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Why Child Plans? How Are Child Plans Different From Other Insurance Policies?
Life is not a piece of cake anymore. In fact it was never a piece of cake. But given the current day scenario, it sure is an expensive piece of confectionery. Take for example your day to day expenses; 100 bucks will easily slip through your fingers before you catch a few winks! • So how does one save up for the future when things are going to be even more expensive? A prompt reply to this is: investments! The most common investment pattern seen here in India is investments in property or gold, if one has the money. Investments in various insurance schemes, mutual funds, equities, bonds or since recently, the medi-claim are a common practice. But these Child plans are for individuals and don't think if you have invested in these you are set for life. There are other expenses as well like the rising cost of education. • A regular insurance policy is definitely not going to pay for it and the current cost of education is going to be five times the cost in five years. But you as a parent will want to give your child the best which will be really difficult with the meager savings you will have. So what to do?
The best solution to this is to invest in a child plan. A child insurance plan is the best option because you can start investing in the policy very early. This means that the child plan will cover all aspect from education [school, college and PG, if required] and even marriage requirements. • Most of the child insurance plans have a good sum promised at the completion of the duration. This is one of the main attractions for parents to go in for a child plan in the first place. • Most insurance companies offer child plans with the provision of regular income for the minor child, in the event of parent's death. Also all future premiums are waived off and invested as a lump sum amount into the fund, so the policy continues even in such an unfortunate event while the Sum Assured is paid out immediately • Source: http://bit.ly/2bl7LAf
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