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3. •Your child is the apple of your eye, and one of the most important things
in your life. You aspire to see your children becoming something in life,
getting a good education and living a good life.
•How would you plan to do all this when life as it is today is very uncertain
and you never know what will happen to you. What you would need to do
is save over the long term so that you can fulfill any financial needs with
regards to education, marriage etc.
•One way to achieve your goals is to buy child insurance plans. These plans
can be bought with a specific goal such as your child’s higher education, his
or her marriage etc.
•Child insurance plan; is a type of lifetime insurance that offers protection
to the minor during his or her lifetime. These plans are usually bought to
secure inexpensive and guaranteed life cover for the child.
•Some plans offer guaranteed growth in the cash value during the life time
of the plan and sometime allow a certain sum to be withdrawn after the
child matures.
4. •Child insurance plans in India are planned in such a way that they meet the
needs of your children monetarily whenever needed. You can save money in the
long term and get to use the same, when you make sure that the year of maturity
coincides with the beginning of your child’s higher education.
•A Saving for Child insurance plan would allow you to save in regular installments
over a period of time, which is then invested by the insurers who pay a lump sum
on maturity of the plan.
How do such plans work?
•The child is the nominee of the insurance plan. The plan makes sure the financial
needs of the child are taken care of, in case something happens to the parents.
This would mean that the insurance policy is able to provide life insurance cover
for any monetary needs your children may have in the future.
•To explain further this means that a certain sum is paid to the child on the death
of the parent. Only a child insurance plan offers a premium waiver benefit.
5. •This means that the child insurance plan continues to remain active even after the
death of the parent where the insurance company pays the premiums for the policy. In
such a case the child will be paid on the death of his or her parent; but will also get
another sum on maturity of the plan.
•Some plans also have an option of regular payouts so that your child has the funds he
or she needs for education or even marriage.
Estimating the future financial needs your child may have, before deciding on the
Child Insurance Plans, is a prudent choice you can make today. Opting for a plan that
offers the premium waiver benefit is very important when deciding on a plan for your
child.
[Source: http://onlinelifeinsurance1.weebly.com/blog/child-insurance-plans-secure-
the-future-of-your-kids-today]
