How To Compare Child Life Insurance Plans Online?
Published On Jun 05, 2021
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Child life insurance plans are of great advantage to children, especially in today’s world. Financial support is very much needed for growing children. There are increasing costs and milestones that need to be met and a child insurance plan ensures there are no issues in such cases. A child insurance plan has several features that provide well-rounded cover.
There are many insurance companies that offer child insurance plans. However, it can be overwhelming to choose from them. This is why it is important to know which parameters they can be judged on.
How to Compare Child Life Insurance Plans Online?
Make sure to browse through multiple plans before settling for one. Purchasing them online is easy and convenient. Here are some factors on which you can compare child life insurance plans online.
1. Policy Term
One of the most important things to look out for is how long is the policy term for the child life insurance plan. You must choose a comprehensive plan that will cover the most important years of your child’s life. Moreover, also look out for the maximum age of the policyholder, or the parent’s age, to see whether it is compatible with your aims and current age.
2. Minimum Sum Assured
The Sum Assured is the amount received from the child life insurance plan in case the life assured or the policyholder dies or the plan reaches its maturity. It should be at least 10 times the amount of annualized premium. You can check the minimum Sum Assured of the child insurance plans of your choice to see which one gives the most for your savings.
3. Instalment Facilities
Look out for what instalment facilities are available with different child insurance plans. Since these plans are aimed at providing for the increasing costs that growing children require, it is better to get the benefits in instalments. Although a lump sum value is substantial, it might not adequately provide when needed. Moreover, instalments make for better spending and saving habits.
4. Premium Waiver
Make sure that the child insurance plan you choose has the premium waiver benefit. Although this is an inherent feature of child insurance plans, it is worth looking into. This benefit waives all withstanding premiums in case the policyholder dies. This is helpful for your child to keep the plan active and stay under its protective cover even in case of your sudden demise.
Riders are optional low-cost add-ons that will enhance your child life insurance plan. Purchase riders that best suit your circumstances. They are very helpful in covering high-cost contingencies. Not all child insurance plans offer all types of riders. Compare and see which one has the riders that suit your child the best.