Every parent dreams of a bright future for their child. They want their children to get into nowhere less than IIT, MIT or Harvard. If their child is interested in fine arts or sports, they go out of the way to fulfill their dreams. In addition, every parent dreams of a wedding for their child that has all the paraphernalia of a typical big-fat Indian wedding. They do everything to fulfill the dreams of their children and provide them the best lifestyle possible.
So from the time a child is born, you as a parent would explore every option available to fulfill every dream that your child has. You would not like to compromise on your child's bright career, wedding dreams and other things in life in spite of rising costs. You only need to invest intelligently and go for savings plan that will provide you money at key milestones in your child’s life. You must leave no stone unturned to ensure that your child gets the best of every thing.
There are various Child Insurance Plans and policies of different companies that cover the education and other needs of your children. These policies and plans ensure continuity even if you are not around during the key milestones of your child’s life. In most cases, children up to age 17 are covered and they are added as nominee in the Policy
covered under the parents’ name.Why You Need a Child Plan
Cost of education, which includes school, college and university education fees, and cost of everything else just keeps skyrocketing day by day. Child education plans help you in acquiring all the necessary funds required for the education of your child well in advance, especially college and university education where the costs are really high.
Child education policies and plans give you various benefits such as life cover, building a surplus fund for your child's future needs along with additional features parents can choose according to their own requirements. Features of Child Plans and Policies
Education plans and insurance offers you unique features which ensure that your objectives are achieved regarding your child’s educational dreams. These will ensure the continuity of your child's education and career without any hiccups.
•In case of most policies, if the parent passes away when the policy is still active, the basic sum Assured
is paid immediately.
•All future premiums are waived off in the event of death of the Insured
parent and the Sum Assured
will be given to the child.
•In addition, an income benefit equal to a percentage of the basic sum is also paid to the nominee child to support higher education and professional training.
•You can avail of good child plans
for less than Rs.50/- a day and build up an amount in excess of Rs.10 Lacs.
•The other benefits like Premium Waiver
option in case the parent dies within the policy term, loyalty additions, other life insurance Riders
and so on also make these child plans really attractive.
•The premium payment Term
normally is between 5-25yrs., which is quite ideal for most working parents.
•Also, you have the option of partial withdrawal in the policy.
•In addition, you will be eligible for tax benefits under section 80(C).
So, why wait when there are so many opportunities waiting for you? Compare the fine features of every policy available in the market and get the best policy that is suitable for your child. This way you secure your child’s education and future, and give him or her best that life has to offer!