Essentials of Child Insurance Plans
Plan your kids' future today with Child Insurance Policy. Child Insurance Plans provides to higher education, to first job, marriage and things after that for your child. Your family just expanded, and you now have a
Plan your kids’ future today with Child Insurance Policy. Child Insurance Plans provides to higher education, to first job, marriage and things after that for your child.
Your family just expanded, and you now have a new member – your beautiful baby. Life would have got a new meaning altogether and from now on your child is going to the centre of all your attention. You surely would want to give him all the joy and comfort in every possible way.
You will agree on the fact that the best of things have a certain cost attached to it. Are you ready to face them? Right from primary education, to higher education, to first job marriage and things after that, it is a long chain of events which require monetary involvements. Be smart; start investing on your child/children’s behalf. Children insurance plans are becoming modern parents’ choice of investment. Not only the come with tax benefits but they also guarantee a return after a certain amount of time.
Broadly there are two kinds of investment options available in child insurance policies. First are the traditional plans wherein the sum of the return at the maturity of the policy is guaranteed. The second type is ULIP (Unit Linked Insurance Plans), and in these plans, a section of these premium is put towards various financial instruments. The part invested grows in handsome proportions over a longer period.
As a parent, start looking for child insurance plans for your child as early as possible. The early you start looking for a child plan, the better returns you can seek. Of the types of child insurance policies existing, choose which suits you best. If you want a guaranteed sum of your child’s investment, go for the traditional policy. So these child insurance plans let you invest from the time of birth of your child, and you can order withdrawal of the savings when the kid reaches adulthood.
Flexibility is another important aspect in today’s child investment plans in India. So if, in case, you want to withdraw money after some time, there are child insurance policies which create room for intermediate withdrawals, to certain intervals.
Experts suggest for a long term child insurance plan as returns over a short period are low owing to various cost components which the insurance provider has to deal with. On the other hand, when the money is invested over a longer period, the returns become handsome as after a certain point the cost to insurance provider gets reduced.
A wisely chosen child plan can help you with planning accurately all the major events of your child’s life right from education to marriage. Some plans come with inbuilt flexibility which can keep the policy active in case of death of the contributing parent and waives off the premium.
To conclude an insurance policy is a must in today’s world. Seeking the right one might take some involvement and investment in the form of time, but the results are surely going to pave the path to a brighter and happier future for your family.