3 Benefits of child life insurance
One of the best gifts that you can give your child a bright and secured future. While there are many ways to do this, one of the safest ways to go about securing your child’s future is by buying a child life insurance.
With the rising demands and expenses of the day, planning a financially safe future for your little one has become a challenge, which is why opting for a child life insurance plans is a practical thing to do. Generally, parents opt for this insurance when to save up for their child’s education, but the child life insurance comes with tons of benefits. We mention some of them below.
- Helps with college fees:
It is a dream of every parent to see their child succeed as a professional. Thus, they wish that their child takes up professional courses such as engineer, architect, lawyer, or doctor. All of these courses require a considerable amount of financial backup. Thus, as a rule of thumb, parents are advised to commence investing in the best policy for their child early. If you start investing as soon as the child is born, by the time the child reaches its college years, they will have a substantial corpus that will take care of their educational needs and facilitate future expenses.
- Partial withdrawals for extra-curriculum:
Another benefit of these child career plans is that they allow partial withdrawals. This helps when you want to support your child’s talent, such as acting or instrument playing. These partial withdrawals will enable you to withdraw finances to pay for additional classes. Some children may take to travelling and learn, the child plans in India allow you to withdraw from the policy for the same. Before you opt for the policy, check their periodic payouts. Some plans offer payouts at certain ages that will help you meet the expenses incurred while enhancing your child’s talent further.
- Add-on or additional riders:
Life any other life insurance, the child life insurance policy helps you add or choose additional riders. There are many plans that offer to waive off the entire premium that is to be paid during the policy. This is allowed only when the insured person has an unfortunate event. Other riders that can be attached to this policy are personal accident insurance rider, which protects the policy even when the insured is severely injured.
Apart from this, you can also support your child’s school education with the child life insurance policy. Also, the make of the policy allows you to skip capital erosion during market fluctuations.