help create a corpus for crucial stages in the child’s life
A good basic education lays a solid foundation for a child's future. However, to ensure that all the hard work that the child and the parent have put in during their early education is best leveraged, there has to be no compromise when it comes to opting for the right college education. We all know how expensive college education is these days and parents need to accumulate years of savings if they wish that the quality of education for their children is not compromised for financial constraints.
Parents therefore need to be proactive and visionary when it comes to planning for a child's future need like college education and marriage. No doubt parents would like to put their best foot forward while securing their child's future and one of the most secure and efficient way of doing so in buying a child plan. A Child Insurance Policy offers you the promise of a bright future for your child. It offers all the benefits and cover that a parent would need for meeting the financial demands in child’s future no matter what the circumstance is.
By choosing to buy a child plan parents can save in a disciplined manner enough money every year so that it grows with time and yields the required sum at the time it is most desired. You don’t have to worry about how the money is invested as it is entrusted in the hands of experts.
While you buy a child plan you in a way buy certainty that a minimum fixed amount will be available to fund your child’s education when he needs it. Upon the Maturity of the plan and at predetermined milestones which are generally aligned with the timing of child’s future needs a minimum predetermined amount is paid out by the insurance company.
Even in the event of the early unfortunate demise of the parent, the policy does not lapse. Child plan comes with a Premium waiver rider which assures that the insurance company will take care of the premium payment in case the Insured parent dies.
A child plan ensures that the upbringing of your child is not impacted in case of the early demise of the policyholder. The family of the life assured is provided a Death Benefit in case of the early demise while the policy still continues to remain in force and the sum Assured amount is also payable upon policy maturity. The death benefit receivable under a child plan helps the family manage their running expenses so that the child receives proper upbringing. Though the insurance premium of such plans is higher, such Riders are worth the money.