Children’s Needs and Planning
Your children are dependent on you for his / her needs and deserve the best in life. It is your responsibility as a parent to take care of your children and take care of their needs.
Planning for a child’s future should start as soon as he/she comes into this world. Starting early will help you keep ahead of your child’s requirements.
For example, you child might want to go abroad for higher studies or advanced training in sports, and you will require a huge amount to fulfill their dreams. So you must anticipate your children’s needs and start planning for them right from the initial days of their life on this earth.
What is a Child Future Plan?
Each child in this world is unique and has his/her unique personality and needs.
To meet the various needs of your children, you need to anticipate their long term needs and costs, and plan accordingly.
Child Future plans and Child Education plans are insurance plans that enable you to do this. You must invest such that you get optimal returns and ensure that the child gets the money no matter what the circumstances.
Why You Need a Child Future Plan?
You would not like to compromise your child’s future under any situation or circumstance. For example, you don’t want to allow rising cost of education to affect your child’s bright career. You don’t want them to lag behind other children in any area of their life. You also need a plan that takes care of your child’s future even if you are not around.
To fulfill your and your child’s dreams, all you need is a Child Future plan or a Child Educational plan that is designed to provide money at key milestones in the life of the child.
Features to Look for in a Child Future Plan.
You must ensure that you have a complete and secure child plan for your child’s education and other important needs. You can go about your daily affairs in peace as you are assured of the required money when your child really needs it.
Hence you must choose a plan that ideally provides for the following:
Provides enough amount for his/her education in a career of his/ her choice, and your child’s advancement in extra-curricular activities and wedding.
Go for a plan where you pay premium in a single lump sum or regular installments’.
Enables you to reap the benefits at once or partly at different stages of life during the key milestones of your child. Therefore the maturity amount must come at the right time and year for the child.
While deciding the plan amount, you must remember that inflation will increase your requirements manifold in future.
Protection : You must ensure that the child policy you choose must provide for the following benefits in the unfortunate event of your death during the term of the policy:
Future premiums would be paid by the insurance company till the time of maturity of the policy.Sum assured would be paid to the child, and the policy benefits would continue for your child’s educational and developmental needs.
Tax benefits: Various child future plans also offer you tax benefits. You must therefore choose a plan that provides you these benefits too.