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As parents, we strive to do everything possible to raise our kids well. This includes taking care of their physical and emotional needs as well as ensuring a financially secure future for them, for the time when we won’t be around. This is one of the prime concerns in every parent’s mind. This is why it makes sense to invest in our children’s financial security right now. Child Life Insurance Plans help make this possible.
This blog gives you an understanding of the different types of child life insurance plans in India. Read on to understand the key features and benefits of each to make an informed decision for the future of your child.
A number of insurance companies in India offer child insurance plans that serve the dual purpose of providing insurance coverage for your child as well as offering investment options to help their major life goals, such as higher education and marriage.
These policy plans are designed exclusively to provide financial security to your child so that you don’t have to worry about covering major expenses ahead in their lives. Opting for a child plan in life insurance allows you to regularly invest towards realizing their big dreams and goals with regard to their education, job, or even marriage.
A number of insurance service providers offer life insurance policy plans for child future security. You may check online for all the different plan options available with various insurance companies. Here are some of the top child life insurance plans available with most insurers:
For parents who prefer to pay one-time premium in a lump sum and not worry over regular payments at different due dates, the Single Premium Child Plan works best.
Key Benefits of the Plan
This plan comes with 3 top benefits for the child – greater coverage on insurance, regular investments that can be used to cover major expenses for the child, and the flexibility to contribute to the stock market. This is why Child ULIP plans are more suitable for longer term such as at least 10 or 15 years so that you can receive a higher return on the amount invested.
Key Benefits of the Plan:
This plan works best for those parents who wish to divide premium payment into small amounts instead of paying one whole lump sum to the insurer. This also encourages continuity of the policy for a longer term, thereby allowing you to reap greater benefits.
Key Benefits of the Plan:
This child plan in life insurance guarantees fixed and stable return on investment through bonus received over the sum assured. This policy starts distributing bonuses from the second year of the commencement of the plan. Besides, the plan also allows the provision to check whether the bonus is disbursed in cash or compounded as a reversionary bonus or computed with simple interest.
Key Benefits of the Plan:
Also Read: Why Invest in Child Insurance Policy?
These child insurance policies also come with additional rider benefits that can help provide greater security to the child. Some of the add-on riders that you can choose in conjunction with the child insurance plan include:
Note: These riders can be purchased separately in addition to the child insurance plan that you buy for your child.
Your child’s future deserves to be made secure. We wouldn’t be able to be around them all the time. Hence, child life insurance plans would help take care of all their major life goals and dreams even in our absence. Pick a life insurance policy plan for your child today and give them the gift of life.
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