Best Online Child Insurance in India
If you are evaluating various investments and saving schemes to build a solid corpus to fund your growing child's higher education and other important events of his life, search and compare child insurance plans. Giving college education to children has become very difficult without proper planning unless you are very rich. Child insurance plans promote systematic savings and good returns on your investment. The insurance quotient of these plans makes them an invincible product to cater child needs and fortifying his future. These plans fall under the category of investment cum insurance plans. Unlike other popular saving and investing schemes like Mutual funds, Public Provident Fund (PPF), National savings scheme (NSC) etc. the child insurance plans protect the child from the financial risks arising from untimely death of the policyholder parent.
In the event of the unjustification of the policy taking parent the insurance company waives off the remaining premiums and continues the policy. The company pays the sum assured to the child at the maturity of the policy. To understand the plan better you may take assistance from a qualified life insurance expert. Child insurance plans can be either participating life insurance plans or non-participating life insurance plans. In participating plans you are eligible to share the profits of the company in proportion to the premium paid by you along with the sum assured. In non-participating plans you get the guaranteed maturity benefit and death benefit with no share in the profits.
Some people argue that why they should have child insurance plan and start paying premiums now when there are options of education loans available. They strengthen their argument by saying that at present they do not know the potential of their child. Maybe when he grows up he will not go for higher education or would have some other talent like entrepreneurship. To such parents the answer would be, these plans help generating a good amount of corpus and readies the child with a good amount of money that can be either invested in studies or in some business or in any other important event like marriage.
Education loans are a good option and are very popular but they put a big burden of repayment on your child's shoulders right from the beginning of their careers. Such burdens compels them to take a good employment in order to be able to pay off the loans. In the pressure of such burden they can not even think of taking up entrepreneurship as they can not afford the gestation period. Moreover, in some cases their other life goals like getting married or buying a house get delayed.
If you are planning for the future of your child you go for a judicial mix of insurance, self finance and loan so that the child also becomes responsible. Compare online child insurance plans to learn a range of features companies are providing and save on the purchase. An educated customer is likely to make a smarter purchase thus, gather as much information as you can in your busy schedule and then plan wisely.
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