Should I Buy Different Child Plans For Both Kids?

As a parent, we always want the best for our kids. Various other facilities include offering top-quality education so they can achieve their dream goals. Though for parents of two kids, it is not very easy to look at the challenges and costs associated with the field of children's education today. Consider buying child plans for both your children. Yes, you heard it right! You can buy child plans for both the kids. To ensure you fulfil the dreams of both your kids, proper wealth planning for their better and secured future is very important. 

Consider buying two different child plans for both of your kids, in this way you will be able to cover both kids. A child plan is the best way to ensure you have a secured future for your kids that offers robust financial stability for your children's future in case of your demise. A child plan is a kind of endowment plan that provides both maturity and death benefits.

The best part is you can get help in form of child plans that are customised to meet your kid's financial requirements in future. Child plans are the systematic amount invested regularly in a plan that will help to accumulate a strong corpus to secure your kid's financial future.

What Exactly Are Child Plans?

Child plans are one kind of insurance plan that will look after your savings and protection needs for securing your children's future. Being a parent of two kids, your most important aim will be to ensure that both your kids have a better future and lead comfortable lives. These policies will help you to achieve your goals by saving for both your kid's higher education at the prestigious university.

In the child plan, you have to pay premiums for the specified time frame (monthly, yearly, half-yearly and single pay). When the plan term ends, you get a lump-sum amount known as Maturity Benefit. Suppose any unfortunate incident happens during your policy term, and the insurance company provides your nominee with the entire life cover amount. 

Also, the insurance company waives off future payments for your remaining policy term just to ensure your kid's future is safe. Such benefit is available, given the premiums are paid on time.

Features Offered by Child Plans

The child plans generally come with different benefits. This helps parents of both kids to secure their children's future. There are a few key features most the child plan has:

Waiver Premium Benefit

It is an important feature of every child's plan. When buying a child insurance policy, it is a key feature that you must look for. The waiver premium benefit means–during the plan period, there’s the demise of the policyholder (or parent), and an insurance company may pay the assured amount to an insurer (child) at a time of maturity. The feature guarantees a safe future for your child in your absence.

Higher Returns

The return rate of child plans is outstanding. Comparatively, it’s better than other insurance plans.

Partial Withdrawal

Many times parents feel a need for the surplus money from assured funds to give for their children's current needs. The child plans have the option of spending on your children's education and other needs at any stage of their life.

What Does Child Plan Guarantee?

• Waiver of premium – Do not pay premiums if a policyholder dies 
• Life Cover - Secure the financial status of your family
• Systematic withdrawals – Get withdrawals at the pre-defined stages
• Tax benefits – Get dual tax benefits as per 80C & 10(10D) of the Indian Income Tax Act
• Loan facility - Meets liquidity requirements
• Accrued bonus – Get a bonus for the long-term investments

Conclusion

A child plan ensures both your children's future is safe, even when you aren’t around. This gives your children the stable and better financial cover that you wish for. Thus, do not wait anymore! Just set the right priorities, select the child plan according to your needs and insure both your kid's future today! 

Also read: Best Plans To Invest For Your Child's Education

Different Child Plans For Girls Funded By Government Of India