Children are an investment, but the joy they bring is priceless. Which is why, you’ll go to any lengths to make their life perfect, even if it means sacrificing your own dreams and desires.
There is a smarter way to plan for your kids’ financial future, and that is by investing in a child plan. A child savings plan is a superhero like you. It fulfils all your kids’ professional and personal aspirations and safeguards them against the villains of life’s uncertainties. So that you too, can live the life you desire.
What is a child insurance plan?
It is an insurance policy with an assured source of income & a financial guardian. It is all the protection you need for your child’s future.
You might be wondering, 'How do child life insurance plans differ from traditional life insurances.
Well, what sets child insurance plans apart is the assurance they offer. Once the insurance company makes a promise, they stick to it without any compromise. That's right! Child plans come with a guarantee that ensures your child's financial future is secure and protected.
Why it is important to plan for your child's future early?
Planning early gives you a longer time horizon to accumulate sufficient funds to meet your child's future needs.
Protection against uncertainty: Unexpected events can impact your family's financial stability. By starting early, a child plan works as a safety net to protect your child's future in case of death of breadwinner or medical emergency.
Risk factors: When you plan early, you can afford to consider risk but potentially more rewarding options, as there is more time to ride out market fluctuations.
Rising education costs: Education is only becoming expensive. Investing early buffers you against increasing costs and ensures your child has access to quality education without you having to taking on excessive debt.
Marriage expenses: You can create a significant corpus by choosing a pay-out option without periodic money-back. upon maturity, you would receive a total guaranteed pay-out that is equal to 125% (can vary as per plan) of the sum assured and bonuses (if announced).
Traditionally, parents pay for a portion of a child's marriage expenses, if not all of it. If your child chooses to marry early in life, your financial aid might be indispensable. Even if your child is old enough to foot their own marriage expenses, you may want to extend your support in every way possible. If your child does not need funds for their marriage, you can put the lumpsum towards a home or a world tour as a gift for the newlyweds.
How to choose the right child insurance plan?
There are many child insurance plans on offer but before you finalise one, ask yourself these questions:
- 1) What goals am I saving for? Is it for your child’s education, career aspiration, marriage or simply a safety net.
- 2) How much premium can I afford? It is essential to compare plans before making a decision to buy an insurance plan as different plans charge different premiums.
- 3) Which plan will best meet my needs? Child life insurance plans are of different types - endowment plans, unit-linked insurance plans (ULIP), and understand the features, benefits, and risks of each plan.
- 4) What additional benefits does the plan offer? Waiver of premium, premature withdrawal, flexible premium payment terms, partial withdrawal for emergencies, tax benefits, additional riders, and loyalty benefits are some features that can help you earn additional money.
How a compounding calculator can help you to calculate your investments?
The power of compound interest grows your money faster by continuously reinvesting the interest or dividends earned on your principal amount. This converts your money into a wealth-generating resource.
A compounding calculator is a valuable tool that provides an estimate of the future value of your investment, once you input all the relevant information. It helps you set realistic financial goals by visualizing the potential growth of your investments.
Which is the best child insurance plan?
IndiaFirst Life Little Champs Plan is the plan that secure the financial interests of both your kids and you, by offering various benefits.
Make child insurance plan your superpower. Approach it with the same level of commitment and financial discipline as any other major investment in your life, such as paying EMIs for a house or car. When it comes to raising a child, prudent decisions based on careful planning win against emotional impulses. Before you select a plan, remember to consult a financial planner to see which one works for you.
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