Protecting your child's future may be your first goal as a parent. That is why investing
in a child insurance policy is the right decision. However, it is equally important
to select the right policy that gives you maximum benefit.
Here are a few benefits you need to look for while buying child insurance for your
Protection: The most important benefit of buying a child insurance plan is to protect your child in case
of an unfortunate event. A good insurance policy covering your children's financial
needs can take care of their welfare even in case of your absence.
Maturity benefit: Children's insurance plans are designed in such a manner
that your child is protected financially at every important stage of his life. Most
often, the maturity of child plans is around a specific stage of a child's life.
Most child insurance plans will offer a maturity period which is related to your
child's age, for instance, when he child turns 18, 21 or 24 years.
Partial withdrawal facility: A child insurance policy not only offers protection
but also acts like a savings fund for your child. On maturity, the lump sum amount
received can be used to meet various goals related to your child, like education,
marriage, etc. However, what if you need money for your child before the policy
Many child insurance plans today allow you to withdraw funds from your policy partially,
so that an urgent requirement can be met. While looking for a policy for your child,
check out which plan offers this facility.
In addition to the above mentioned pointers, you can also look out for additional
benefits like surrender benefit, guaranteed bonus, etc. You can complement your
child's basic insurance plan with riders like income-benefit, waiver of premium,
personal accident benefit or critical illness.
A comprehensive child insurance policy that provides maximum benefits will not only
ensure that all your child's needs are met, but also that his future is financially
secure in case of your absence.