For every parent in the world, their child is a bundle of joy. Their child gives them immense pride to lead a happy life. Every parent promises to safeguard the present and the future of their child; physically, financially, and emotionally.
Education of their child is often a reason of concern for every parent, and they are prepared to go to any lengths to ensure that their child gets the best education. Buying the best child insurance plan would be the best deal that every parent can do for their child’s bright future?
Today, the market is flooded with options regarding child insurance plan. These investment tools are specifically designed to secure the future of the kids in case of unwarranted situations.Child investment plans not only cater to the current financial needs of the children but also ensure that they are financially sound even if their parents are not around. While buying a child plan is important, it is equally important to ensure that the right investment tool is purchased and to have knowledge about the plans.
Parents, before choosing the insurance policy, should calculate the estimate of their kid’s education with respect to the inflation rate. The current inflation rate of education on annual basis is 10-12%; which means an MBA degree which at present cost around Rs.12-15lakhs would cost a lot more. It is advised that parents choose a sum assured that is at least 10 times their current earnings.
Deciding the tenure of the child insurance policyis important. An 8-year-old kid would need at least 10 years to choose his/her field of education. Ideally, parents, in this case, must choose a plan with at least 10 years of the maturity period. Choosing a short tenure plan may lead to financial instability.
Riders are added benefits that insurance policy providers offer to their customers at the time of buying insurance policies. These riders are designed to strengthen the existing policy. But, it is important to know about these riders in detail before choosing them. Listed below are a few riders offered with the child plan:
To choose the best insurance for children, the comparison is a must. The plan chosen must cater to every financial need; present and future. The process of choosing the insurance policy should be convenient, paperless, seamless, and hassle-free.
Buying comprehensiveinsurance for children is a start of the many things that parents do for their children over the course of their lives. Child plans ensure that parents fulfil the dreams of the children without letting any unsolicited event detriment the future of the child. But, it is important to ensure that the above-mentioned points are pondered upon before choosing the best child policy.
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