As a parent it is your prerogative to fulfil your child’s whims and fancies. This is not just limited to getting them the toy they want the most or their favourite ice-cream flavour. It is also your duty to give your child a secure future. Hence, we see many parents saving up to ensure they provide their children with the best of education and realise their dreams. Children insurance is an excellent means of ensuring you save enough for your child’s future. It helps you accumulate enough money over the growing years of your child to fund an expensive course abroad, starting up a business or anything he/ she wants etc. Following are some of the benefits that a child plan can afford you –
Systematic savings process – The cost of living is on a constant rise. This makes saving for the future difficult enough, leave alone saving enough for your child. Children insurance gives you a systematic plan to invest in to save for your child. This policy works like an insurance and wealth enhancement tool. You are required to invest a specific amount (premium) towards the policy at regular intervals for a specific period of time. These savings are secluded to ensure the future of your child is not at risk.
Death Benefit – Death benefit is a major benefit that children insurance offers. With this benefit the nominees get the sum assured as the death benefit in case of the unfortunate death of the policy holder. Some plans also offer a percentage of the sum assured at regular intervals and pay out a lump sum amount at the time of maturity. You can also avail continuation of the policy wherein the remaining premiums are paid by the insurance provider.
Customized Plans – With a huge variety of child plans in the market, it is completely up to you which you think is most appropriate for your needs. But while doing so make sure to evaluate your risk taking capacity. It is good to opt for a traditional or a unit linked child plan as both these plans offer different benefits and increase your sum assured. This ensures you have enough money to fulfill your child’s dreams.
Select Plan Maturity Date – Children insurance plans let you choose the maturity date of the policy. You can either take the money for the further education of your child around the time he/ she completes his/ her graduation or after his/ her studies to help them establish their own business, or whenever. Keep your financial condition in mind while selecting the maturity date of the plan. The sooner you start to invest for your child, the better are your chances to get a good sum assured at lesser premiums.
Insure you child future from all odds