Fulfilling your child’s dream forms your only ambition after you enter parenthood. Right from getting them their favorite toy to building them the right career path, you take responsibility for all. But these responsibilities need you to be supported with a fortune, especially when it comes to building your child’s future. With the highly expensive cost of living today, it is a challenge for parents to save enough to support the further education of the children. The best way to meet this challenge is by investing a child plan that suits you the most.
Best child plans serve as an excellent option to help you save for your child and be financially sound to support his/her dream, be it an expensive course abroad or starting up a business.
Following are some of the benefits that a child plan can afford you –
Systematic Saving –
With the challenge to meet the high cost of living your savings could be at the suffering end. Best child plans provide you with a systematic process to save for your child. These savings are secluded for the future of your child and are not at risk to be used up before the need arises. Also, investment in a child plan works as an insurance and wealth enhancement tool. The need to pay the premium regularly also ensures you get into the habit of saving for your child in any condition.
Customized Plans –
With a huge variety of child plans in the market, you can choose one that is absolutely affordable to you.
Assessing your capacity to take risk you can either opt for a traditional or a unit linked child plan. Each of these plans has different benefits attached to it that enhance the sum assured. Hence, you can be sure to save enough required to realize your child’s goals.
Death Benefit –
Child plans also provide death benefits under which the nominee gets the sum assured as a death benefit on the sudden demise of the insurance holder. Many plans also provide a percentage of the sum assured at regular intervals and pay out a lump sum amount at the time of maturity. Also the death benefit provides continuation of the policy wherein the remaining premiums are paid by the insurance provider.
Choose Plan Maturity Date –
Best child plans give you the liberty to choose the maturity date of the policy. So if you want the money for the further education of your child you need to plan to get the money around that time i.e. after his/ her graduation. While doing so parents need to keep in mind their financial conditions and any other financial commitments. The sooner you start with the investment the better are your chances to get a good sum assured at lesser premiums.
Above mentioned are just a few benefits that child plans generally provide. You can avail many more benefits like flexibility of planning, ease of premium payment etc. depending on the provider you choose. While selecting the best child plan in India, make sure to do a thorough research of the benefits each provider offers and choose one that matches you requirement the most.