Why Having A Child Plan Is Beneficial To Your Children?

Due to rising inflation it has become imperative for parents to start planning for their children early. It maybe for their education or just about anything the right child insurance plan in place to take care of finances.

Though, you may get a plan from various lenders available in the market today, it is advisable to opt for ones who are experienced and offer benefits fitting your needs. You may research online among various plans to help you make an informed decision.

Let’s know about the benefits of child plans -

It offers comprehensive cover against host of financial emergencies your child may be in need of in the future. You can not just research and compare these plans online but apply for them too via a simple e-form available at the lender’s official website. The policy provides guaranteed returns benefits to the policyholder so you never have to worry about funds. The policy offers add-on benefits and enhanced rider-coverage to the policy holder so you can make the most of the policy. Moreover, the policyholder enjoys tax benefits under Section 80C and 10(10D) of the Income Tax Act.

Some interesting plans to investment plans are:

HDFC YoungStar Udaan Plan
Bajaj Allianz Young Assure Plan

Further, the child gets doubly secured in case the policyholder passes away during the course of the policy. In this situation, the insurance company will pay first at the time of the policyholder's death owing to its Waiver of Premium (WOP) facility. The lender will continue to invest towards the policy on behalf of the deceased policyholder. This amount, at maturity is provided to the child to compensate their financial needs.

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