A Guide to Buying Insurance Plan for your Child
- February 5, 2018
Worried about your child’s future? Do you fear about expenses related to his/her health in future? Well, a regular insurance will not help with this. You need to invest in something more than a regular health insurance cover which is capable of meeting the overall cost of medical treatment of your child in the event he/she falls seriously ill. There are also plans which will take care of your child’s financial needs when he or she wishes to pursue higher education. These health insurance plans are affordable and help you tide over any financial emergency that arise due to future ambition expenses or from a child’s sickness.
The Indian market has already realized the need for supporting parents for their needs. Young parents are also ready to invest in plans that help their child stay secure from any financial emergency.
Securing a child’s future with an insurance plan tailor made to suit the needs of kids and take care of them under various circumstances such as sad demise of the parent, a serious illness, cater to landmark events in a child’s life such as study abroad, higher education, meet career goals, and marriage.
Well, the most important reason to purchase a child plan for kids is to guarantee that their future is secure and not endangered by untimely demise of parents. Life is uncertain and one may confront with varied problems. Hence, it is crucial that we prepare ourselves for the future in advance.
Most financial advisers may even argue that investing in a term insurance might do the job of securing future of family under these circumstances at a much lower cost. However, a term insurance does not continue even after death. Opting for a child insurance plan means the insurance company will continue paying for the premium on behalf of the policy holder. Child insurance plans may be costlier; they will serve a child’s interests better in the long term. Insurance policy meant specifically for children involve the practice of amount given out to the beneficiary at regular intervals according to the plan.
– These plans offer the benefit of customized pay-outs.
– When investing in a child plan, you can expect flexibility it offers you in terms of making pay outs.
Most parents know that their child requires additional financial support in future. The need for finance increases especially when he or she plans to go abroad for higher education or wish to pursue special courses in India. Investing in a good child insurance plan will provide you with the flexibility of spacing out the pay-out. This is important because your child can receive the maximum pay out as and when he or she needs it.
– These plans are designed with welfare of your child as the top-most priority.
– Customized or tailor made child insurance policies are very expensive. These policies are designed to cater to health issues and other needs related to children. Most Child Plans in India are tailored to meet important expenses as and when required to make sure there are no interruptions in your child’s quest of his or her dreams.
– The plan offers a wide variety of riders to choose from for securing your child plan.
– A good child insurance plan is available with options of riders at reasonably nominal costs. You can avail these for additional security.
Many reputed insurance companies have realized the need for bringing forth a flexible and innovative child plan for consumers. So you have an opportunity to choose from a number of plans available in the market. Choosing the best may be quite a task with enormous choices available online. Make a research online, browse through the best companies offering child plans, and get quotes to compare. This will help you choose the best as per your specific requirements. In India, the following reputed companies are offering child health plans:
– Apollo Munich
– Bajaj Allianz
– Max Life
– ICICI Pru
– Birla Sun Life Insurance
Prior to deciding on a health plan for your child, make sure that you have read all of the related details in the contract. You may also discuss the same with a professional or an agent. Buying the right cover for your child will get all of your healthcare worries resolved.