The main aim of a life insurance policy is to protect one’s family from the financial insecurity associated with unexpected death. There are different forms of life insurance covers available in the market. While term plans are the most commonly used life covers, there are other plans that allow policyholders to build a corpus for future requirements. Child insurance plans are offered by almost all the top insurers in the market to protect the future of one’s children. These plans allow policyholders to build a corpus for the higher education and marriage of children.
A good education is of utmost importance in this competitive world. The cost of education is getting expensive day by day. If you wish to provide the best education for your child, you need to invest in a plan that offers maturity benefits high enough to take care of the huge cost of higher education. Child insurance plans are mostly endowment plans or unit-linked plans offered by various insurers in the market. You may choose the policies based on your specific requirements.
Some of the features of child insurance plans are listed as follows:
Before you sign up for a child insurance plan, make sure that you consider the following factors:
Choosing the right plan for your children’s education is one of the major decisions you may have to make in your life. The tips mentioned above will help you pick the right one from the long list of plans available in the market. With the right plan, you may build a corpus sufficient to take care of your child’s future education expenses. While the costs of child plans are significantly higher than term plans, the maturity benefits offered here make them a worthwhile investment.
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