Girl child insurance plans are equally important as that of a Boy Child.

With families having higher levels of education, every parent looks forward to having a daughter as she is the apple of their eye. To create a substantial fund for the child's education, parents are constantly searching for the best monthly savings plans in India.

Girl child insurance plans are a type of insurance policy that offers financial protection to the girl child in the event of her parent's death. The death of a parent can have a devastating economic impact on a family, particularly if the breadwinner dies. Girl child insurance plans can provide a much-needed financial safety net for families in this situation.

A life insurance policy for a girl child is a contract between the insurer and the policyholder. If the policyholder is no more, the insurer agrees to pay a sum to the policyholder's girlchild. The premium is paid by the policyholder to the insurer periodically, and the insurer uses this money to invest in financial instruments such as stocks, bonds, and mutual funds.

The most common benefits of Girl Child Insurance Plans are as follows:

• In the event of the policyholder's death, their child can use the death benefit to pay for the girl child's education, marriage, or other future expenses.
• Most girl child insurance plans are whole life insurance policies, which provide guaranteed¹ coverage for the policyholder's lifetime.
• Girl child insurance policies have a maturity period of 21 years, after which the policyholder can claim the death benefit.⁴
• Some policies offer the option to surrender the procedure before the maturity date and receive a portion of the premiums paid as cash.
• Girl child insurance plans can be essential to a family's financial planning.

Girl child insurance policies are available from various insurers, and the terms and conditions of these policies can vary significantly. Comparing different policies before selecting one is essential to ensure that the policy meets the policyholder's specific needs.

Unit-linked insurance plans are insurance policies that offer both insurance and investment opportunities. The policyholder pays premiums to purchase units in an investment fund, which can be used to provide a death benefit or a retirement income. The policyholder can choose how their premiums are invested and switch funds if they wish.

Unit-linked insurance plans can be an excellent way to get started with investing, as they offer a degree of flexibility and control. However, the units' value can go down and up, and there is no assurance that the policy will generate a return on investment².

Triple benefits are offered by child ULIP:

• The insurance provider will pay all future premiums upon a parent's death.
• The family will get a monthly payment to assist with the child's schooling.
• The family will also receive a lump sum payment to help with daily expenditures².

Some essential factors when taking Child Insurance Plans that you need to consider are as follows:

• Needs of the child
  Your dreams for your child may differ entirely from those of any other parent. Therefore, before deciding on your plan, first comprehend the objectives, you intend to pursue.
• Budget
  The child plan performs far better than many other child insurance plans. Parents frequently believe they need additional monies from the guaranteed¹ funds to meet their child's immediate needs. The possibility to pay for a child's necessities and education at every stage of their life is provided through child insurance plans.
• Tax benefits*
  Child insurance plans give you tax advantages in addition to building a fund for your child's future. Suppose you obtain any survival or maturity benefits (from money-back plans). In that case, these benefits are likewise exempt from taxes under Section 10(10D), provided that the premium paid was less than 10% of the amount assured. Check the help of the Tax and Premium.
• Death coverage benefits
  Searching for this essential component would be best when purchasing any child insurance plan. The insurance company will pay the guaranteed¹ money to the insured child at policy maturity if the policyholder (parent) passes away during the policy period, according to the waiver premium benefit. Even in the terrible event of a parent's passing, this function ensures the child's safety in the future.
• Different plans
  There are various variations of child insurance programs. You can get an endowment or a money-back policy to ensure benefits. The market-linked ULIPs, on the other hand, offer you good returns on your investments and let you build an inflation-adjusted corpus for your child if you don't mind taking on some risk.
• Partial withdrawal
  There is also a possibility for a partial withdrawal in a few schemes like the SSY Plan of the accrued funds for wedding expenditures or if the daughter needs the money to pursue higher education.
• Age
  Your date of birth has the most significant impact on the cost of your life insurance. The cost of life insurance is lower for younger policyholders of various factors, including age. Age raises the possibility that an insurer will have to claim your coverage, which causes rates to rise.

The future of your girl child deserves to be protected. You wouldn't be able to spend all of your time with them. So, even if you are not around, insurance plans would assist them in achieving their essential life objectives and dreams. Get life insurance coverage today to give your child the gift of life.

Reference
4. https://dinerdeliver.com/4-best-insurance-policies-for-girl-child-in-india/
2. https://www.businesstoday.in/personal-finance/investment/story/mutual-funds-versus-ulips-how-to-plan-your-child-future-269296-2020-08-06