Today the cost of education is so high that most of the parents are unable to provide their children the level of education they want. If this is the situation today then you can imagine what would be the scenario in future when the inflation will be much higher. A child future plan is designed to meet your child's future financial needs. Child investment plans are essential to meet the needs of providing the child with the best of education and to make sure that the cash flows are there at every crucial stage of your child's growth. For instance, if your child is 4 years old and you plan to provide him higher studies after say, 15 years which costs Rs. 20 lakh today, then you can imagine how much would it cost after 15 years. Therefore, it becomes necessary to invest for your child today in order to have funds available at the time when the actual need arise.
There are two types of Child policies in India- Child ULIPs & Child Endowment Plan. The plan you should select is usually dependent on the amount of coverage you want and the tenure of the policy. PolicyX.com understands your concern as a parent and thus provides you with best insurance plans from leading providers such as Max Life, HDFC Life, Bajaj Allianz, Reliance, etc. You can compare and choose the best child coverage as per your requirement on our portal within minutes.
There are many benefits that you will get after buying a plan. Mentioned below are the major benefits that you will get along with a best plan.
It is advisable for you to calculate the required funds for your child education and marriage before going to buy coverage for children. With this additional information, you would be able to choose the best cover and can decide easily on the related premium amount and the time period of the child life plan. In some products you will get additional benefits such as accident cover, health, etc. You must compare child policies of different insurance companies on our site because with it, you can compare the premium amount per year and the returns presented by different companies.
Make sure to insure your life also. It is beneficial to buy a plan which has a built in clause premium waiver for future. This would guarantee that the plan continues if you are not there to take care of it and your child would be able to receive assured sum amount at maturity. It is advisable for you to check the company's record before purchasing child insurance. Buy the plan in the parent's name instead of a child, since the child anyway has no dependants. But if you are planning to buy the best one in the child's name, then ensure that it has a built-in feature of premium waiver in case of death of the parent. This will protect your child from the burden of heavy premium payments and he will continue to reap the benefits of the plan. Also do a check out the tax benefits of the plan.It is an incredible financial investment planning tool for child education / marriage / unforeseen expenses etc. It assists in meeting the child's monetary needs and provides safety in the form of a life insurance plan.
For a great future of your ward, you must buy the best child insurance plan. By comparing service and free quotes, you will get the best and affordable child plan that meets your requirements easily. An online policy is a good option, it will assist you in comparing different plans of the top companies. It is worthwhile to look for best plan with riders and related features which make your plan more useful and effective. Riders provide additional benefits at low premiums. Some companies are offering riders as a part of the policy, whereas in few companies it is optional.
Riders provide a more secure and financially stable life to your ward. It is advisable to select a rider, according to your requirements. Don't think about the extra premium that you are paying for riders, consider the benefits that you will get and make your policy more powerful.
The most helpful riders are those which make sure that the policy will not terminate in the case where the policyholder dies during the policy period.
Future premiums are waived off for the child, in case of death of the insured. With the help of it, your child will not have the burden of paying the rest premium amounts.
The insurer will pay a lump sum amount for the treatment of your child in case of dreaded diseases that may hamper his future growth.
It is same as above, in this case the insurer will provide a lump sum amount for the treatment of your ward.
Mrs. Sharma, a schoolteacher, was living a very happy life with her husband and child of 7 years. She had a good lifestyle with no worries whatsoever as her husband was earning enough to maintain a good lifestyle.
One day, while teaching her students in the class, she asked everyone as to what they would like to become in the future. Some said, doctor, some said pilots whereas some said actor. It was at that very moment that a though stuck in her mind as what will happen in the near future as growing inflation and rising prices are already making it difficult to sustain a good lifestyle. Her child's future needs would require a lot of money for his higher education and if at all he decides to go abroad for his education, then the cost will almost double.
She came back home and once her husband came back home from his office, she decided to discuss it with him in detail. During her discussion, she came to realize that her husband also had the same thought in his mind and was already exploring options by speaking to his colleagues in office. Somebody in his office had suggested him to check online for different plans and child insurance policies. They decided to search then and there. Mr. Sharma logged on to his office laptop and started searching for online insurance comparison websites.
While going through the various websites, he came across the website of policyx.com. The website, in a very lucid and effortless manner explained all the details of a policy to him through various comparison options like graphs and real time quotes. He compared the prices of policies online and found that he could save a lot if he decides to buy online.
Without wasting any further time, the couple finalized a policy for their child on the website and booked a plan immediately. The next morning, Mr. Sharma received a confirmation call for the PolicyX call centre confirming all the details of his transaction and congratulating him on his choice of plan. Today, the couple is stress free owing to the decision they took of buying the plan and thank the PolicyX.com team for their support and assistance.
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