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Financial Planning for Your Child with Child Insurance Plan

Published On Jun 24, 2021 11:00 AM By InsuranceDekho

Child Insurance Plans are the smartest ways to secure your child's future and it makes sure to take care of your child's requirements even when you are not around. These plans help your child financially in achieving their goals. It is one of the bestest ways to save by regular investments for the child's future needs like higher education, marriage, etc. You can live your life in a worry-free manner after purchasing one suitable plan. 

The earlier you start saving, the more you can add and the more you are financially prepared for a child's bright future and dreams. Before choosing an ideal investment instrument for your children that can fulfill your needs, the first and the foremost step of yours should be to identify what you are investing for. Setting goals and objectives will help you in determining which financial instrument you should choose and why among many. 

Why Is There Any Need For Child Plans? 

Child Plans is a way through which you can prepare yourself financially for a child's better future and the more you can support your child's in fulfilling their dreams and succeeding in their lives. These plans offer long term investment so that you can save for the child till the time they become independent or adult or even after that also depends on the tenure you are purchasing. It not only promises you guaranteed returns on every investment but also provides your child with the life cover during difficult times. 

Key Features of Child Insurance Plans

There are some key pointers of the Child Insurance Plan that you should know before buying a plan. Some of them are as follows: 

  • Wide Array of Benefits

    Child Plans help you in creating an investment corpus for the purpose of education of your child along with this, these plans have several other benefits too. Some of the Child Plans allow you to withdraw the amount partially that helps to satisfy any financial emergency.
  • Availability Of Varieties Of Child Plans

    Different types of Child Plans are available as Regular Premium Child Plans, Single Premium Child Plans, Unit-Linked Insurance Plans (ULIP) and Endowment Plans 
  • Choice of Pay-Out

    Child insurance plans offer you flexibility to choose among two types of pay-out options such as lump sum and regular. Lump sum amount gives you a large fund at once to fulfill major long-term objectives of your child
  • Essential Things To Look Before Buying

    Look for the waiver of the premium, check for partial withdrawals along with other available and necessary benefits and also go through the documents properly before purchasing the plan. 

Best Child Insurance Plans

Following are some of the top child plans which you can consider for investing your money in 2021 - 

  • HDFC Life YoungStar Udaan

    This Child Insurance Plan is a non- linked, participating plan basically designed to help parents plan their child's future systematically and invest it accordingly towards education and other major life events. 
  • Sbi Life- Smart Champ Insurance

    This is one of the best Child Insurance Plans. It is a non-linked, participating insurance plan that ensures that the family and the children are financially secured and offers a flexibility in choosing premium payment options. 
  • Bajaj Allianz Young Assure Plan

    It is a traditional, participating,  regular premium payment endowment plan. Bajaj Allianz Young Assure Plan provides insurance protection along with creating savings and ensures that your family's financial future is safe and under life cover. 

Child Insurance Plans are the best ways to plan your child's future and secure them financially. These are some of the Child Insurance Plans with the variety of benefits that you can opt for while looking for a suitable policy.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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