CHILD PLANS

DUAL BENEFITS OF CHILD PLAN INVESTMENT AND PROTECTION

An important aspect in the proper upbringing of a child is to plan for his/her future well in advance. While fulfilling the daily chores involved in the process of parenting, it is quite normal to see parents forgetting the long term needs of a child upbringing. As a result, we often see parents in a fix when they are not able to provide the needed financial support to their child so that they can pursue the best education that would enhance their career prospects.If as a parent, you do not want to see yourself in such a situation, it is advised that you should start saving and invest these savings so that the money can grow over the time and could be fruitfully used when it is most required. One of the widely used investment option is a child plans offered by the insurance companies. The best time to save and invest is now, as the golden rule of financial planning is to invest as early as possible.

Introduction

Investment BenefitGenerally investments are made in a child plan in the form of annual or quarterly premiums. There is a host of online child plan available on the market and you may choose the one that best fits your needs. The best child plan is one that helps you grow your money so that you are able to meet the future requirements to fund various milestones in your child's career and life to your own satisfaction. Child plans provide you milestone payments when you most need them. The timing of these payments can be pre-defined and usually coincides with the timing when your child would be planning to pursue college or higher education and also at the time of his or her marriage. Besides these milestone payments, a child plan also entitles to a terminal payment when the policy expires. Several plans offer the option to the investor to decide on the quantum of payment they would expect at different points in time.

Protection Benefit The protection benefit is the one that any parent will find to be the

most crucial one. A child insurance plan secures the future of your child even in the case of unfortunate demise of the parent. If such an unfortunate event happens, the insurance company would provide to the child a death benefit, which is a fixed percentage of the maturity benefit. Besides, most child plans also come with a premium waiver benefit. In order to ensure that the child plans does not get lapsed because of non-payment of premium in case of death of the parent, the insurance company waives off the premium liability, while at the same time the rest of the benefits which include the education and marriage payouts are paid out to the child as planned.In order to ensure added protection you may further customize your policy by adding Accidental Death Benefit (ADB) or, Disability and Dismemberment Benefit (ADDD Benefit) Riders. The Riders can be attached only on the parent's life till the end of the premium paying term.

Several child plans are available today. It is advised that you always compare child plan online on the basis of benefits, premium, riders and policy exclusions. Before you buy online child insurance, always remember that the best child plan is one that fits your pocket as well as goals.

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