July 22, 2021

If you are a parent then you will obviously choose nothing but the best for your kids—right?

Every good thing in this world comes with a pre-condition of exchanging some price. But then, you can beat inflation in this hard economic situation by seeking help from insurance companies and choosing the best plan for your child; so that he/she doesn’t have to worry for funds during the time of need in future. Congratulations to those who have already chosen an insurance plan for their kids. And for people who are still confused regarding the same, what follows below shall help in planning and spending for their kids’ future.

Remember, the sooner you decide the better you gain.

Insurance Plans for Children

Some of the important milestones in our lives are education, career and marriage–the chosen plan should be able to fulfil the vital needs of these stages, and more. There are different kinds of insurance plans for children, some of them are:

  • Traditional endowment plans;
  • Money back plans, here a specific amount of money will be paid to the child at different milestones;
  • Insurance cum investment plan, with this your child will be protected and your money will also be growing.
  • Your investment and savings will go hand in hand with this kind of plan.

For more flexible and customized plans based on your budget and requirements, you can contact different private and public sector insurance companies and discuss their plans with them.

Key Features to Consider while Choosing Insurance Plans for Kids

In order to secure the future of your child, the insurance plan should cover certain basics. There are few monetary goals that have to be met at different stages of your child’s life; and this forms the way of working with insurance plans. Education and marriage are important life stages when stringent needs are to be fulfilled. A proper insurance plan is essential for securing your kid’s future, hence it should comprise of premium benefits that cover the financial expenses of illness, or sometimes provide death benefits. Therefore, it becomes important to choose a versatile plan which is flexible in terms of payment as well.

How to get the Right Insurance Plan for your Kid?

Well, by now you should have a fair idea about the factors to consider before deciding on the plan. The insurance market in India is filled with kids’ insurance products which might confuse you. Some big companies offer immediate financial support in emergency situations, while the power packed packages of other players in the field guarantee better premium rates—which one do you choose?

If your chosen company presents few technicalities, then it means fewer problems for you as a customer. Make sure you understand the plan very well before saying a yes; otherwise you may have to suffer because of future troubles. Due to the negative impacts of recession, individuals are now thinking a lot before making an agreement with the insurance company for their kids (or for any other plan, irrespective of their nature). It is well advised to compare the plans of various companies and decide which company has the most attractive and beneficial features; so that you gain more trust and stay satisfied for the entire life.

Some of the popular plans for your children are Smart Kid- ICICI, Child Insurance Dream Plan- Birla Life Insurance, Young Scholar- Aviva, Young star plus- HDFC, and Child dream plan- Birla. Compare in line with your current and perceived needs, and make sure that there is minimal risk and maximum security in the plan that you end up choosing.

Make a colorful future for your child and keep him/her smiling forever!

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