Importance of Child Insurance for Education and Marriage
Parents are the one who are always worried about their children future. Saving money for retirement and children future are the two most important decisions a person has to take in the initial stage of their life. Parent worries further increases as child grows older and when there is no planning done in advance.So, the only option left with them is repenting their mistakes . Sometimes they feel sad about not having done any Savings for their child not getting quality education, better clothing and life style in case of death of breadwinner of the family.
But financial experts says if Investments and savings for children are done carefully and in a correct manner then your child’s future would become more secure and happier!
Why Child Insurance is Important
With rising inflation, the Expense of Education and marriage has risen radically and has achieved a point where a common man essentially can’t manage the cost of the same. So in such cases small amount invested today in insurance will suffice for securing education and marriage of your child. Significance of Child Insurance is not restricted to their instruction but rather additionally to fulfill their dreams and inspiration. Notwithstanding this, if any tragic incidents happens then the genuine advantages of insurance becomes effective i.e. this cash got secures their future education/marriage in a smooth and bother free way.
Considering how risky is living in today’s world, it is most very important to get insurance for your child.
Benefits of child insurance policies are:
- Funds at pre-fixed intervals
- Many banking institutions accept child insurance plan as a security when you are taking educational or personal loan
- Pre-fixed bonus
- Guaranteed sum assured in case of unfortunate event
- Money always received immediately in case of death
- Riders such as premium waived off in case of unfortunate event so that beneficiary still receives lump sum money, accidental death benefit, critical illness benefit, income benefit rider and few other.
- Premiums paid upto Rs. 1,50,000 is eligible for tax deduction under section 80C.
According to overview done on guardians on buying a child insurance for their kids, it was found that these guardians get relieved as their burden on education and marriage cost minimizes. What’s more, when the maturity period ends, their child can use this money wisely.
Companies Offering Insurance for Child
- HDFC Life Youngistan Udaan
- ICICI Smart Kid Plan
- Aviva Little Master Plan
- Kotak Star Kid
- LIC Marriage Endowment/Education Annuity Plan
Things to Consider Before Buying Policy
- Annual Premium
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