Child insurance plans
Ever wondered why you need an insurance policy for your child? As a parent, you always dream the best for your child including marriage, higher education, home, vehicle, etc. for a good start in life. Whether you are there to see your child growing up and settled down your child feels your love in the financial support arranged by you through a wide range of insurance polices taking him form one milestone to another.
The dynamics of planning for the child's future have changed radically over the years. The conventional mehtod of providing for the child was to just set aside some amount of money in a savings bank account. These funds would then be utilzed for the child's life stages. A few parents would also make investments in fixed deposits with the intention of utilizing the maturity amount. How ever, it would be safe to say that such an approach is not only outdated, but also inadequate in the present scenario.
Life insurance plays an important role in an individual's financial planning exercise. Insurance can assist individuals in planning for their own life stages as well as provide for their child's future. It also secures the child's future in case of any unfortunate event. various types of child inurance products are available in the martket today.
if unfortunate happens (Death of parent)
*Child or nominee will get sum assured immediately. But…… policy contines
*partial withdrawal of money whenever needed
*insurance compay the future premium
*monthly income to the child till maturity of plan
*fund value/maturity amount to child when plan matures
* No worry about the financial needs of child.
* Value invested plus bonus/fund value