All about Child Insurance Plan
Just like making a home from a stack of cards is not easy, similarly living your Childs dream is not easy. It requires lots of hard work and a plan to work on something like this. There are various insurance companies- both Government and Private that offer financial coverage to people and help them in living their dream. A Child Insurance is a plan is usually a life insurance policy that covers the particular financial needs of your child. It helps you to save money for your child’s aim over a period of time. At maturity, the insured is paid the lump sum amount.
How Does it work?
It is a plan that gives assurance that if the parent meets with an unfortunate event, then child’s need would be handled by the policy. In a case of sudden demise of the parent, the policy hands over the lump sum amount to the child. There are some plans, where the company pays the premium until the maturity after the demise of the parent. It ensures the coverage for the child.
Choosing the Right Product for your child
You need to go through various child insurance plans offered by different companies and choose a plan that suits the financial requirements of your child. The major emphasis is given to the monetary requirement in child insurance plans. The reason is – if you dream of a medical career for your child then his financial needs will be different from the one who is thought of opting to become a pilot. So, you should make a wise decision according to your child’s skills and intelligence. Choose a policy that suits your budget as well as your child’s future. In this way, you will be assured of a bright future of your child, irrespective of your presence.
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