7 Important Reasons To Buy Child Insurance Plan In India

Ten years ago, you were the decision maker when it came to your child’s future. They were a pathway to help satisfy your unachievable ambitions. Whether it was money or opportunities that weighed you down, is regardless of the fact that now your child does not need to be helped back.

Today, being born is a free, globalized and evolved world; children are more strong willed and ambitious about their careers. They know what they want, are excited by the unknown and curious of the world unseen. When it comes to their education, they take their time to investigate the best colleges for their career paths. As parents today, we have to play stimulus to their ambitions. They best way to do so is by investing in a child insurance plan.

With the rising rates of education and inflation constantly being a determinant of tuition fees, securing a child insurance plan in India will be highly beneficial. If you are not convinced already, here are 7 reasons to buy a child insurance today:

1. Education – Undoubtedly, one of the biggest motivators for purchasing a child plan. The rising costs of education can be a daunting reality for parents and children both. With the help of a child plan, you can securely put aside a specified amount of money to fund your child’s education whether it is for school, an international college or MBA program.

2. Illness – In case your family has a medical history of critical illnesses, it is important to be financially protected if this situation is inflicted on your child. Even otherwise, being prepared for any illness or an injury is a safety measure that needs to be in place.

3. Cost of Living – Whether your child wants to study abroad or within the country, some of the best universities are located in expensive metropolitan cities. The cost of living here is considerably high. Although you cannot take a loan to cover this cost, but a child plan can lower the load off you by covering the tuition fees. Therefore, it is advisable to take a child plan Delhi, Mumbai, Chennai and Bangalore.

4. Death of a Parent –  In case of the demise of a parent, you do not want your child to be left stranded. Therefore, if you purchase a child plan in advance, you can ensure that your child is financially protected. 

5. Income Protection – For those uber-talented children who are already earning at a young age, a child plan acts as an income protection scheme. Here, the income earned is kept safe. It also provides capital appreciation over a period of time.

6. Saving Incentive – A child insurance is a smart investment plan. Before purchasing one, it is advisable to understand the motive of taking up the plan. Whether you are saving up for your child’s marriage, higher education etc. Once you have this in place, it becomes a habit to make regular payments.

7. Loan Advancement – Child plans can be used as security by numerous banks to hand out personal loans, education loans etc. Since your child plan is essentially an amount accumulated over a period of time, it can be used as collateral. 

As a parent, you have a mountain of responsibilities on your head. A child plan will help you ease off that load. This will also give your child peace of mind and ease to explore their capabilities.