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Benefits of having a child insurance plan

A child is the greatest blessing of a family and its protection is your number 1 priority since day one. From inculcating good education and high values in them to taking care and nurturing them at every stage in life, parenting comes with a bundle of roles and responsibilities. But the most important responsibility of yours towards your child is protecting their future and it can be done by investing in a good child insurance plan. A child insurance plan provides a security net for your child even if unfortunately something happens to you and you are not around.

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Key benefits of child plan

Here are some reasons why you should consider a child insurance plan and how it will benefit the future of your child.

Waiver of premium benefits

Child insurance plan like other life insurance plans provides full coverage to dependents. The child plan comes with a waiver of premium rider. This means that in case of the death of the parent, all the future premiums will be waived off and the remaining dues will be paid by the insurance company. So, no matter what happens to you in the future, your child is entitled to an amount assured by the company.

Tax benefits

Child plan offers tax benefits to the policyholder under section 80C of Income Tax Act 1961. You can save a lump-sum amount on your total income which makes it a good investment deal as well.

Investment + insurance benefits

A child plan provides dual benefits. It not only ensures the future of your child but also is a great plan from an investment point of view. With partial withdrawals, the child plan helps your child at every stage in life. Be it higher studies or marriage, a child insurance plan is the most viable option for your child’s secure future.

Protection against serious illness benefits

A child plan is the best investment plan for the protection of your child if any serious illness trait runs in your family. Get this insurance at your child’s early age when he is absolutely fine and if later god forbids him falls prey to the disease then the money invested in the child plan would be a big saving grace.

Present and future needs benefits

Child plan covers immediate as well as future needs of your child. It provides money to help the family meet regular day to day expenses related to school education and the plan also provides money for higher education or marriage or any other major expense.

Death of parent benefit

In case of your untimely demise, the company offers a waiver on the premium of the child plan and the beneficiary gets a lump-sum amount. The beneficiary is also no longer required to pay the premium of the policy.

Thus, a child insurance plan has a lot of benefits, not only related to your child but also in terms of future investments. Offering a wide range of benefits, a child plan makes sure that your child is never deprived of any kind of basic needs even after you are no longer there to look after your child. A great plan that secures your child future, a child plan is your child’s future saving.

Written By: PolicyBazaar - Updated: 13 May 2021
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