To make enough money to meet rising cost of their child’s education is the biggest commitment which parents/guardians has to make financially in today’s world. Planning future requirements of your kid needs to done as early as possible. And, child insurance plans are one of the best weapon to use in the fight against the price hikes. Buying such a plan is worth it and in India, affordable child insurance plans are always been famous. But, its popularity has raised significantly because of the increasing inflation and particularly, it affects educational cost.
As compared to Life insurance, these plans are more affordable and it is quite similar to invest plan. The only major difference between both insurance is that parents starts investing in child plan right from the child birth and can withdraw the savings when child achieves adulthood.
These policies ensures a structured saving mode for the future of your child and whatever returns you will get on these schemes are tax-free. So, don’t worry about taxes.
In India, most life insurance companies have their own child insurance products. Like, Children’s Plan, SL YoungStar Super II, SL YoungStar Super Premium are the child plans of HDFC Life Insurance and on the other hand, Educare Plus Plan and Rising Star Plan are the child insurance products of AEGON Religare. Therefore, it is always good to select plan after doing thorough market study.
Three kinds of child plans are available in the market; Child Unit Linked Insurance Plans, Child Endowment Plans and Child Money-Back plans.
To choose the best plan, compare all products with each other in terms of benefits, cost etc. In fact, online quotes are also available which will offer you clearer picture.
For kid’s future, parents make sure that no investment avenue is left unexplored and their kids get the best of everything. With this post, we are trying to focus the benefits of affordable child plans. Try to understand the plan which commits to protect your child’s dream and make absolutely fair declarations.