More and more parents are opting for child insurance plans because of the benefits they offer. Availing a child plan is a secure method of safeguarding your child’s future.
Nothing matters more to a parent than ensuring that their children are okay. We go out of our way to give them the best of all what life has to offer. Insurance companies understand this. To assure parents of the safety of their children and guarantee security of savings to meet future requirements, insurance companies have designed various different kinds of child insurance plans. With such plans, the policyholder receives a lump sum amount at maturity, which the policyholder can use in any manner as he or she pleases.
There are several benefits to having child insurance plans. Here are a few:
Save for your child’s education
Saving for your kid’s education is one of the main benefits of a child insurance plan. Cost of education is rising slowly. To ensure that no compromises are made when it comes to giving the best for your kids, availing a child plan is necessary. You need to ensure that all your premiums are paid on time and in return you receive as much as ten times the amount in policy benefits. The returns are more than sufficient to take care of your child’s education expenses.
Collateral for loan
Most banks and other financial institutions are willing to accept child plans as collateral if you want to take a personal or education loan for your child. Child insurance plans have a surrender value, and so it can be used as collateral for loan. The loan amount you get will differ based on the insurance plan you have availed and the premiums you pay.
Support your child in your absence
We all want to ensure that our children are taken care of in the event something unfortunate happens to us, like death. When an incident like this occurs, the insurance company will offer a premium waiver. The beneficiary (your child) does not have to pay the remaining premium. He or she will, however, receive the lump sum as promised during the policy purchase.
Financial assistance in case your child falls ill
Some child insurance plans come with a provision of partial withdrawals. If your child ever falls sick and requires hospitalization, you can make withdrawals from the benefits you are to receive and use that to cover your hospital bills.
As a parent, the welfare of your children is your priority.
Investing in a child plan is a good way to start securing the financial future of your kid. A child plan gives you the benefit of protection and savings. You get to have a life insurance cover and build a corpus for the future needs of your child. Compare the various options in the market, like child education plans, child saving plan and other insurance options, before deciding which policy to avail. Plan for your child’s bright future with the right insurance plan.
Bro is a man of accuracy. After investing his time and energy in BFSI industry for about a decade, he has set to help the consumers of the industry to understand and explore all angles and advantages of their insurance and investment plans. My Site - https://www.oneinsure.com