A child along with bundles of joy and happiness brings a bunch of additional responsibilities to a parent’s life.One of the most important responsibility that a parent has towards their child is securing their future financially. Child Insurance Plans bring in the adequate financial corpus at every milestone in your child’s life so that all their future dreams are fulfilled even if you are no more around to support them.Read more
In this article, we will know about all the misbeliefs behind buying a Child Plan that causes reluctance in parent’s minds while going for a Child Insurance Policy.
A child insurance plan is an investment plus insurance plan offered by many companies for the safety of your child’s future dreams and goals. It offers life cover and provides flexible playouts during all the crucial steps in your child’s life. A child insurance plan is one of the best ways to save a good amount of money with regular investments for your child’s future.
With so many child policies in the market, misconceptions tend to make rounds as well. To avoid these confusions here are some common myths that people generally tend to believe and are left in the dilemma of whether to buy a child plan or not.
Don’t worry! Read these common myths and get to know the exact reality behind them so that you can make an informed decision in the end.
When it comes to planning a child’s future, every parent becomes very critical. But, instead of panicking and being worrisome, every parent should try taking an informed decision. Here are some key features and benefits of a Child plan that will also help you make an informed decision.
Broadly, these are the Child Plans available in India:
Child ULIP comes with 3 pronged advantages broadly. They are as follows:
The payouts at the time of maturity of ULIPs are determined by the market. This is a great plan for long tenures, say, more than 10-15 years. Companies provide options between different investment funds, allowing you to receive more money than you invested.
These are simple plans that provide stable returns in the form of bonuses over the sum assured. Generally, under Traditional Endowment Plans, bonuses are paid from the 2nd year onwards.
A Child insurance plan comes with many useful features to ensure a rewarding return and protection for your child. Here are some key features of the best Child Insurance plans in India:
Certain riders are available, which give you more than just a simple life insurance policy. These riders are available in three sub-categories:
The Accidental Death and Disability Rider Benefit pay the extra sum assured in the event of your unfortunate mishap causing death or disability
This rider may be already added to the best child education plan, so check your policy document in this regard
Critical Illness rider benefit offers coverage for a pre-determined set of critical diseases
Every parent needs to plan their child’s future so that they can cope up financially. The early you start the better returns and results will be attained under Child Plans with much lower premiums in the long run. Take an informed and educated decision for a child today and see him fly like a bird with no worries in the future.
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