3 Tips While Buying a Child Plan in India
Much like most things, parenting these days is more challenging than it was a few decades back. However, some crucial improvements in parenting are that now both parents are equally involved in the process of parenting.
One of the most crucial aspects of parenting is ensuring the financials for you child. We all know that when you have a child there are a multitude of financials that come into play. This can range from smaller payments like gifts to larger payments like education.
With the rising costs of education today, it can become troublesome to get all your funds in place. Along with education other life stages such as their marriage, your child’s first house or car are other payments that need to be made. In India specially, with rising inflation these can be the cause of some worry. Hence, if you buy a child plan, you can ensure that your child has a safe and secure future.
However, if you are looking for a child plan in India, there are a multitude of plans offered to you. You need to pick one that will suit your needs as well as your child’s needs.
Here are some tips you can refer to while buying your child insurance plan:
1. Quick Start: Starting early is the key to juicing out all the benefits from your child plan. Many child plans offer maturity benefits and pay-outs at crucial life stages of your child. To build a greater corpus and reap better benefits, you should buy the plan early.
2. Premium Waiver: In some cases where the policyholder passes away during the tenure of your policy, you can ask to see if your insurer will provide a premium waiver option. Therefore, you can continue the policy without burdening the family member for a premium payment.
3. Partial Withdrawals: In case the child falls sick and needs medical attention, this could require you to withdraw emergency funds. The provision of partial withdrawals will allow you to meet these payments without breaking your wallets. This will also allow you to leave your regular income undisturbed.