When your family welcomes a baby, the experience is incredible. All the elders are happy about their grandchild, and they are keen to do whatever they can, right from new clothes to toys. The parents are the most fortunate among all as they’ve got the most significant gift of their life. But, along with the appreciation, the child needs something more important; i.e. security to his future. The parents always try to save money for their child’s future in one or the other way. In such cases, most of the times the investments or bank FDs are preferred. However, is that enough to secure your child’s financial future?
Market-linked products are risky, and the returns may get affected due to the market volatility. The bank FDs may not provide adequate money to the child in case of any financial emergency. And, if any misfortune hits and results in the demise of the parents, who is going to look after the financial safety of the child? Here comes child life insurance plan that helps you get financial protection to your child. A child insurance plan is designed in a way to provide both insurance and savings. The primary aim of the child plan is to take care of a child’s education. The education costs are increasing day by day, and it would be difficult in the future to provide quality education if you do not have saved enough money for your child. Chid plans are like other life insurance policies. Usually, the policy term of child plans can be availed up to 18 years of his age. The premiums can be paid with the given modes and with single or regular premium. The main feature of the child plan is that the waiver of premium. If any unfortunate event happens to the parents, the premium for the rest of the policy tenure are waived, and the benefits of the plan will be paid as defined at the commencement. To conclude, child insurance plans are helpful in multiple ways such as covering the parents in order to provide financial security to the child, which is majorly useful in his education. Similarly, child plans offer tax benefits on the premiums paid and the benefits under Section 80C and Section 10(10D) of the Income Tax Act. Hence, choose the suitable child plan from a wide range and secure your child’s educational future now.
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April 2022
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