Every parent wants the best possible childhood and a secure future for a child. But, sometimes parents fail to give their children a strong financial support to chase their career goals.
As educational costs are rising in recent years, so buying a child best insurance plan online is necessary to protect a child’s future. Today, the Indian insurance market is flooded with various online child insurance plans.
In fact, some plans offer coverage from the day a child is born. This insurance product helps parents to create a strong financial corpus to take care of their children’s needs. Industry experts suggest buyers to first identify and set your targets as well as the monetary value associated to it.
Then, make estimation of the money you intend to invest on your child’s education. It gives you an idea about the premium amount and the policy tenure. If you buy a plan after doing detailed study of a product, then you and your child can easily enjoy numerous child insurance benefits.
Take help of a financial planner to avoid any kind of confusion. These professionals tell you about what would be the annual investments needed to receive the desired amount of sum at maturity.
At the time of finalizing a deal, make sure that the plan you are purchasing is on the life of you as a parent and must include a waiver of premium built-n to ensure continuity of future premiums, in case of policyholder’s demise during the policy period. Parents can also purchase additional coverage like child insurance education plan for a child’s bright future.
Eventually, it will assure the corpus for your child at maturity under any situations. Generally, the best child insurance plan should be start from 90 days of the child’s birth. It will increase the investment period and lower the risk level.
A minimum period of around seven years is considered important for the policy. Even if it offers lower returns, but it protects insured against uncertain market circumstances. Policyholder can also opt for a unit linked child insurance plan only in case the risk level is moderate to high.
If you are planning to buy this plan, then contact child insurance brokers in India because they are more careful while examining the features of a policy. Parent who wants to purchase a plan in the child’s name, the waiver of premium rider should be attached. The rider makes sure that policyholder’s child doesn’t have to pay premiums on parent’s demise and child can freely avail child insurance benefits.