When you hold your baby for the very first time, you will realize that this little bundle of joy is your biggest responsibility. Hence, as a parent, your primary duty is to secure a child’s future and the best way to do this is to invest in the best child insurance plan online. This policy offers financial security for your child and also provides the benefits of investments. Below are five important points why child insurance plan is necessary?
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Takes Care of Child’s Education
All parents are more concern about future of their children and getting your child’s admission in a good school is really expensive. If parents plan well and invest in the best online child insurance policy India which matures during important turning points of a child’s life, then policyholder’s financial burden will be completely relieved.
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Habit of Saving
Today, childcare plans are available with dual benefits of investment and insurance. Before selecting a policy, check your financial strategy and calculate fund requirement during the different stages of life. Consider how much you are saving for primary and secondary education, higher studies, marriage, mortgage etc. Initially, it may seem like a financial burden, but paying periodical premiums will turn a habit soon.
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Coverage against Serious Illness
Buying online child insurance policies become more important for those who have a family history of some serious illness. The money invested in a child plan will come in handy as it offers protection against serious illness.
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Collateral for Loans
Generally, childcare plans are widely accepted by all banks as collaterals in case insured want to apply for a personal or education loan for his or her children. It will be more helpful when your child needs lump sum money for higher studies.
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In case of Parent’s Demise
In case of parent’s untimely demise, the insurance company in India gives a waiver on the premium on online child insurance plans and the nominee gets lump sum money and is no longer needed to pay the remaining payments.