Some expectant parents who are reading this blog spend lots of time preparing for the arrival of their young one. By the time you welcome your child home, they have purchased enough toys, clothes and taken classes as well. Still, the reality of caring a child can be more than all these preparations.
Generally, when your family grows, responsibilities will also increase. Basically, the most important factor of caring a child is securing a child’s future financially.
Parents work hard to offer all the facilities to their children and there are few insurance policies to make sure that the young one is never deprived of facilities, even if they are no more around to take care of their children. Hence, make sure that your children are holistically secured against any kind of unavoidable circumstances related to life by identifying and planning to secure the child through each of young one’s life stages.
Usually, education as well as health emerge are two most important life stages of a child and these stages need to be covered. In Indian insurance market, a wide range of financial instruments is available which helps you to address each of such concerns.
Online child insurance policies insure the life of the earning parent where some plans cover the child’s life and pays the sum assured in case of any eventuality of the policyholder. The maturity benefits are provided based on the policy type.
Such type of financial instruments like mutual funds, fixed deposits, insurance plans etc are available in the market also help insured to save for child’s education. Selection of instrument based on various factors such as risk appetite, time horizon etc.
The main benefit that child insurance offers is that child’s education smoothly continues even in your absence because of an unfortunate incident like your death. The chosen insurer takes care of the leftover premiums and then pays sum assured to the child as a lump sum amount on maturity.
A comprehensive education insurance plan gives protection for the child’s education and cover for the parent’s lives by offering all-round security for the child’s life.