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15 December, 2017 05:58 IST
Financial Planning
   
Why you must secure the future of your child with a child plan
Source: IRIS (06-APR-17)

While you are selecting the best possible child plan, it becomes important to consider the different milestones, which will arrive at different stages of your child's education. There is no way you can predict the choice of stream your child will opt for when he goes for higher education. For ex -it can be a 4 year long engineering degree, it can be a 5 year old MBBS degree or a 3 year old graduation course. It is therefore advisable to opt for a plan which is flexible and can be mapped as per the unforeseen needs of your child's education by deferring or advancing the money backs that you get in the last years of the policy term as per the provisions of the plan. Apart from the money back options that a child plan offers, the biggest advantage it provides is that it is still an insurance policy at the end of the day and provides financial protection in case of an eventuality. The most attractive feature of a child plan is its Waiver of Premium (WOP) benefit which means that in case of an eventuality to the policy holder, the nominee receives the sum assured, while the policy does not get terminated and no further premium is needed to be paid. With add on riders one can even ensure that even in case of an accident with the policy holder, the policy continues without premiums being paid. In case of eventualities, some plans even provide a choice of receiving a lump sum amount or 1% of the amount insured as monthly income for 5 years which helps in meeting the immediate education cost.


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