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All you need to know about child insurance plans

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Child plans and policies offer security against constraints like inflation and rising educational expenses. Take a look at Best Child Insurance Plan and give your child the best gift of a secure financial future today – PowerPoint PPT presentation

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Title: All you need to know about child insurance plans


1
All you need to know about child insurance plans
2
  • As a parent, your child is your biggest
    responsibility and you always want the best for
    your child. While you are aware about child
    insurance plans in theory, it has been found
    parents typically have misconceptions about the
    benefits they offer. For a starter, child
    insurance plans are basically insurance-cum-invest
    ment products that protect your childs future in
    your absence. These plans offer a death cover and
    ensure you save for your childs key milestones
    including higher education and marriage.

3
Myth 1 Your childs life is covered in a Child
Insurance plan
  • Reality Typically, parents are covered in a
    Child Insurance plan and the child is the
    beneficiary in case of an unforeseen event or
    untimely death of the parent(s).Buying a child
    insurance plan helps meet the increasing
    educational and other needs of your child. A
    child plan acts as a financial support when your
    child accomplishes various life stages such as
    primary and higher education, starting business
    or even marriage.

4
Myth 2 Your child will have to pay the premium
in case of your sudden death
  • Reality In the event of your sudden death, your
    insurer will pay a lump-sum amount to the nominee
    that can be utilised for meeting your childs
    future requirements. Typically, this policy does
    not get discontinued in the event of parents
    sudden death. Most insurers offer waiver of
    premium rider at the time of buying the policy
    and your child wont be required to pay any
    future premium in your absence. Instead, your
    insurer would take care of future premiums on the
    behalf of your child.

5
Myth 3 Payments are made only if your child goes
for higher education and if marriage happens
  • Reality If your child does not wish to pursue
    further studies or intend to not get married
    sooner, your child can still make a claim. The
    objective of a child plan is to secure your
    childs future by making funds available at the
    due date. Therefore, irrespective of the goal the
    money was tied to, the claim can still be made
    when the term of the policy ends.

6
Myth 4 You can avail the payout only at the end
of the plan
  • Reality You do not have to wait till end of the
    plan to avail the payout. In fact, Child ULIPs
    allow withdrawing a certain percentage of the
    fund value after completion of 5 years from the
    date of commencement. In the event of your sudden
    death, your insurer will discontinue the ULIP and
    pay the funds to your child.

7
Myth 5 Your child insurance plan serves only to
insure.
  • Your child insurance plan also serves as an
    investment tool. By investing in a child plan at
    an early age, you get optimal returns that may
    come handy as and when need arises. Opting for
    the unit-linked insurance plan would help the
    money grow over a period of time as your child
    would not require any immediate funds.
  • Buy a child insurance plan when you think its
    the time, be it the day when your child is born
    or when your child steps into school. The sooner
    you start investing, the better your returns will
    be in the long-term.

8
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Sourcehttp//www.financialexpress.com/industry/ba
nking-finance/all-you-need-to-know-about-child-ins
urance-plans/186794/
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