Child Plans Compare
Children plans in India are saving-cum-investment product that will accumulate funds to be used for your child?'s higher education. Parents are seriously concerned about the future of children from the day they are born or even before the birth. You as a parent will always want your child to have a great career with successful future. You will never want your child to sacrifice or compromise on any of the key events in future, which will affect them in building their career.
Dream of a decent marriage of your children, or if your child wants to go abroad for education in a reputed institution and many other important occasions where the required corpus will be substantial needs to be managed well. Increasing inflation and cost of living can result into some serious problems in the future. Hence, it is rightly said that the earlier you start saving, the higher amount will be accumulated. Child plan will play a precise role in securing your child?'s future.
Proposer and life insured is the parent, whereas child will be beneficiary in the policy. Some plans also provide risk cover along with the policy. Child plans are offered with planned payouts in such a way that it coincides with important events in child?'s life. It can be used to build corpus for marriage or education expenses at different stages of life by systematically deciding in advance the dates of payouts.
What will happen to dreams and goals of your loved ones, if something happens to you? What will happen if any disability occurred and you are unable to work for life? In this scenario, if you had secured yourself and family with an insurance policy then the covers should have protected your family from many unsafe events.
In case of unfortunate death of the parent before the expiry of term, sum assured will be paid so that family is able to maintain same standard of living and the entire future premiums will be waived. The maturity amount and other benefits will be paid to the child as it is decided.
Children plans will provide financial strength to your children in case of any eventuality. These plans allow insured to regularly invest and generate or accumulate a corpus to secure his children?'s future.
In simple term, children plan is an insurance product, which is specially designed to protect the future of children. Amount invested will be allocated to generate an amount that will be used to provide lump sum or regular payouts income in the crucial years.
Most of these plans come with in-built waiver of premium and accidental death benefit rider to provide add-on benefits to the insured.
Individual should disclose all the important and crucial documents before taking the policy. Health record and previous insurance policies should be disclosed with the insurance company. All the material facts need to be released while taking the policy. Please keep in mind; non-disclosure of material facts can result in to crisis for nominee at the time of claim.