According to your own needs and suitability, you can choose from the wide range
of child insurance plans offered by insurers.
It is best to go in
for child insurance as early as possible as it enables better risk management with the best returns.
A unit
linked child insurance plan which provides for the financial security of the child's future even in the absence of the parent.
A
traditional child insurance plan invests your premiums mainly in debt instruments, such as corporate bonds and government securities, and offers guaranteed returns on maturity.
Moreover in
most child insurance policies, there is a lock in period where the child or the parent can not withdraw the money.
The
various children insurance plans accessible in the market, provides a tax advantage as well including serving the basic requirement of a long term insurance plan.
So gift your children a secure future by buying the
right child insurance plan which will fulfill all his financial needs when required.
An
ideal child insurance policy must allow the policyholder parents the option to control the choice of markets they would like to invest in.
This is the reason a lot of parents prefer
choosing child insurance plans that are created to ensure that their children have a secure and prosperous future.
Thus, getting a lump sum from the policy at the right stage becomes very important and
many child insurance plans can be customized to serve this purpose.
As a beginner, you would
know child insurance plans as insurance - cum - investment products that ensure the security of your child's future in your absence.
So, you should quantify your objectives with a reputed financial planner and choose an
apt child insurance plan.
Buying
child insurance means there is investment planning involved for large number of years, which is why it is a superb tool when planning for the future.
Unlike child insurance plan the insured person can withdraw the saved amount once the child reaches to his / her adulthood.
Therefore, it makes sense to carefully check if your
intended child insurance plan has a partial withdrawal clause or not.
The above - mentioned details briefly describe the three types
of child insurance plans i.e. the traditional life insurance plan, money back endowment plan and unit linked plan.
Choosing the
best child insurance plan provides payouts to suit your child's key milestones that can ensure a comprehensive protection, even if you are not around.
A unit
linked child insurance plan which protects the child's future financially and also provides market linked returns for capital appreciation.
Critical illness / Medical emergency Aid — In case there is a family history of critical illness, it is advisable to
purchase children insurance when he / she is young and fit.
Most child insurance plans offer the premium waiver benefit as an essential feature in the primary plan or as an option.
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