5 min read
Updated on Sep 26, 2022
In today’s competitive age, securing your child’s future is very important, especially with financial security. And the best way to do so is through child insurance plans. One such plan that provides dual benefits is the life insurance policy for your child. With this plan you get double the benefit of insurance as well as investment. This plan helps through the numerous milestones in your child’s life by covering him/her throughout his young years. Also, once the policy matures, the earnings from the policy can be used to fulfill any important financial needs of the child.
Now, when you plan to buy an insurance policy for your child, you would realize that when it comes to buying an insurance the most difficult part is to choose the best policy for your child. The market is full of a wide range of plans with different benefits and advantages that you can read and compare before opting for the right one.
However, it is very likely for parents to get confused about which plan to opt for your child. If you are one such parent, we are giving you a brief on some of the best child plans to help you make the right choice. Let us start with the importance of a child insurance plan.
Most people have this perception that investing money in a child plan is not that fruitful. However, this is a misconception as a child plan serves as a significant financial medium to construct a bright future for your baby. A child plan considers all the important aspects of a child’s future that might require the parents to spend a substantial sum of money, and thus presents comprehensive benefits to the child.
Having a child plan that covers the future costs like education as well as covering him/her in the event of any mishap, you can secure the child’s future. Further, with the rise in inflation and education costs becoming all the more expensive, having a good coverage for your child’s life is essential. Moreover, no one can predict the future or what uncertainties are in store for you, so with a good child insurance coverage, you can ensure that your child doesn’t suffer after you are gone. This is because in case of child insurance, the policy provider continues paying the premium for the plan on behalf of the policy holder in case of his/her untimely demise.
Here we are giving you a list of some of the best child insurance plans that you can choose for your child.
Being a unit linked insurance plan, the Aegon Life Rising Star Policy offers an amalgamation of investment and insurance payout. Not just this plan provide financial security to the child in case of emergency, it also provides a monetary cushion to cater to his/her future needs.
This plan presents complete protection to your child by catering to his/her financial needs. This is a unit link policy with a non-participation option.
This is a conventional savings plan offering financial security and life cover benefits.
This is again a participating non-linked plan with options of money back/endowment choices.
This is another traditional plan of insurance offering regular payouts and financial security.
Here are some of the best advantages of getting an investment done of a child policy:
Now you know about the implications of securing your child’s future with an insurance plan and the benefits that you and your child can accrue out of it. Hence, you must grab a perfect child plan immediately so that you can add to the progress of your child’s ambitions. Just ensure to pick the child plan that caters to your child’s needs exclusively.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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