Benefits of Investing in a Child Plan in 2024

For parents, there are no compromises when it comes to securing their child’s future. All the parents desire to provide the best opportunities to their children in terms of well-being, safety, career, and financial security. While most of the parents are busy fulfilling the basic necessities for their children, the thought of investing in long-term future plans somewhere gets lost.  But the harsh reality is that expenditures on healthcare, higher education, and marriage can cost a fortune, and do not forget the rate of inflation at which these expenses will continue to rise.

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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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rating
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Policies Sold
 

Undoubtedly the rising expenses are a reason for worry for many parents but do not fret. With this quick guide, you will be able to invest in the best child plan so that the growing inflation doesn’t bother you and your child can also enjoy a financially secured future.

 

Reasons to Buy a Child Plan

The thought of getting some financial help when it comes to your child’s healthcare, education, marriage, loans, etc. can be a big relief for any parent. Since there is no escape from inflation in education which is around 10-12 percent at present, and 7% in healthcare; a child plan can help your child deal with these future expenses without causing any financial strain in your absence.

For example, you can invest in a LIC policy for a child to saving for your child’s future needs and avail life cover and also for rider benefits like partial timely withdrawal, waiver of premium, maturity benefits, and fund your child’s education cost to further enhance the policy coverage.

Taking into consideration the current inflation rate in terms of healthcare and education, it will always remain a point of concern. As the fees of an MBA course from a reputed college at present is around Rs. 8 lakhs. If you take into consideration the inflation, in the next 10 years it is going to be around Rs. 25 lakhs.

To be able to provide the best of life to your children in case of your untimely demise, investing in a sound child plan is the minimum that you can do.

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Benefits of Investing in the Best Child Plan

Below are the top 5 benefits of investing in child plans, if you want to ensure that your child leads the same life even when you are not around:

  1. Help Save for Future Goals

    Child plans serve the purpose of both investment and insurance. Before you select the best child plan, it is important to calculate your current expenses, analyze future expenses and save to accumulate funds to meet the future financial goals like your child’s marriage, education, and other expenses during the various stages of life.

    Do not forget your other responsibilities like a loan, mortgage, etc., and zero in the best child plan that meets most of your requirements. Initially, it may seem to be a bit difficult to pay periodical premiums but soon it will be a good saving habit and will help you give your child the best when he grows up.

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  2. Education Cover

    The rising education cost is a concern for almost every parent in India. Parents are concerned about securing their child's future and offer them the best education in India or abroad. But the hard reality is that education is not cheap. Forget about higher education, even the fees of schooling these days can cost easily around Rs. 2 lakhs. With inflation at 10-12 percent, the scenario is going to get worse in the future. Therefore, it will be wise to select the best child plan because your child deserves the best in the future and education is a priority.

    And if you plan in advance and put your money in one of the best child plans then you can live your life tension-free. And the best part is that the sum insured is 10 times or 7 times of the annual premium, so the cost of the premium will not pinch in comparison to the benefits offered.

  3. Health Cover

    Every parent wishes the best of health for their child. There are a number of child plans available that can secure your child’s future with the best healthcare. For example, if you know that you have a family history of some specific diseases; it makes sense to invest in the best child plan so that your child can avail of the best treatment at the time of need. Buying it early would ensure that your child is covered till the time he becomes vulnerable to any such health risks.

  4. Collateral for Loans

    If you are planning to buy a personal loan for your child or an education loan, then it makes sense to invest in one of the best child plans. It will be accepted as collateral for loans by most of the banks. For instance, if your child wants a lump sum payment for higher education in India or abroad, a child plan will be a great help for your son or daughter.

  5. Coverage Even after Parent’s Death

    Death is unpredictable! That ‘why it is recommended to find the best child plan for your son or daughter’s secured future. However, in case of the untimely demise of any of the parents, the insurance companies provide a waiver on the premium.

    Also, the child gets the sum insured in a lump sum and the insurer continues to pay the premium on behalf of the parents. And the child can continue to avail of the coverage benefits.  

    As they say, a stitch in time can save the nine, which goes well with investing in one of the best child plans to secure your child’s future.

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In a Nutshell

As you can see investing in the best child plan would ensure that your child gets the money at specified intervals as mentioned in the insurance policy. As a parent, it will ensure that your child’s future needs are met and he/ she is able to live life as planned by you. Investing in a sizeable child plan would be a wise step for every parent who wishes a financial security for their 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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