Child Life Insurance: Benefits, Features, And Other Details

Planning a child's bright future should be the first priority of a parent and that can be achieved with the help of a child life insurance plan. Child life insurance policy is a blend of investments and life insurance cover. This type of life insurance policy helps to provide financial aid in planning a financially secured future for your child. Under a child life insurance policy a death benefit is provided in case of an untimely demise of the life assured during the coverage period. Child life plans also provide a maturity benefit that can help your child to fulfil his/her daily expenses and pursue their dream even in your absence. 

Child plans are a great way to ensure financial security of your child and help you fund your child’s future expenses such as higher education, marriage expenses, help them kick start their career or help them fund their dream venture. 

Features of a Child Life Insurance Plan

Below mentioned are some salient features of a child life insurance policy:

• Availability of Waiver of Premium Benefit.
• Allows partial withdrawal in case of financial emergencies
• Provides immediate financial protection in case of an unforeseen demise of the life assured
• Helps in funding your child’s future financial needs
• Provides a maturity benefit in case the life assured is able to survive the entire policy term
• Loan against policy facility is available under this type of life insurance policy

Benefits of a Child Life Insurance 

Below mentioned are some advantages of purchasing a child life insurance policy:

• Child life insurance policies are a blend of investment and life insurance. These types of life insurance policies help the life assured to build a corpus to fund their child’s future financial requirements such as higher education, marriage expenses, help children to kick start their career or help their child fund their dream venture. 
• Child life insurance plans provide a partial withdrawal facility. With the help of this facility you can fulfil your child’s immediate requirements such as a medical emergency or fund your child’s extra curricular activities. 
• These types of life insurance plans provide financial security to your child in case of your unforeseen demise during the policy tenure which allows your child to maintain a healthy lifestyle and pursue their dreams even if you are not around. 
• Child life insurance policies also act as a collateral in case a loan is required to fund your child’s future financial requirements. 

To Conclude

As a parent, you must consider child life insurance plans while planning for the financially secured future of your child. These types of insurance policies come in handy when you need funds to fulfil your child’s financial requirements. 

Also read - Why Is It Important To Invest In Child Life Insurance Plan?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.