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Why You Need Child Insurance Coverage?

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Your child would grow up sooner than you think!! Time flies past us so swiftly before we even realize. – PowerPoint PPT presentation

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Title: Why You Need Child Insurance Coverage?


1
Why You Need Child Insurance Coverage?
2
  • Your child would grow up sooner than you think!!
    Time flies past us so swiftly before we even
    realize. Being a parent you want your child to
    get all the financial aid needed to establish a
    great career and a happy life ahead. I was
    reading a bestseller book named Rich Dad Poor
    Dad by famous author Robert T. Kiyosaki, the
    book states that although formal education is not
    the be all and end all of your childs
    financial future, it is still very important. The
    book emphasizes on its famous CASHFLOW quadrant
    which categorizes people in four different types,
    namely Employee Quadrant (E), Self Employed
    Quadrant (S), Business Owner Quadrant (B) and
    lastly, Investor Quadrant (I).

3
  • To be rich one has to be in the business quadrant
    or investment quadrant. To be a big business
    owner you need loads of investment and there is
    high Risk especially if you lack experience, for
    being an investor again you need lots of money,
    moreover your investments can go bad and you may
    suffer losses. A sure way to get financial
    security is to go in the E or S quadrant wherein
    you would either be an employee or a professional
    like Doctor, lawyer, CA etc. To be successful in
    the E and S quadrant your academic achievements
    and soundness would give you a competitive edge.
    And after being successful in these quadrants one
    can gradually move towards the B and I quadrants.
    Thus, good education is highly important to take
    up a high paying and satisfying employment. If
    you start with a good job you get healthy
    experience and can save more from the high
    salary. Then if you want to go in business you
    can use that experience and savings to invest in
    the business.

4
  • But higher education is very costly. If you are a
    parent and you belong to either of the first two
    quadrants, chances are that you wont have that
    much spare amount that you can spend 20-30 lacs
    that easily. The amount increases multifold if
    your child wants to study abroad and keeping the
    Inflation angle in mind, the cost is only going
    to be higher.Quoting from a book written by
    celebrated American investment and finance
    expert, Brian Tracy, one should always name
    ones money. In other wosrds, one should mark the
    destination of every penny so that you can check
    your extravagant expenditure and save money for a
    desired cause. Pre-planned channelization of
    money promotes systematic investment. Similarly,
    you should have dedicated savings in the name of
    your child, so that when he grows up he has
    enough money with him to pursue desired studies
    for which he is capable or for marriage.

5
  • The best bet is to invest in a child insurance
    plan. These plans are specialized child
    protection plans that help the child in two ways
    or two scenarios. First scenario, they provide a
    fund in which you keep investing money in the
    form of premiums and your money grows over a
    period of time called accumulation period. At the
    time of Maturity of the Policy your child gets
    the money. Second scenario, life is very
    unpredictable, you would do anything for your
    child while you are alive but what if something
    happens to you? Here the insurance aspect of the
    child plan takes prominence. If you die during
    the currency of the policy, the insurance company
    does not terminate the policy rather invests in
    the fund on your behalf and also pays a sum
    called Death Benefit to the guardian of the child
    for the maintenance of the latter. Thus, in a
    single plan you get the benefit of insurance and
    investment.

6
  • The motto of these plans is your death shall
    never be a hindrance in your childs success
    path.  If your child is bright he should get his
    share of opportunities to explore his potential.
    You have trained him to be successful, dont let
    a little lack in your planning to spoil that
    common vision you and your child share. Compare
    child insurance plans to have the soundest
    product at best prices and take the first step
    towards filling your childs future with
    opportunities.The sooner you start the wiser.
    Delay would cost you more in the form of rising
    inflation and lesser time to accumulate money.
    Even if your child is an infant, dont think that
    a lot of time is left with you. Experts say that
    you should start studying child plans as soon as
    you know that you are expecting a child. Start at
    your earliest to avoid burden later.
  • Resource From http//www.easypolicy.com/KnowInsur
    ance-A/Why-You-Need-Child-Insurance-Coverage-
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