help create a corpus for crucial stages in the child’s life
Every child is the apple of the parents eyes. Every parent dreams big about their children. In the current scenario where maintaining lifestyle standards have gone expensive, can you expect to give your children the education they seek to pursue after they pass their 10th/12th standard? Cost of education is only spiraling and with Inflation rates going up, professional education will not suit everyone’s pockets. Can you think of arranging a grand marriage at the right time? And then diseases can victimize anyone anytime no matter what the age is. Meeting big hospital costs to get your ailing child treated can take a toll on your financial health. This is where child insurance comes into play. Start your financial planning today when your child is still very young so that you save enough for their future and help them give shape to their future goals.
Life is unpredictable; you never know what will happen the next moment. You can only plan for your future but you never know what future has in store for you. With the right financial planning, you can see a bright future for your children and mould it to your advantage. An untimely death can gravely affect your child's future. Buy child plan and ensure financial support for your child in your absence. At crucial moments of your child’s life, having the right amount of money does matter. With a child plan you can let your teenager child put his/her career on track. Besides, you can battle inflation with the savings. Your spending capacity for your child will be in sync with the changing times no matter how pricey child health care, education, and wedding costs go up.
Traditional Child Insurance: You enjoy guaranteed returns with this plan; there is no Risk involved. Once the Maturity date is reached, you enjoy the fixed maturity amount. You may opt for child endowment or child money back plans according to your preferences.
Unit Linked Child Insurance: You do not enjoy guaranteed returns; risks are involved. The returns you enjoy are based on market performance. Downtrend the market, lesser the returns and uptrend the market higher the returns. Returns on maturity depend on the type of funds chosen and market conditions.
Your financial planning for your children should begin early, soon after their birth. Longer the investing period, bigger will be the corpus. The earlier you save; more will be the growth of your money. Before you buy any particular policy, consider planning a strategy. Setting a goal is an important part of financial planning for your child. Get the crucial stages of your child’s life calculated and consider how much money will be required at each stage. This will let you know how much you should save for your child’s future.
Add Riders to the existing plan, especially on child health care. Your child will enjoy Waiver on sickness or disability. Double sum Insured can be enjoyed in case of death by accident. The child plan will serve dual purpose of a child health Policy as well. If you already have a family Health Insurance policy that also covers your child, you are already a step ahead for child health care. If you are not adding riders, ensure that you have adequate cover for your child health policy, i.e. family health insurance.
Visit a reliable insurance aggregator’s website to buy the best child insurance.