Parenting brings along its share of responsibilities and joys. Successful parenting is not an easy task, but a challenging achievement. As a parent, when you nurture your child into a responsible person, then only you become a successful one.
The best gift that you can give to your child is a bright future, where he/she doesn’t have to wait for finances to give him/her a push when needed the most. Yes, a great deal of your child’s security lies in his/her financing from an early age. To do that, parents invest in many child insurance plan and child education plan.
However, when it comes to choosing the best child insurance plan, not all parents are aware of how to pick the best scheme. It’s time to help you pick up the best child insurance plan, and this post will help you know some vital tips.
Selecting an ideal child education plan is vital for the long-term and future child development. With the cost of child education/insurance rising, there is pressure on the parents to select the best child education plan.
Quick tips to choose the best child insurance plan
There are many health insurance plans available in the market which may make the task of picking up the right scheme even more difficult for you. However, you can select a plan that offers some unique features and benefits such as:
- Invest in plans that provide premium waiver benefits
Most child plans come with premium waiver advantage – either as a vital feature of the primary plan or an option. The premium waiver is vital as in the case of death of the parent; the company waives off future premiums while funding the scheme till maturity. It ensures that the maturity benefit which was set for a certain age remains consistent as planned. It is in addition to the paid death benefit.
- Opt for equity-linked plans if you have the risk appetite
If you have the appetite for equities and a considerable time frame (10 years), you can go ahead and consider going for unit-linked child plans. By doing that, you can stay invested as well as get more ROI at the end of the tenor of such a plan. Also, you should opt for a child insurance plan that has the provision for system transfer option to ensure your investment gets able protection.
- Go for at least simple endowment plans
If you can’t risk market uncertainties and can’t seem to have an investment time frame of more than 10 years, then equity-linked schemes are not good for you. In such a case, you can opt for simple endowment plans and get protection against market uncertainties.
The Bottom Line
Now that you are aware of what to choose in a child insurance plan, you can now opt for a scheme that can provide you with the best of the discussed benefits. All the best!