 12+ plans available

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If you are the one who is willing to invest in both equity and debt funds, ULIPs are considered the best option for children’s insurance plans. If getting a lump-sum amount at the time of maturity, opting for an endowment policy is recommended. Here are a few more suggestions that you can consider before opting for a child insurance plan:

Steps to Choose an Insurance Plan for Child:

Here are key suggestions that you can keep in mind while you are searching for a child insurance plan:

  • Plan in Advance: It is recommended to start investing in a child insurance plan as soon as they arrive. The maturity benefits of most child plans start giving payouts at various life stages of your child. Moreover, child plans give you a long horizon for investment, you can accumulate a good amount. 

  • Estimate Inflation: Since we buy a child and plan to build a corpus for the future of our child, so it is suggested to consider inflation as well. As a parent, you must understand that the money you invest today will have to be used by your child in the future, so you must invest in a way that inflation does not affect much the amount you build for your child. Doing this will enable you to invest wisely and accumulate a good corpus. It is also important to understand the time frames when you want to get the returns. 

  • Option of Customization: The needs of a child grow as he/she grows. Therefore, you should check the customization option for your child insurance policy. For example, you must go with the policy that provides you some amount at different life stages of your child. Provision and conditions for partial withdrawals, way to increase the sum assured, and policy terms as per the requirements of your child. 

  • Choose a Useful Rider: Rider benefits or add-ons are the additional coverage that you can add to your base insurance plan to enhance its coverage. One of the most recommended riders for child plans is the 'waiver of premium' rider. You must select this rider if your child's plan does not include it by default. Since, this rider waives off all the future premiums in case of any unforeseen circumstances, it is very useful. Generally, child insurance plans provide a waiver of premium as the default option, if your plan does not, you must select it as a rider. 

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  • Your Expectations from Premium Amount and Tenure: It is essential to start planning for the future of your child as soon as he/she arrives. If you start planning early, you will be a step forward for the needs of your child. It is recommended to invest in an insurance plan through which you get your required returns. However, you must keep the premium amount also in mind as it depends on the sum assured selected by you. The term of the policy should also be kept in mind as it decides when you want money for your child. 

  • Premium Payment Mode: As we have mentioned that the amount of premium depends on the maturity amount or sum assured selected by you. So, it is recommended to calculate the amount you will need at the end of your child plan so that you can invest accordingly. It is also required to be aware of the different premium paying methods available for your plan. You will get to know about the premium paying frequency whether it is of one year, half-yearly, quarterly, etc. 

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Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
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Over to You!

There is no better person for your child than you when it comes to unbiased suggestions and future planning. So, selecting a suitable child plan comes as the most important decision that you can make in your life. The above-recommended points can help you select the most suitable child insurance plan among the options present in the market. If you choose the correct plan, you will be able to build the required corpus for the future requirements of your child.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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