Child Insurance Plan

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

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Child Plan: Be a Smart Parent...Don't delay!

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Parents normally invest in their child’s education, health and general welfare. They may also invest in land, jewellery or equities for their children; but the question is if parents have provided enough for the children financially in case something untoward happened to them? It is advisable to deal with adverse situations with forethought than afterthought. And one of the wise ways of contributing to securing a child’s future is by buying a child insurance policy.

With increasing inflation, increasing material needs, higher educational costs and other demands, a smart parent will understand that child insurance is a necessity of life and not just another option

Financial Backup for the Extraordinary: Child plans are not only a source of investment but an important financial backup in case of untimely death of the earning parent of the family. Though the insurance Premium may be higher than Term plans, child plans offer premium Waiver in case of death of the parent apart from providing the sum assured. Further, the insurance company pays the remaining premium on behalf of the parent. This ensures that the child gets sufficient money even in the absence of his or her parent.

And there are other benefits: In some unit linked plans (ULIPS), it is possible to withdraw 20% of the Assured amount of money after first five years of purchase of child plan. One can avail the advantage of a health benefit rider in case the Policy holder (parent) contracts any illness as listed in the policy. Income benefit rider helps fixed payouts to the child at fixed intervals in case of death of parent. Further, payouts can also be planned – payouts from the insurance company can be pre-decided and timed according to the child’s growing financial needs.

Parents start out late in investing in child plans as they are ignorant of its benefits. For parents who are aware, who do have the money to invest and are looking for ways to secure their child’s future, child insurance policy is a practical, safe way of doing so. Though term plans and mutual funds may serve the purpose of an insurance investment at a later stage in a child’s life, a child plan has an investment safety and income benefit linked to the plan which any smart parent can make use of in the early stage of a child’s life.