Child Insurance Plan

help create a corpus for crucial stages in the child’s life

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Become a Smart Parent By Buying The Best Child Plan

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The cost of education continues to grow unabatedly and if you want your child not to miss on his career goals for financial constraints, you need to plan for this now. An important aspect of successful parenting is to ensure that the child gets adequate financial support to pursue the education of his choice. The safest and perhaps the smartest way to ensure this is to get a child insurance plan. The best child plan combines the features of investment and insurance in a single plan, thus people can save themselves from the hassles of looking at two different plans.

How a Child Plan can help?

By buying child Policy parents are Assured of a bright future for their child, and this stands true even in the event of an unfortunate demise of the parent. You can customize the pay out depending on your specific needs. Child plans are also available in various tenures and you may choose the one that fulfils your objective and specific needs.

The Term plan would provide insurance, while the mutual fund would serve the objective of investment. The idea is good, but there are two drawbacks of this strategy.

1) A disciplinary issue is commonly observed in the case of mutual funds. People quite frequently skip investments in a mutual fund, especially when the markets are sinking or underperforming. However, in case of child insurance, it is quite unlikely to see such indiscipline. As the policy combines both insurance and investment, this is the last thing any parent would miss to pay for.

2) Discipline apart, the other important benefit that people forget is that child insurance has Premium Waiver clause or rider, which gets triggered in the event of an unfortunate demise of the parent. The family of the deceased is exempted from any future premium payment, while all the benefits related to the plan remain intact.

Types of Child Plan

There are two variants as far as child plans are concerned - Child ULIP and child endowment plan. In case of a Child ULIP, majority of the funds flows into equity investments. However, the Insured has the choice of switching his money between funds. While, in case of Child Endowment, funds are invested in debt instruments.

There are many insurance companies who have a child plan as a part of the portfolio of their offerings and it would be prudent to compare child plan online so that you can buy the best online child plan.