BFSI RE­PORTS

For the Child’s Ben­e­fit

Consumer Voice - - Contents - Gopal Ravi Ku­mar & Subas Tiwari

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.

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