Why You Must Have A Child Insurance Plan?-MoneyMindz

By | 17/12/2018

Why You Must Have A Child Insurance Plan?-MoneyMindz

India’s First Free Online/On-call Financial Advisory Portal – MoneyMindz

      As parents don’t you wish to fulfill your child’s dreams of an ideal career, dream wedding, capital for business and many more countless needs that children have from time to time? But how have you planned to turn the dreams into reality? Your own Financial Adviser, MoneyMindz makes you realize the significance of child insurance plans designed to help you fulfill your responsibilities and duties towards your child.

So, the first and foremost thing which you need to understand is that without quality education there is no bright future of your child. Your child might want to conquer the whole world and that is possible only through the guidance of education. Kuber Mindz, Smart Financial Adviser suggests you to purchase a child education plan right away because of these reasons mentioned below:

1. Figure it out:

The most prominent reason to buy a child insurance plan is to plan for your child’s financial requirements. So while buying a child plan, identifying your need and time you may need finances at have to be figured out carefully.

2. Disciplined Savings

Basically, child plans are systematic and disciplined way to save for the child’s future. The money put into a child plan provides for insurance as well as wealth enhancement. It becomes a compulsion and a habit to put the money into the plan come what may. So, irrespective of the financial condition, child plans have most probability to be continued till maturity.

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3. Critically Chosen Maturity Date

At the time of choosing the child plan, parents need to evaluate their financial resources as well as the time at which they will need the corpus. At this stage parents have the liberty to choose the maturity of the plans such that they are able to meet the financial requirements at given life stages of the child.

4. Waiver of Premium

The benefit that stands out in a child plan is waiver of premium. This ensures that if anything happens to the parent, anytime after buying a child plan, the premiums will be waived off and the Policy maturity benefits will be given to the child, as planned by the parent, on maturity.

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5. Right time to buy a child plan

Time at which you buy child plan is an important factor for the policy to be effective in terms of premium paid and the returns. Just like any investment to grow substantially, child plans taken for a longer duration pay better whether traditional or ULIP. Since the maturity date of these plans is fixed, it is better to buy these when the child is still young. This gives ample time for the funds to grow. Buying a plan early in the child’s life also makes premiums for the plan manageable and affordable for a decided upon corpus. Premiums for generating the same return rise with every year delayed. With that in mind, if the child is already in teens, child plans may not be very effective means. It is better to go in for other investment options along with a pure protection plan.

Taking the right step at the right time is very important. Be the parent who is prepared for the future. Invest in the right plans that help in securing your child’s future, in your presence and even in your absence. In order to do that connect to MoneyMindz, India’s First Financial Advisory Portal helping you take the best decision for your child’s future.

For more information visit www.moneymindz.com or give a missed call to 022-62116588.

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