Children should have the best, and purchasing a child insurance plan can help you save money for their future. One of the most important financial planning tools available to parents is a child plan. These plans can assist you in saving a sizeable amount for your child's college and marriage-related costs.
When a child reaches the age of 18, maturity benefits are paid out as a one-time payout or as annual instalments under a child plan. Additionally, the parent has built-in insurance coverage. Given that parents pay the premium, protection is a crucial component of child plans. If, regrettably, the insured parent dies within the policy's term, child plans may provide prompt reimbursement to meet the child's needs.
Being able to select where and how your money is invested is one of a child plan's most valuable features. You can opt to invest your premium in debt, equity, or balanced funds. Additionally, ULIP child plans guarantee that your returns will eventually be sufficient to combat inflation.
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