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Friday, March 11, 2016

Importance of Child Insurance


Importance of Child Insurance for Education and Marriage

Parents are always worried about their child's future. And why shouldn't they be worried, after all saving money for retirement and child's future are the two most important decisions a person has to take in the initial stage of their life. Parents' nervousness further increases as child grows older and the only option left with them is repenting their mistakes when there is no planning done in advance. Sometimes they feel sad about not having invested/done any savings for their child which can result in their child not getting quality education, better clothings and life style in case of death of breadwinner of the family. But financial experts are of opinion that if investments and savings for children are done carefully and in a timely manner then your child's future would become more happier.

Why Child Insurance is Important

With rising inflation, the cost of education and marriage has risen drastically and has reached a point where a common man simply cannot afford the same. So in such cases small amount invested today in insurance will suffice for securing education and marriage of your child. Importance of child insurance is not limited to their education but also for fulfilling their dreams and inspirations. In addition to this, if any unfortunate event occurs then the real benefits of insurance comes into effect i.e. this money received secures their future education/marriage in a smooth and hassle free manner. Considering how risky is living in today's world, it is most very important to get insurance for your child.

Benefits of child insurance policies are:

  • Funds at pre-fixed intervals
  • Guaranteed sum assured in case of unfortunate event
  • Money is received immediately in case of death
  • Riders such as premium waived off in case of unfortunate event so that beneficiary still receives lump sum money, accidental death benefit, critical illness benefit, income benefit rider and few others
  • Many banking institutions accept child insurance plan as a security when you are taking educational or personal loan
  • Pre-fixed bonus
  • Premiums paid upto Rs. 1,50,000 is eligible for tax deduction under section 80C

According to the survey done on parents who have purchased insurance for their children, it has been found that these parents become relieved as their burden on education and marriage cost minimizes. And when the maturity period ends, their child can use this money wisely.

Companies Offering Insurance for Child

Many insurance companies in India have designed special plans for securing the future of your child. Also premium can be paid yearly, half-quarterly and monthly depending on rules set by the company. Maturity period of such plans are very less as compared to other insurance plans in the market. In addition to this, special plans are also available for your daughter's marriage which gets matured after your daughter reaches the age of 18-20 years. Following are few insurance plans from prominent companies in India:

  • HDFC Life Youngistan Udaan
  • ICICI Smart Kid Plan
  • Aviva Little Master Plan
  • Kotak Star Kid
  • LIC Marriage Endowment/Education Annuity Plan

Things to Consider Before Buying Policy

  • Annual Premium
  • Riders
  • Inflation
  • Maturity
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