Here are 5 tips for choosing a child plan in India

The purpose of child insurance is to secure a child's financial future. They are popular among parents since they help them plan for their children's future.

In the market, there are different child plans. Finding the best plan for your child requires a bit of research. Here are some tips you can use to pick a child plan in India:

Child Insurance Plans in India: Tips for Choosing One

Tip 1 - Choose a plan with an inbuilt premium waiver provision

One of the most important features of a child insurance policy is the premium waiver benefit. Under this benefit, if the parent dies during the policy term, the policy does not get affected. The premium waiver benefit is, therefore, a beneficial add-on. You should look for child plans that offer this feature as a part of their inbuilt coverage benefit. 

Tip 2 - The plan should offer flexible payment options.

Maturity benefits are a prime example. Plans that have flexible options for payment of maturity benefits are better. Alternatively, you can opt for the lump sum payment if you want to accumulate a corpus for funding your child’s higher education.

Tip 3: Look for plans that offer guaranteed maturity benefits.

A flexible maturity benefit allows you to select a payout option based on your needs, while a guaranteed benefit protects the corpus. If the maturity benefit is guaranteed, you can plan for the corpus you need for your child’s future.

Tip 4 - Adding optional riders can be beneficial.

Riders are optional coverage benefits that help in enhancing the coverage scope of the basic policy. For instance, the accidental death benefit rider enhances the death benefit in the case of accidental death. Similarly, the critical illness rider provides financial assistance in the case of major illnesses.

Tip 5 - It's also important to consider affordability.

Finally, the best child plan in India would be the one that offers affordable premiums without compromising on coverage. In other words, the plan should provide a comprehensive and flexible scope of coverage while maintaining a reasonable premium.

Check points before Buying a Policy:

● Match the policy tenure to the age at which you would need funds to meet your child’s needs. 

●Comprehend the policy benefits properly.

● Choose a premium payment option according to your convenience. To enjoy the full benefits of your policy, you must pay your premiums by the due date.

● Opt for suitable riders for aa comprehensive policy.

To read more visit: https://life.futuregenerali.in/life-insurance-made-simple/planning-for-childs-future/5-tips-for-choosing-a-child-plan-in-india/