Which is the Best Investment for a Girl Child?
Published On Jul 14, 2021 4:00 PM By InsuranceDekho
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Being a parent, the future of their children is of the first and foremost importance. Parents sacrifice so many things to make their child's future secure and free from any kind of hassles so that children can enjoy their life with no worries in their minds. Two of the most important expenses that being a parent of a girl child would have to bear is higher education and marriage. These expenses need Long Term planning as they come at a considerable cost. While Planning it is necessary to make the right investment choices at the right time.
In India, We have seen a drastic change in society towards the Girl Child. Indian Parents are now more dedicated to the education of their daughters and are looking for good Saving Plans to build a Corpus for Future Expenses.
In this article, We have made a list of the 4 Best Investment Plans for the Girl Child in India.
4 Best Investment Plans for A Girl Child
There are certain Best Investment Plans for a Girl Child which you as a parent can opt for your daughter. Such Plans are as follows:
Guaranteed Income 4 Life
As the name suggests, the Plan offers a Regular flow of Income after the Policy Term has ended. It is suggested that if you start investing early because when your child will complete her schooling, the income that is generated can be utilized to pay the fee of the offbeat courses which the child will opt for higher studies. The Best part about the plan is that in case of the sudden demise of the parent the Future Premiums are Waived Off. We can understand this by an example -
Suppose a person pays the Annual Premium of Rs 1,00,000 for 10 years in a 20 Year Policy and he or she passes away in the 10th Year, then in such case, the Nominee will receive the highest of the following Amounts- 11 times the Annual Premium which is 11 lakh. 105% of the Total Premium paid. Sum Assured of 25 Lakh.
Future Smart Plan
This is a comprehensive plan for securing your Child’s Future and a way to ensure that nothing will affect your child’s education. These Plans invest the Premium paid in high-quality funds which provide higher returns. These Investments are managed by highly professional and experienced fund managers. When the Maturity Period is closed the funds are switched to relatively secure instruments such as bonds. In case of sudden death or permanent disability, the company pays the premium and the Sum Assured to the Nominee.
Guaranteed Savings Plan
This Plan is similar to the first plan that we discussed. This is also a combination of Insurance cum Investment plans the only difference is that the plan provided Guaranteed Returns without worrying about the fluctuations in the equity market. This ensures that at the end of the Policy term you will surely receive a specific amount. These plans also have Additional Bonuses attached to them and the value is added to your Sum Assured. Two types of Bonuses are paid to the insured. Guaranteed Yearly Addition and Guaranteed Loyalty Addition. This Investment Plan is ideal for those who do not want to take risks and want to be extra Cautious with their Savings.
Invest 4G ULIP
This Plan is by Canara HSBC Oriental Bank of Commerce and is Life Insurance. The plan offers to build an Investment that can be used for your Daughter’s Education and Marriage Expenses. You can make Partial Withdrawals at planned Intervals or whenever needed. Let's understand the Benefit of these Plans by an example-
Mr. A has purchased the Invest 4G ULIP and will pay an Annual Premium of 2 lakh for a Policy Term of 20 Years. The Sum Assured that has been promised to him is Rs. 20 lakh at the time of Maturity. This will result in the accumulation of Rs. 1 crore as the Sum Assured. If the Insured Person survives till Maturity he will receive the complete Sum Assured that he can use to meet his daughter’s Educational Expenses. In case the insured dies in the Fifth Year then, the sum that has been accumulated till the year of death is 10 lakh. The Nominee will receive 20 lakh in the form of a Death Benefit and the insurer will pay the remaining 15 premiums on behalf of Mr. A. In addition, the family will also receive the Sum Assured as per the Policy.
These are the Best Investment Plans which are available for the bright future of your Daughter. This is a positive change that we have seen in society as they are giving equal importance to their daughters and are planning accordingly to support and build a Safe and Secure Future for them.
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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.