Child insurance plans are one of the best kinds of insurance policies available these days. These plans help you to secure the futures of the most precious and loved people in your life – your children. A child plan not only builds up a healthy corpus for the child, it also insures your life and provides cover to your kids if you die prematurely. The plan also becomes a lifelong assistant and provides you with monetary aid when you need it the most for your children. There indeed are many advantages of buying a child plan. Today, in India, there are many good child plans that are available. Listed below are the five best child plans
and their advantages.
The best child insurance plans in India
1. LIC Child Carrier Plan – Life Insurance Corporation (LIC) is the Premium
insurance provider in India. Every LIC plan carries a lot of weight and the LIC Child Carrier Plan is no different. This plan is loaded with features such as a high sum Assured
of up to ? 1 crore, premium Waiver
benefit and periodic payouts.
2. LIC New Children’s Money Back Policy
– Another good product from LIC, the New Children’s Money Back Policy
is a very popular child plan. Apart from providing the best features, the plan also participates in the company’s profits. As a policyholder, you can use this plan as collateral to take a loan as well.
3. Kotak Headstart Child Assure – This child plan is popular mainly because it offers a very high policy period of up to 25 years. The plan also has the unique ‘triple benefit’ feature under which the beneficiary, after the policyholder’s death, will receive the basic sum assured, the premium waiver advantage and will also continue to stay protected till the policy matures.
4. BSLI Vision Star Plan – The Vision Star Plan from Birla Sun Life Insurance
is the next plan that deserves a mention. This is a basic, no-nonsense child plan that pays out a part of the Sum Assured
at specific time intervals.
5. PNB Metlife Smart Child – This is a very good plan that is available at a reasonable price. The premiums start from just ? 18,000 per annum. This is a plan that offers good value for your money.
There are many who argue that child plans are too expensive. However, when we look at the advantages they offer, the expenses are justified. Some of the advantages include:
• Good savings tool – Swapnil Pawar from Karvy Private Wealth, while speaking about an average Indian investor, says, “If he is given a choice, the investor loses discipline and stops investing.” A child plan enforces discipline and compels the parent to save for the child’s future and build up a healthy corpus.
• Timely financial assistance – Like mentioned above, a child plan pays out at specific intervals which you can decide beforehand. A child’s needs vary at different stages of his life. The cost of his school admission is lesser than the cost of his foreign university admission. A child plan allows you to plan ahead and then provides you some solid financial assistance when you need it the most.
• Protects you, protects your child – Last but not the least, a child plan protects you and protects your child. It protects you by giving you all the financial help you need to provide the best for your child. It protects your child by insurance your life and ensuring help in your absence. The dual protection feature is one of the biggest advantages of a child plan. Conclusion
So as we can see from the points mentioned above, child insurance plans are practical financial tools that every parent with a small child must invest in. There are many options and you can choose a plan based on your own Risk
appetite. Including a child plan in your insurance portfolio is not just wise, it is almost mandatory. So if you haven’t considered getting a child plan yet, you must do so right away!