Why Choose the Best Child Plan One-time Investment?

The upbringing of a child has never been an easy task. Talking about the times we are living in today, upbringing a child needs sound financial planning. The key towards the best financial planning for the child is the better it is when the sooner it is, and this is the time when the best child plan one-time investment comes into the picture.

Why a Child Plan^††?

A child plan is the most suitable financial and an investment plan for the child, which ensures security in terms of finances. The best child one time investment also ensures that the child receives adequate finances at every important stage of the life so that each of the goals is accomplished and finance is not a barrier in the years of growth. It is advisable to buy the child plan online and avail maximum benefits.

Many times parents wonder with, which child plan to go forward with specifically with the rising inflation in the nation. Let us take a look at the table below, which highlights the best child plans offered by different insurance companies in India:

Monthly, Half-yearly and Yearly​

Disclaimer: †† Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is done in alphabetical order (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

How Beneficial are the Child Plans in India?

Listed below are some reasons, which state the advantages of best child plan one-time investment:

1. Secured Future of the Child

   Even after the demise of the parent, the child plan continues and the maturity benefit is paid as promised in the past. The key highlight of the child plan is that the parent assures that the plan will benefit upon maturity. This benefit can be used to fulfil or achieve any objectives, which could be in regards to education, marriage and so forth. The best child plan one-time investment secures the future of the child.

2. Disciplined Savings

   Another prominent advantage of a child plan is that it lets the parent imbibe the habit of disciplined savings for the future of the child. Depending upon the premium frequency the parents contribute and pays the child plan premium every month or any other frequency so that the child can have the time of the life in the coming times. The disciplined and consistent savings will let you have good returns as well.

3. Build a Corpus

   Whether the parents are around or not, the child plan lets the parent create wealth for the child. With the corpus created the child will be able to pursue the dreams and achieve it and come out with the flying colours of success.

4. Customize the Plan

   It is important to save enough funds for the child. Therefore you can easily customize the child plan and opt for various rider options that will enhance the plan and provide even more coverage for a better tomorrow. Besides most of the child plans have an inbuilt premium waiver benefit. Before you zero down a specific plan understand the features and then choose it wisely.

5. Save Taxes

   Savings is never a bad thought. The best child plan one-time investment will help you to save taxes. The child plan premium is tax-free within Section 80C of the Income Tax Act till Rs 1.5 lakh. Besides, the maturity or death benefit received within this plan also remains tax-free completely.

Why is a Child Plan Important?

To understand the importance of the best child plan one-time investment, take a look at the below grid, which states the difference when you have a child plan and when you do not have one.

Child Savings Plan vs Sukanya Samriddhi Yojana Scheme and Public Provident Fund

The Bottom Line

As a responsible parent, you would not want to compromise with the bright future of your child. Therefore, decide on investing in the best child plan one-time investment and ensure that the future of the child is secured in every possible way.

With a plethora of child plans available in the market, choosing the best child plan would be a bit tiring. However, make sure that you zero down the child insurance plan that fulfil the requirements and make sure that you compare the different child plan premium quotes online before making the buying decision.