Surprising factor that make you buy a child insurance

Nowadays, the best education for the children is becoming the top precedence for all parents. For providing quality education to children, the parents have to pay huge education fee. Today, we have various types of child insurance plans that fits the requirements of clients and helps parents in fulfilling their dreams related to children.

Advantages Of Child Insurance Plan

· There are many benefits that you will get after buying a Child insurance plan. Below are the major benefits that you will get along with a best child insurance plan.

· Basically child insurance policy provides you the litheness choose according to your economic status and superficial monetary goals. The rate of premium can also be settled as per your interest.

· At the time of maturity, the sum assured amount and a definite partaking sum will be to the parent or guardian. In the case of early death of the policy holder, the child is allowed to receive all the benefits of the plan (if the rider is attached to the policy).

· In India, most of the insurers premium waiver as a built-in feature. The benefit of having a premium waiver is that it keeps the policy active even you didn't pay any of the premiums because of different reasons.however, some insurance companies are not offering premium waiver as a built-in feature, in that case, it is advisable for you to buy it separately for the same. It will assist you with helpful benefits.

· Ho can I forget about the tax benefit. Yes, it is true that a child plan in India provides tax benefit that can be availed consist of an exemption on maturity/death claim profits under Section 10 (10D) and assumption from income for the expenses of life insurance premium under Sec. 80(C).

Things To Consider While Buying Child Insurance Plan:

· It is advisable for you to calculate the required funds for your child education and marriage also before going to buy life insurance for children. With this helpful information, you would be able to choose the best child insurance policy and can decide easily the related premium amount and the time period of the child life insurance plan.


· In some child insurance products you will get additional benefits such as accident cover, health insurance, etc. You must compare child plans of different insurance companies because with it, you can compare the premium amount per year and the returns presented by different child insurance providers.

· Make sure to ensure your life also.Even, it is beneficial to buy an insurance plan which has a built in clause premium waiver of future. This would provide guarantees that the plan continues if you are there to take care of it or not and your child would be able to receive assured sum amount at maturity.

· It is advisable for you to check the company's record before purchasing child insurance.

· But the plan in the parent's name instead of a child, since the child anyway has no dependants.

· But if you are planning to buy child insurance plan in the child's name, then ensure that it has a built-in feature of premium waiver in case of death of the parent.

· This will protect your child from the burden of heavy premium payments and will continue to reap the benefits of the plan.

· Check out the tax benefits of the plan.

The Child insurance plan is an incredible financial investment planning tool for child education / marriage / unforeseen expenses. It assists in meeting the child's monetary needs and provides safety in the form of a life insurance plan.



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navalgoel

PolicyX.com is an IRDA approved online insurance comparison portal helping consumers compare, choose and buy policies . We provide health..