Five Tips Which Will Help You Buy The Right Child Insurance Plan

The only wish of parents is to see their child happy and be the best in everything. Along with rearing duties, financial planning for the child’s future is important as well. With rising inflation, the cost of education, health expenses, and the standard of living is being affected.

child insurance plan

Under such changing times, the best way to secure a child’s future is through a child insurance plan. To buy the right plans is vital for your child’s future. We list out five points to consider while buying such an insurance plan.

  1. Buy A Plan As Early As Possible

Most insurance firms design these plans where the maturity date coincides with a child turning 18 years of age. Many offer payouts at regular intervals after the child turns 18 and maturity benefits too. To buy such plans early, when your child is still an infant, is prudent. It gives you a long investment period to build a healthy corpus.

  1. Look For Plans With Premium Waiver Option

In case of a parent’s death, the insurer waives off the remaining premiums and the insurer continues to fund the insurance policy until its maturity. That’s the benefit of a premium waiver option. This feature ensures the child insurance plan remains uninterrupted and provides the maturity benefit in spite of the death of the parent. Thus, the child’s financial future isn’t interrupted.

  1. Option Of Partial Withdrawals

There are times when an emergency arises with regard to your child without any premonition. You may need to withdraw some funds from the insurance policy and that’s when partial withdrawals are most helpful. Plans with such a feature are helpful as you can meet the sudden expenses without going in debt and the insurance plan continues without any interruptions.

  1. Choose A Plan Which Offers Cover As Well As Good Investments

There are many plans offered by insurers. An ideal child insurance plan will invest in a good mix of debt and growth funds to gain good returns in the long run. Another aspect is to find a plan which gives a substantial cover in case of the parent’s death so that the child’s future is secure.

  1. Compare

In the age of the internet, it’s easy to compare insurers and their offerings. There are many aggregator websites which offer a listing of child insurance policies, their features, and benefits. Go through them, and go through the user comments too as to get an idea about various plans, and then make a choice.

A child insurance plan is your best bet when it comes securing your child’s future. Go for insurers such as Aegon Life and HDFC Life which offer great plans with features aimed to give your child the best cover for his future.

Some Lesser Known Benefits of Life Insurance

Most of the people view life insurance policies only as a tax saving instrument. People are unaware of the multitude of benefits offered by life insurance plans. Most of you must be aware that the main purpose of buying a life insurance is to ensure the financial security of your loved ones. Being a responsible adult, it is your duty to ensure the well-being of you family even in your absence. Life insurance provides you with many advantages that are unique to it and cannot be found in other investment avenues. Here are some of the unique and lesser known benefits of life insurance:-

life-insurance plans

  1. Return on investment: – Life insurance policies provide a huge coverage for economical premiums. Life insurance plans such as term insurance is very easy on the pocket, but provide a massive death benefits to your family. Life Insurance plans ensure that your dependents can lead a decent life economically, despite your death.
  2. Loan options: – In case you are short of money due to a financial emergency, you can even secure a loan against your insurance policy. The loan can be obtained for a percentage of the cash value of the policy. This way, you need not pledge your precious assets in order to secure a loan.
  3. Life stage planning: – Life insurance policies are a great investment tool for life stage planning. It assists you to plan for your different life stage needs. Apart from providing death benefits, life insurance also acts as a long term investment. The benefits from a life insurance policy can help you meet the various goals of life such as education of the children, retirement fund, marriage of children etc.
  4. Protected insurability: – A life insurance policy provides you with a permanent coverage even if your health and other situations change. Buying an insurance policy at a young age, locks in the insurability.
  5. Cash value:- Once your life insurance policy accumulates, the cash value of the policy becomes accessible for withdrawal for family and business opportunities, education funding, retirement income and other such financial emergencies.

With so many such unique benefits, a life insurance policy can be a worthwhile addition to your balance sheet and the foundation for your financial security. Along with the lesser know benefits also know  some general benefits of life insurance here:

 

INSURANCE IS A SAFETY FOR STUDENTS WHO STUDY OVERSEAS

Every year so many students from India travel overseas for the purpose of higher education. Education is the top most priority for all parents and children these days. However, studying abroad does not come easy. Besides it being a distant affair, it also requires one to shell out a fortune. From taking care of their needs and necessities such as food, accommodation, studies, we also give utmost importance to health through the right medicines and other means of protection.

student-health-insurance

On your child’s journey to the specific destination for study or while your child is pursuing his or her education, there are various possibilities of incidents that can occur. Such unpredictable incidents can take place in the form of personal accident, baggage loss, study interruption and others. Being miles away, it is a great reason of worry to handle such situations as it calls for your physical existence. For example- if your child’s studies are interrupted due to a specific reason, how would you be able to solve the matter while you are in another country altogether?

student health insurance

Student Medical Insurance is therefore a must need for every student who travels abroad for education. A student medical insurance provides medical as well as non-medical coverage throughout the period of a student’s education. It also includes facilities of auto-renewal and extension, in which case the student does not have to struggle. There are various categories of these insurance plans provided by various banks. From basic plans to comprehensive plans, these insurance plans include sponsor protection, compassionate visit, bail bond, personal liability, and various other provisions.

studentHealthInsurance

In most of the educational institutes, a student medical insurance is compulsory. Whether you are a parent or student, you must ensure that you have purchased a student medical insurance that covers your basic needs at least. It is indeed the best security one can receive, whether you study in Australia, Singapore, America, or any other place in the world.