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Child Insurance, Protect what you have

29 Jan 2016 |By: Team Finalaya

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Image Credit : http://www.sunrayspolicy.com/category/child-insurance-policy/

The child is the epicenter of any parent. You work whole life to secure the future of your kids. A child insurance plan assures you that even after you; the child will have no financial hindrance at bad times. Parenting is not an easy task. Your child’s need increases as he/she grows, from diaper to schooling, college to a successful career, being a parent you must have planned everything. Did you plan for the difficult time, when you are nowhere to protect your kid? A financial security, at least, helps your little one peruse his/her dream in the future, can stand for his/her dream and be successful in his/her endeavor.

 What is Child Insurance Plan?

Traditionally, a child insurance plan is to secure the life of your kid through a life cover of yours against any mishaps. The term child insurance is sometimes confusing to the buyers. Let’s not confuse as in Child insurance, it’s not the child whose life is insured but it’s you “the parent” whose life is insured. The main purpose of a child insurance plan is to provide financial support at the crucial stage of your kid’s life like from school education to higher education, professional courses, business venture or for other purposes.

 Let’s understand this:

Shantanu and Shiela bought the child insurance plan when their son was only 4 years old. Shantanu is a businessperson and like every smart and caring parent, he knew that business depends on profit and the profit is not every time guaranteed. When his son passed the IIT exams with excellence, it was as if a long forbidden dream comes true for his family. His son was going to be the first engineer of the family. However, Shantanu had a huge loss in business some months back and he was clueless as how to finance for his son’s IIT fees and other expenses. That hard time, the child insurance that he bought some 18 years before helped him. The money that he got from child’s insurance was good enough not for the admission and tuition fees of IIT for 4 whole years but his son had now some money left to cover other expenses during studies. The one wise decision taken by Shantanu 18 years back helped to make his son’s biggest dream true and now his son is proud about his father’s wisdom and inspired enough to buy an insurance plan for his future kids.

Now with UNIT Link insurance plan, child insurance is not just a simple plan to cover the life of the parents. It has now a broader aspect apart from indemnity.

 Secure Child Future:

Face it you are not God. You may plan for your kid’s future, you may mold your kid to a responsible and sensible young, but you have no control over the future. You do not know about yours’ or any of your loved one’s future. Imagine your small and cute kid grew to an intelligent and smart young who get an opportunity to study in one of the best colleges in London. However, the expense of higher study is too much to afford for you. What will you do? There is a limit of education loan and repayment is not easy with the high-interest rate. That time, your child insurance policy will help you to cover partially or completely the expenses of your young one’s education dream. Yes, child insurance plan helps your kid to pursue their dream without getting anxious about the expenses. Is there anything more in the bag?

Wait, did I say that ULIP Child insurance plan is best for your kid? What is the difference between a traditional term plan to secure your kid’s life and a ULIP Child insurance plan?

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Unit Linked Insurance Child Plan:

Unit link insurance child plan is the blend of two plans into one to provide your child the maximum benefit. In a simpler way, a UNIT Linked child plan is an assurance that the money you want to accumulate for your kid’s future will be intact and grow to provide maximum financial security. The amount can be used for your kid’s dire financial needs without getting concerned for the inflation.

 Benefits of UNIT Linked Child Plan:

  • You can see a high dream for your child’s future and plan without hesitation of the arrangement of money like marriage, higher education, business, career building, sending your kids for foreign studies and the list is ongoing.
  • Even you are not alive, your child will be financially protected until the maturity of the policy.
  • You do not have to think about the inflation or increasing cost of everything. Your ULIP plan, for example, ICICI Pru Smart Life from ICICI prudential Life Insurance takes care of the inflation.
  • You can buy the plan online easily sitting at your home
  • You will get tax benefits under Section 80 C and 80 D of The Income Tax act as per the prevailing law.

A child insurance plan is must to buy if you want to provide financial security to your kids when they need it the most, and convert your child’s future into a bright one. In the world, there are two types of people. One who sulks always but never attempt to get the benefits of various plans and at need, curse their destiny. The others are smart one who plan for future wisely and invest accordingly for their kids so at times; their child will be proud and thankful for the safe financial life. The decision is yours.

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