Important Factors While Choosing A Child Life Insurance Policy

Selecting an Insurance Policy for our children is one of the best mediums to secure the child"s future by providing the required economic support

. Child plans aid in child education, medical, higher education and marriage needs. In case of family loss, though nothing can replace the parent for a child, yet a child policy can remarkably safeguard the child"s future to a great extent. Even in case of unplanned illness of the child, that may happen at any age, a child plan helps ease the uninvited huge medical expenditure.

In the insurance sector, many companies are offering various life insurance policies as per the client"s requirements. One very important aspect that should not be ignored is the correct selection of a child insurance policy. Thus you should choose a policy, not a company.

Though each plan is unique, certain important factors that one must keep in mind while selecting a child plan are:

(a)When and what is the expected requirement:

In case of educational and marriage needs, what matters is the time and year of required funds for the respective plans as per the age of the child. The maturity amount to be received should be sufficient to meet the future needs.

(b)Charges to be paid:

Your aim is to receive the maximum amount at the time of maturity, without digging a hole in your pocket while paying premiums. So, one has to plan wisely on the right mix of the amount that one can spare annually for installments on policies according to personal income, yet fulfilling the concerned need.

(c)Features offered by the plan:

All plans have different characteristics. One needs to minutely differentiate in between the various features of policies offered according to specific needs. For example, if a policy offers coverage that can be extended through life, one gets the assurance of secured adulthood for the child, especially catering invaluably to unforeseen medical needs.

(d)Flexibility of the plan:

Though all of us plan the best package for our child"s future, no one knows what destiny has in store for us. In unfortunate cases or uncertainties, flexibility of policies plays a vital role. For example most term policies generally pay on death. Other policies pay before death for marriage or diagnosed illness, thereby assisting invaluably towards medical treatment. In cases of death of insured parent, some policies do not require the family to pay any further premiums. The policy continues till maturity without the sum assured or declared bonus getting affected.

Taking the above points into consideration, the key is to choose the perfect policy as per your child education and aspirations and shape them a bright future.

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