Child Insurance Plan

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

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Child Plans or Money Back Plans: Which is More Suitable?

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Insecurity is what individuals encounter when it comes to planning for the future. Planning for financial security has become a dire necessity in the present day world. Can one survive and secure a future without any investment plan? The answer is sure to be a strict no. Figuring out the exact amount of money that can be invested and choosing the best Policy or plan to invest the hard earned money is quite a challenge. It is believed that making diverse choices in investment plans is the best way to get the maximum benefits.

Investments can be done through life insurance policies, child plans, Pension plans, retirement plans, education policies, SIP, mutual funds, online investments like stocks, exchanges, money back policies and many more. It is a well known fact that capability to pay the premiums and suitability of the policy play crucial roles in shaping up the policy for the individual.

Certain salient facts and features about money back plans and child plans in India

Money back policy guarantees a steady flow of money at specific intervals during the tenure of investment. Individuals who invest in such plans can benefit from it by receiving money either on a yearly basis, monthly basis or per quarterly basis. Though extraordinary returns cannot be expected but this plan is a better option for risk-averse investor who is looking for both investment and insurance.

Investing on child plans is an important step taken by every parent when wanting to secure their child’s future. Fulfilling the dream of a child is the dream of a parent. Money has to be saved in some way or the other to be able to keep the financial security of the child in a good situation. Insurance and investment can both be done simultaneously when we get child plans. It is advisable to buy child plans that have provisions to keep the child’s requirements such as good health, education requirements, marriage and higher studies in mind.

Suitability of child plans or money back plans can be decided on the basis of individual requirements. Getting hold of a money back plan is quite simple and requires filling up of a small policy form. The details to be provided are as simple as the date of birth, name, address and other simple questions. As soon as the evaluation process is complete, and the form is verified, the policy will be issued in a very short time span. All details pertaining to the Loyalty Additions are kept informed to the customers and are paid during the time of policy maturity. Bonuses are also offered depending upon the rate at which profit is gained by the insurance company. Money back plans prove to be helpful to children since money can be received at certain intervals to meet the expenses of education. Regular payouts are of course a great sense of relief but it has to be noted that money back plans are usually debt schemes unlike the various child plans. Financial planning and choice of financial strategies is a must when it comes to investing for a child’s future.

By knowing the facts and features of both these plans, one can decide the apt investment plans to go along with the individuals financial planning. It is a well known fact that child plans are the most systematic and carefully designed ways to invest for a child. A huge sum can be Assured at the completion of the tenure period. Wealth enhancement is made possible with such plans.