What are Child Plans
Child Plan is insurance cum investment plan that serves two purposes – Financially secure your child’s future & finance the turning points in his/her life such as higher education and marriage. So, like a double-edged sword, the best child plan is designed to protect the future of your child in case of your unfortunate demise and at the same time, builds a corpus over a term to be utilized to finance prime moments in his/her life.
Why Buy a Child Plan ?
Child plans offered by insurance companies are investment policies that help take care of the future needs of a child. They offer the twin benefit of insurance and investment. Child plans vary in duration depending on what one has selected at the beginning. These plans offer a lump sum amount at maturity which can be used for different needs of the child ranging from higher education expenses to expenditure on marriage. The payout received is generally at least 10 times the amount of premium paid over the policy period. Child plans also help in taking care of a child’s needs in the absence of parents.
How to choose the Best Child Plan ?
There are many child plans offered by insurance companies; however, certain things should be considered while choosing the best investment plan for a child. Below-mentioned tips help in making a conscious decision to best meet the childs needs. Start Early Factor In Economic Variables Pay special Attention to Terms and Conditions Choose the Premium Waiver Benefit Opt for Partial Withdrawals Clause Choice of Funds
1. Our Insurance rates are highly competitive. 2. All transactions will be on our digital platform – this ensures total transparency. 3. When you buy any insurance policy through InsureMile, we will ensure that 10 meals are provided to children in association with Plan India, a non-governmental organisation. 4. The meal-programme will be at no extra cost to you. 5. You can claim 80G tax benefit.
What are the benefits of Child Plans
Child plans offer a host of advantages, both short- term and long-term. Some of them are explained in detail below: Corpus for Child’s Education A Kitty for Medical Treatment of the Child Supports the Child in the Absence of Parent(s) Income Protection for the Child Acts as a Collateral for Loans for Higher Education
What are the types of Child Plans
Child ULIPs -Certain share of the premium amount flows into debt instruments while the rest in equity instruments. The policyholder keeps control of switching between the funds. Being a market-linked plan, it comes handy with certain returns and that are subject to the net asset value of the company at the time of maturity. Child Endowment Plans – The premium is invested in debt instruments while the decision is at the kept with the insurance company. The bonus payable at maturity decides the returns.
Why compare Child Plans at Insuremile?
InsureMile has a team of experts who can help you find the best insurance policies and providers in India. We have years of experience that we use to help you choose the right policies. We respect your time and money. We build on the trust you have in us and we will help you in investing in the right Insurance plans and policies.