Find out more about the Child Insurance Plan, not child’s play!
Being a parent is extremely difficult, even harder than it looks. Every decision made by parents has a direct impact on their child’s future. In addition, one of the recent polls indicates that âbeing a parent is considered more difficult today than in the pastâ. Therefore, parents are expected to carefully walk on every spectrum of this difficult but magnificent journey of parenthood.
A smart way to make this trip stress-free is to have an appropriate financial plan and goal to meet your child’s present and future needs. It can help you achieve your child’s future aspirations without worrying about the monetary factor. You can achieve these financial goals by choosing an optimal child insurance plan that provides sufficient coverage for you (as a parent) and your child’s future needs.
Plus, having a children’s insurance plan at the right time can help parents avoid sleepless, stressful nights. It would also allow you to provide the best facilities that you ever wanted to provide for your children and act as a great financial aid in the event of inflation or financial crisis during your child’s developmental years. These plans are one of the systematic investment vehicles that help parents save capital for their child’s future.
Children’s insurance plan is every parent’s need
Yes! You read that right, every parent wants to build the best for their child and wants to give them the best facilities (better than what they have received) and therefore strive to achieve that. In addition, âchildren are a third of our population and our entire future,â so investing in them properly would benefit not only parents but also society as a whole.
Also read: Changes you need to make to your insurance plan after marriage
Having a children’s insurance plan definitely makes your process easier. From the birth of the child to schooling, including higher education, medicine, extra-curricular activities, marriage, etc., the parent’s expenses are numerous and the list never ends. A children’s insurance plan helps make your life easier by helping you save money for these crucial stages in your child’s life.
Is there a good time to buy child insurance?
The right time to buy such a plan is as early as possible. Don’t wait until your child reaches their teens to think about their future and buy a plan to secure them. Plus, opting for an early childhood plan gives you the benefit of comparatively lower premium rates. Also, planning to purchase the insurance plan at the right age can help you earn a good amount during the important stages of your child’s life.
Expenses related to your child’s needs such as food, clothing, education, marriage, etc. would increase with inflation. Having a kid’s plan on hand would help during those rainy inflationary days and as the policy matured you would receive a lump sum or interval-based amount that could be used to pay school bills. your child or other needs.
Things to consider when purchasing such plans:
Parents need to ensure that the plan is chosen at the right time and that it helps the child at the required stage in his life. It is advisable to search for such plans online as you have the opportunity to compare different available plans and their functionality, and accordingly choose the best one according to your child’s needs.
Also read: Insurance Vs Insurance: Know the difference
You should also check whether the plan includes family income supplements or a waiver of premiums, as such supplemental coverage helps parents be financially equipped when they are unable to pay (due to disability of some kind. nature whatsoever) or if the parent is not present. Accidental benefits should also be checked, as this helps guard against loss of income due to a parent’s disability. In addition to this, there are certain plans in which the customer can take the policy over his own life and later pass the product on to the child. All of this information should be verified well in advance in order to avoid all kinds of unpleasant surprises in the future and to get the most out of your plan.
There are huge advantages to having a children’s insurance plan, however, one should be extremely careful in opting for such a plan as sometimes the name of the product (name of the plan) would encourage you to invest, but the goal of the diet would not be useful. your child’s needs.
The opinions expressed in this article are the personal opinion of Rakesh Goyal, Director, Probus Insurance.