In today's competitive world, providing best education to
the children has become the top priority of all parents. To give the highest
quality education possible, the parents need to spend huge amounts in education
fee. There are numerous child insurance policies to meet the differential needs
of demanding clients (usually parents or guardians).
Factors to be considered while taking a Children Insurance
Policy:
1) Make an approximate estimate of the funds you require for
child education or marriage. With this information handy, you will be correctly
able to decide the regular premium allocation required and the duration of your
child's life insurance.
2) Find out about additional benefits like health insurance,
accident cover etc.
Compare the annual premium charged and returns offered by
various child insurance India plans of different insurance companies.
3) Make sure to ensure your life rather than the child's.
Also, it is beneficial to by an insurance policy that has a built in clause
about waiver of future premiums in case of death of the insured (parent). This
will guarantee that the policy continues no matter what and your child receives
an assured sum at maturity.
4) Check the past performance record of the company you are
purchasing child insurance from.
It is always advisable to buy the policy in the parent's
name rather than the child's, since the child any way has no dependents. Still
if you plan to take a policy in the child's name, make sure that it is a
premium waiver policy in case of death of the parent. This way your child will
not shoulder the burden of regular premium payments and continue to reap the
life insurance policy benefits.
5) Child Plans
policies generally attract tax benefits. Find out if the policy you are
considering has any such advantages.
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Most of us are aware of the financial consequences and
burdens that may befall a family if an income-earner in the family suffers an
accident or a serious illness. Hence, we tend to believe in the need to insure
the adults in the family more readily. It is also a fact that it is easier or
more possible to imagine the adults in the family getting hurt. Picturing a
child getting hurt or accepting the possibility of that happening is more
painful and therefore, avoided.
Accidents
However, as adults, we do have the responsibility to face
difficult facts and make the right decisions. I am not asking you to picture
the worst happening to any child. I am asking you to accept the fact that kids
will be kids. They are most active and often indulge in play that could possibly
hurt them. All it takes is a fall and a resulting broken wrist to burn a hole
in your pocket. These are unforeseen expenditures and with rising living costs,
such expenditures have the ability to take its toll on us.
Common Medical Conditions
There are also certain medical conditions that are more
common among the younger generations. For one eczema and asthma had been on the
rise. Getting your kid insured from a young age before these conditions show up
will help make sure that you can cope with the medical bills and therefore, be
able to provide necessary medical attention for your child.
Serious Illnesses
Lastly, it is a sad truth that there are always families out
there who find themselves in the very unfortunate situation of finding out that
their kids are in more serious medical conditions. At such moments, the last
thing anyone wants is to be thinking about medical bills. It is more important
to be there for the kid and not to have to sort out finances.
Not Only When There's A Hereditary Medical Condition To Be
Afraid Of
It is wise, therefore, to obtain health insurance for your
kid. It is not something to be done only when you have a hereditary medical
condition and you are afraid you may have passed it to your kid. There are
affordable Child
Plans in the market and with good research you should be able to find one
with a good coverage as well. Otherwise, you may also consider adding on your
child as a rider to your own health insurance. All it will do is to raise your
premium a little.
Many people consider that finding health insurance are for
those who fall ill often and those who do risk filled jobs. However, the truth
lies in the way when sudden blow of health hazard occupies one of our family
members leading to consecutive problems in economy and normal life. Having a
Healthinsurance is a must.
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Child insurance policies presently are more than protecting
your children from uncertainties; they now play a crucial role in doing
systematic financial planning for your kids. The added benefit of child
insurance plans is that of assured returns during the maturity period which
even the long term market investments won't guarantee you. A child life
insurance can prove to be your solid investment that will let you reap the
benefits at the right time.
There are wide ranges of child plans currently available
amongst which you can choose the one that suits your requirements in the best
possible way. For instance if you are looking towards savings for your child's
college education which generally begins between the age of 18-21 years, then
you can opt for a child education plan. By paying monthly premiums you can
start getting prepared for the time when your child wants to choose his career
path. Funding education of children is not easy in the current scenario wherein
the fee structures are ever expanding and the specialized courses come with a
premium price tag. Education is the right of every person and you too would
want to give the best of it to your child. You can be free from such worries by
opting for a child life insurance which on one side covers them against the
risks and uncertainties and on the other hand is helping you build up a lump
sum amount for funding their education.
Marrying children is also a responsibility of every parent.
The expenses involved in Indian marriages are huge and not all can afford to
make arrangements for the funds within a short time span. To take away the
worries of such a dilemma there is children life insurance policy; you can
begin to invest in such a plan right from the arrival of new member in your
family and when the maturity period arrives use the funds in the best possible
manner or your child.
Depending on a child plan for a safe and financially secure
future is the right thing to do. The only thing you need to keep in mind is to choose
your insurance provider wisely. Every Child
plans comes with dual benefits and making the most of it is the right
of every policy buyer. With easy premium payment options, guaranteed returns,
claims in case of emergency situations etc, you can be assured this investment
option is the best your child can ever get.
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