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As a responsible parent, you would always want your child to get the best of everything. To ensure that you fulfill all the dreams that you have for your child, financial planning for their secured future is imperative. Child Insurance Plan is the right way to ensure that you have a safe future for your child, which offers strong financial security for your child’s future in your absence. Child insurance plan is an endowment plan which offers both death and maturity benefits.Get Affordable Quotes
Being a parent, it’s your prime responsibility to guard the future of your child, and you can do this by investing in a child insurance plan. Here are some top reasons to buy the Child Insurance Plan.
When it comes to buying a child plan, there are some key factors that determine the premium amount.
Riders provide additional cover at nominal premiums. You may opt from the following riders:
As the name suggests, the future premiums are waived off in the events like death or disability of the insured or policyholder as per the policy contract. The policy continues to survive till the end of the tenure, with the waiver of future premiums.
There are severe illnesses which disable an individual temporarily or permanently resulting in loss of earnings. The treatment cost of such illnesses is massive due to medical inflation. To take care of the medical cost involved in such illnesses like Heart Attack, Cancer, Paralysis, Coronary artery bypass surgery, Major organ transplant and much more, a critical illness rider can be opted.
Accidental death benefit rider gives extra financial benefits to your nominee in case you die an accidental death. There is an accidental death Sum Assured which is paid to your nominee apart from the base Sum Assured of the policy in case of your unfortunate demise.
(Note: The rider benefit, conditions and eligibility criteria may vary from insurer to insurer)Select from Top Insurer's
This plan becomes null and void, if the insured commits suicide within one year of commencement of the policy.
The plan benefits are also not paid, when found engaged in following circumstances.
1. Criminal or illegal act
2. Act while racing or betting
3. Act under the influence of illegal drugs or alcohol
4. Disability or accidents due to any involvement in strikes and riots, military service, or police force.
Read the do’s and dont’s related to the child Plan.
|Compute the right sum assured, keeping in mind the growing education costs||Go by what your agent is proposing you to buy. Research at your end as well|
|Fill the proposal form yourself mentioning all the details correctly and accurately||Buy a plan which is offering you lowest premiums. Check on the benefits also under the plan|
|Check the plan features and benefits of various child plans available by comparing online||Forget to read the fine print|
|Take the right term of the policy for getting the benefits for your child at the right age||Invest beyond your risk appetite in case of the child ulip’s and beware of fund erosion|