What is the use of Children Insurance plans: It’s an awesome feeling to welcome your child in this world. Parenthood is one such phase in your life which makes your life worth it. This new bundle of joy brings along with it many responsibilities and as a parent it is your foremost duty to give the best of everything to your child.
But it is easy said than done. In today’s world where costs are skyscraping with lightening speed, saving has become the last option.
However this can not be sited as an excuse because when we find it so difficult at this point of time then it is obvious that it will be unimaginable when your child grows to an age where you have to consider their higher education, marriage, health and so on.
Children insurance plan is a combination of insurance cum investment. The investment can be started right from the time the child is born. There are various children insurance plans in the market. You can insure according to your need, in other words you can insure for your child’s higher education, marriage or even health. Each plan has its own significance. These plans can be encashed after the maturity period. However there are certain plans which allow you to withdraw a fixed amount at regular intervals.
Benefits of children health insurance plan:
• These plans are very flexible; the premium rate ranges as per your interest, they are no longer a costly affair. You can choose a plan in accordance with your financial status.
• The sum assured plus the guaranteed participating amount is given to the parent/guardian after the maturity period. In case of early death of the parent then the child is entitled to all the benefits of the plan.
• Most of the insurance companies have inbuilt premium waiver feature this feature makes your policy stay alive even if the payments are not made due to varied reasons. Incase your insurance company does not offer this feature then it is suggested to take a separate rider.
Apart from these benefits, the parents are spared of the bother, by insuring for their child’s welfare right from his/her birth.