Child Insurance Plan - All You Need to Know

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Child Insurance Plan - All You Need to Know
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• Nothing but the best will do for your little one!
  However, all good things in life come with a
  price tag. Most of us have limited income and
  with the escalating cost of living, its becoming
  increasingly tough to cope up. The only way to
  beat this inflation and come out as a winner is
  to take the help of insurance plans that will
  ensure that your child does not lag behind for
  lack of sufficient funds. For all those, who
  already have insurance or child plan, a pat on
  the back! For those who are still thinking about
  it, it's never too early to start planning and
  investing towards a corpus fund for your child's
  future needs. The sooner the better!

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• So, what are the types of children's plans
  available in the market today?
• We have the traditional endowment insurance
  plans. We also have the money back plans where
  money will be paid out to you at various
  milestones in your child's life. There are
  insurance cum investment plans that are unit
  linked where not only are you protected but your
  money also keeps growing. Saving and investment
  go side by side. There are various public and
  private sector insurance companies that will
  offer you customized and flexible plans as per
  your requirement.

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• What should be the key features while taking up a
  plan?
• A good child plan needs to cover a few key
  aspects to secure your child's future
  effectively. The plan should meet the monetary
  goals for important stages in your child's life.
  Be it higher education or marriage, the fund
  should meet your requirement at the correct time.
  In case of the untimely death of the earning
  parent, the plan should secure your Best Child
  Insurance Plan. Ensure that the plan has a
  critical illness, a death benefit and a premium
  waiver benefit so that in your absence, the
  financial needs can still be catered for.
  Investment should be sufficient in order to cover
  the important financial needs that of education,
  career and marriage. There should be flexibility
  in terms of premium payment and choice of term.

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• How to choose from various children's plans?
• Now that you have a fair idea of what all a
  children's plan must cover, it will be simple to
  choose from various market offerings. There are
  some big names in the insurance world that have
  come up with some really power packed plans to
  give you that financial edge. First and foremost,
  you must make sure that the plan you take up has
  IT exemption. Also, a term period of 10 to 25
  years would be ideal. Amongst a plethora of child
  plans doing the rounds in the market, Smart Kid
  by, Head Start Future Protect by And Young
  Scholar by Bajaj are some of the plans worth
  looking into. Whatever you choose, starting early
  is the key to maximizing security and minimizing
  risk.
• Give wings to your children's dreams with a child
  plan!

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