Hacks For Buying An Affordable Child Plan
Updated On Aug 13, 2022
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Getting a child plan is a crucial step to secure your child's future needs and is a must-have for each parent. There are different child plans provided by insurance companies with various benefits. It’s better to check out different child plans and choose the right child plan, which suits your requirements.
Different insurance companies provide child plans. Though some of the plans are the traditional policies that invest an investors’ premium just in the debt funds, some are the market-linked plans that allow the policyholders to invest both in equities and debt.
Hacks to Check Out When Buying a Child Plan
Child plans are a kind of life insurance plan made with the specific goal—of securing your child's financial future. The plans help parents to plan for the child’s future and, thus, are quite popular. Here are some hacks to check out when choosing the right child policy in India:
Know Your Goals Before Buying Child Plan
When it comes to choosing the right child plan it’s very important you determine if you need a policy for a specific reason (your child's education or health) or is the general cover. This can make it simple for you to choose the child insurance policy for your child.
Furthermore, most Life Insurance firms offer policies that are particularly designed to give lucrative advantages keeping your children's milestones in mind. Thus, if you’re clear with your requirements, you may easily select the top child plan perfect for you.
Check Benefits and Chargers of A Child Plan
Another important hack when selecting the right child policy is to know not just the advantages of the child plans but even extra charges that are liable to them. For example, if somebody is buying a ULIP plan for their child, it’s better to go through its fine print properly before you select the plan since there are different charges levied under the heads of the ULIP Plan.
Thus, you should plan your investment beforehand considering various advantages and flaws of a child plan.
Get Waiver Of Premium Add-On Rider
Most life insurance companies now offer premium riders in child plans. All premium payments will be waived in an event of the policyholder's death, and the beneficiary will be entitled to benefits after their child plan maturity date. It’s suggested you include a premium waiver in your policy.
Investing in the child plan lowers your financial burden while satisfying your kid's educational requirements. Additionally, these facilities have got periodic payouts in form of a fixed proportion of the amount assured.
Look For Flexible Payment Options
It is quite relevant in the case of the maturity benefit. Child plans that have got flexible choices for payment of the maturity benefits are much better. They offer you complete freedom to select the payout method that you want. Thus, you can receive the maturity benefit in installments, in the form of the money back benefits or at their important milestone.
Conclusion
To conclude, selecting the right child plan is quite an important step to securing and protecting your child's future needs. Never make any hasty decision. Always take time to check out various plans and options to ensure your child's requirements are properly taken care of. Do your research, check out the given hacks and select the right child plan now!
