Wednesday 5 August 2015

Buy Child Insurance – First Step towards Successful Parenting


Investing and saving enough for a child’s future is considered the most important financial goal by parents in India. Your bundle of joy brings a lot of responsibility for new parents and if they buy online child insurance plan, their children can have a financially safe future.
Child insurance plan can help parents to save adequate money for a child’s future goals such as education and marriage. These insurance products are made in such a way that they fulfill the financial needs of your children when requirement arises.
Parents should know that such plans help them save money regularly over a period of time. The amount is invested to increase over a period of times and then, insurance companies in India payout lump sum money at the time of maturity.
In fact, insurers also offer death coverage. In simple words, child insurance plans can be bought on the life of any of the parent and you can make the child as the beneficiary. Incase parents met with an unfortunate event, and then child best insurance plan will take care of a child’s needs.
The best part about this child insurance plan is that it will continue till maturity after the parent’s demise and all the remaining future premiums will be waived off by the insurance company in India. This is one of the unique child insurance benefits and generally known as ‘waiver of premium’.  At maturity, a guaranteed lump sum amount is paid out.
Based on a policy type, the payment happens at two stages, once on the parent’s demise and another is on maturity. In Indian insurance market, there are some plans which will offer payouts at regular intervals. The idea behind this feature is to make funds available when child requires it most, be it for education or marriage. Parents can buy child insurance education cover to fulfill the dream of their children’s education.
While buying child best insurance plan, first select the term period based on when your child needs the financial support and then, calculate the amount. People can also take help of a financial planner to decide the life coverage amount. Compare different child insurance policies before finalizing the one.

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