Child Insurance Plan – All You Need to Know
Nothing but the best will do for your little one! However, all good things in life come with a price tag. Most of us have limited income and with the escalating cost of living, its becoming increasingly tough to cope up. The only way to beat this inflation and come out as a winner is to take the help of insurance plans that will ensure that your child does not lag behind for without of sufficient funds. For all those, who already have insurance or child plan, a pat on the back! For those who are nevertheless thinking about it, it’s never too early to start planning and investing towards a corpus fund for your child’s future needs. The sooner the better!
So, what are the types of children’s plans obtainable in the market today?
We have the traditional endowment insurance plans. We also have the money back plans where money will be paid out to you at various milestones in your child’s life. There are insurance cum investment plans that are unit connected where not only are you protected but your money also keeps growing. Saving and investment go side by side. There are various public and private sector insurance companies that will offer you customized and flexible plans as per your requirement.
What should be the meaningful features while taking up a plan?
A good child plan needs to cover a few meaningful aspects to obtain your child’s future effectively. The plan should meet the monetary goals for important stages in your child’s life. Be it higher education or marriage, the fund should meet your requirement at the correct time. In case of the untimely death of the earning parent, the plan should obtain your child’s future. Ensure that the plan has a basic illness, a death assistance and a premium waiver assistance so that in your absence, the financial needs can nevertheless be catered for. Investment should be sufficient in order to cover the important financial needs that of education, career and marriage. There should be flexibility in terms of premium payment and choice of term.
How to choose from various children’s plans?
Now that you have a fair idea of what all a children’s plan must cover, it will be simple to choose from various market offerings. There are some big names in the insurance world that have come up with some really strength packed plans to give you that financial edge. First and foremost, you must make sure that the plan you take up has IT exemption. Also, a term period of 10 to 25 years would be ideal. Amongst a plethora of child plans doing the rounds in the market, Smart Kid by ICICI, Young Star Plus by HDFC, Child Dream Plan by Birla Life Insurance, Head Start Future Protect by Kotak And Young Scholar by Aviva are some of the plans worth looking into. in any case you choose, starting early is the meaningful to maximizing security and minimizing risk.
Give wings to your children’s dreams with a child plan!