Being a responsible parent, you would always give your child the best of everything. Rather than investing on an ad-hoc basis, it is vital to put a plan in place to ensure your child will have a secured future. The cost of education in India is rising at a fast pace. Parents are finding it difficult to pay for the growing fee structure & other associated education costs. With the surging cost of education along with the high inflation rate, you will fall short of funds. Considering the cost estimate, you need to accumulate a huge corpus to fund your children’s higher education. In order to secure your children’s goals, you need to invest in a Child Insurance Plans.
A Child Insurance Plan offers a lump sum payout immediately in the event of your demise and the policy still continues. The insurance company will waive all the future premiums. Under a child insurance plan, your child will receive payouts to fulfill the child’s education needs. You must put a guard for your child’s future against a mishap such as your untimely death or a serious illness.
You need to assess the requirement of funds that will ensure to fulfill the financial liabilities for your child. By assessing the financial requirement for your child, you can opt for the right cover to fulfill his/ her financial goals. When you are choosing a child insurance policy, it is important to pick the right policy tenure. An ideal policy term will help to provide an adequate fund at various milestones to fulfill the child’s financial needs.
When buying a plan, you must also consider the rate of inflation and should invest in a plan that can assure you to provide adequate funds for your child.