Tips for you to buy the best child insurance plans in a hassle free way......
Like every other aspect of daily life, the financial requirements regarding the education for children are increasing nowadays. This is where a child insurance plan comes in to help your child have a bright future. The child insurance plans usually cover the cost of education and other financial necessities of a child.
The policy term has become popular among the parents nowadays as it has an extended term of seven years. This extended term has the same features as the primary policy term, covering the financial risks of the respective child. The plan also ensures that there is enough cash flow for tackling the risks in the crucial stages of the growth of the child. Actually every government or private employee must have provident fund. To check the PF Balance without UAN using UAN Login at passbook.epfindia.gov.in website. Everyone can check the Provident Fund statement in the official web portal.
The following are the four best buying tips for child insurance plans
- 1. Sum assured: The sum assured of the insurance is the total amount, for which the person is insured. The insurer pays this amount of money before the addition of any bonus.
- 2. Total Benefits: Total Benefit equals the Sum Assured and the Additional Benefits together.
- 3. Accrued Bonuses: The amount of the Accrued Bonus covers the additional benefits enjoyed by the policy holder. During the time of maturity, the policy holder receives the accrued bonuses from the insurer.
- 4. Policy Term: The Policy Term is the time period of the insurance coverage. After the expiry of the policy term, it is entirely up to the policy holder if or not they want to renew the insurance plan for the future.
- 5. Premium Paying Term or PPT: This term is the time period that includes the number of years that the policy holder is given by the insurer for paying up the premium. The policy holder can enjoy various benefits as provided by the insurer even after the premium paying term.
In order to simplify, a child insurance plan covers the financial requirements of a child from their age of three. It goes on to cover the school life, the college life, and even the higher education and marriage consecutively. The insurance plan is designed in such a manner that the parents do not have to face issues regarding the gradual increase of the financial needs through the growing period of the child. Following the above mentioned 4 tips will help the parents relax regarding the financial responsibilities of their child and can hope to have a better future ahead.
Jotting down the dreams for the future of the child will lead the parents to have a proper investment. A child insurance plan, with its benefits and bonuses, is the perfect solution for the child’s future, covering up all the financial aspects. The insurance plan provides a perfect backup financially while securing the future.
