5 Tips for safeguarding your child’s future during an uncertain time

5 Tips for safeguarding your child’s future during an uncertain time

Nandita Shaikh

For every parent, their child is the cynosure of eyes. And with the bundle of joy, every child comes with a lot of responsibilities in terms of their upbringing, education, profession, and settling them down. As a parent, it is your responsibility to plan for their education from the early days. With rising inflation and education expenses, it is always recommended to go for a child insurance plan to make your child, the best individual they can be. This insurance plan takes care of your child’s future financial requirements irrespective of all the uncertainties.

Let’s take a look at 5 tips for safeguarding your child’s future during an uncertain time.

  • Investing in a good child plan will minimize your financial worries for a child’s education expenses. Child insurance plans take care of expenses of higher education. Financial aids for higher education matter a lot to fulfill their career goals. Here you can opt for equated monthly payout options during their education.
  • Child insurance plans enable your child to set up a business after completing higher studies. These plans help children in a great way, to pursue their career goal of becoming self-reliant by serving society. Here you can plan for maturity benefits as you would need a bigger sum. The term period can be 8 to 10 years or more.
  • In case of the untimely demise of breadwinner, the insurance plan takes care of your child’s day to day expenses, education, healthcare, career, etc. Because of the rising inflation without the systematic inflow of funds, nothing will be possible to achieve on the career front. Your premiums will also be waived in case of such an unfortunate incident and you also can opt for flexible disbursement of funds.
  • Customize the plan according to your child’s requirements. You can add riders and increase the realm of coverage to fully secure your child’s future at a minimal additional premium cost. To exemplify if your child needs ‘x’ amount of funds for education at age 18 and ‘y’ amount of funds for higher education or studies abroad, you can plan your return of funds accordingly. Further to higher education, your child may need funds for marriage; you can expect your returns accordingly.
  • Before buying a child insurance plan, calculate the returns and the amount you will be received using the child plan calculator. Accordingly, you can decide at what age of the child; you can plan this insurance policy. It is always beneficial to go for a child insurance plan as early as possible. By the time your child reaches 18 years of age, you will be ready with the funds required for graduate studies and higher education.

By following these tips, you can choose the right child insurance policy and lead your child to fulfill the dreams and goals of their life.