4 Reasons Why Child Plans Make Good Sense
The birth of one’s child is easily one of the most auspicious and cherished moment of one’s life. The new member to one’s life very quickly becomes the most important segment of their life.
Parents become prepared to sacrifice everything for the well-being of their child. Child life insurance plans are one of those important measures that ensure the well-being of one’s child.
It is one of the very first things that a new parent must consider. Oftentimes insurance plans seem useless and unnecessary to us.
We seem to think that we can make do without the extraneous expense of an insurance plan.
However, this article will encapsulate why child reasons plans are necessary and make good sense;
- Education Expenses: No matter what the child decides to study, education expenses are something that is always on a parent’s mind. Furthermore, if your child decides to do a hefty technical course like engineering or management, education expenses can accumulate into a large sum. Studying abroad is also a dream that most children and their parents have, which again is a huge expense of about 30 or 40 lakhs per year. Finances itself are a risky matter and a child education insurance ensures that the child always has enough funds for his or her studies, no matter what he or she decides to pursue in the future.
- Serious Illness: Health problems are something that one can rarely predict in one’s life. Whether it be genetic like autism or B type diabetes, or something that develops in a later stage like asthma, or even something infectious like malaria or dengue can cause a serious money crisis. As long as the child’s life and his or health is concerned, child insurance plans ensure that they will cover everything and that the child can always afford the best medical care. Serious accidents and injuries are also covered by these child insurance plans, which again makes sure that your child is taken care of in medical matters.
- Collateral for Loans: The best life insurance policies ensure that they have a scheme where they cover a section of the down payment of an education or personal loan for your child. Companies like Bajaj Finserv have ties with banks for this purpose. This makes the future life of you child more financially secure. Child life insurance helps your child lead a more carefree life. The down payment for an education or a personal loan can be a hefty sum which almost always needs some assistance through insurance policies to be paid for.
- Death of Parents: Even though most of us do not like to think of such a morbid possibility, it is true that this is a very probable scenario. Child insurance is something that helps us deal with this dismal possibility. Upon the death of the parents, the parents can hardly be one hundred per cent assured that their child will be properly taken care of by their relatives. A child insurance plan makes sure that the child does not need any financial support for the rest of his or her life. It not only covers basic expenses like housing and food but also emphasizes on the education of the child.
Life insurance policy in India is something that is varied and also caters for every kind of need and emergency.
Child insurance plans is one such facet of this multifaceted system of service. As shown in the article, these plans go long way to secure the life, health, education, and prosperity of one’s child.
Thus, child insurance plans are not only a good idea, but also a good investment towards your child’s future.
Being a responsible parents means looking out for your child and his future, even when you’re not around.
Calamities can befall anyone, but it is essential to keep the future of your precious one secured with child life insurance plans, so that they can stand on their own legs and never stutter, for lack of support.
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Category: Insurance
