BFSI REPORTS

For the Child’s Benefit

14 Insurance Plans Compared

As a parent or guardian, it is but your instinct to want to secure your ward’s future and financial planning is a critical part of it. You want to make sure that your children will be adequately supported and that their financial needs will be taken care of in an uncertain future and even after your lifetime. If you are looking for ways to do this, this report on ‘child insurance plans’ may go some way in helping you take a decision. We have compared 14 popular plans on the most important parameters, for you to understand them better and choose the one that suits you the best.

Everyone wishes to see their child graduate from kindergarten to university. And we all know that a lump-sum amount (often in six figures) is the fee at every average school and this sum becomes steeper in the case of a university. As parents, you think, plan, seek advice and save in the best possible manner to provide for the child’s education, which is one of the largest and most crucial expenses.

In case you did not know, for the past 10 years the cost of education today has been increasing at a rate that is faster than the inflation rate of 7.6 per cent per annum. According to the experts, this trend will continue due to lack of much control or set standards

with regard to educational fee structures across the country. To begin with, the questions before Team

Consumer Voice were: how are parents handling these expenses? How much are they saving for their children’s education and are they investing in the right financial tools? That was when we zeroed in on ‘ child insurance plans’ that were ideally suited to meet the long-term needs of parents and had an edge over other financial tools, owing to the unique benefits they offered. Child insurance plans, besides offering a lump-sum payment on the death of the policyholder, continue investing money on behalf of the policyholder thereby securing the child’s future.