Parents are worried about their children's higher education. The question of whether they will be able to fund their children's education remains unanswered. Well, they can if they plan in the right manner with the right approach. The best and most obvious thing you can do is begin to save at an early life stage.
By buying a life insurance policy, you can save a large sum and gain the power of compounding. Having an early start is not always enough. You should also know where to put your money to receive optimum returns. However, a delayed start for your child's education will not only yield a small sum of money but will also impact your other financial goals. You're likely to fall short of the required amount if you begin the investment in your 40s.
Child insurance plans are a part of child-specific financial policies, which mostly include child education plans. The plans focus on paying the life cover as a lump sum amount at the end of the policy duration. Apart from the lump sum payout, the plans also come with regular payments during a child's education's important milestones. Generally, the child insurance plans can be customised as they come with several options to add various riders.
Child Insurance Plans by Canara HSBC Oriental Bank of Commerce Life Insurance for Securing the Future of your Child
Canara HSBC Oriental Bank of Commerce Life Insurance offers a wide range of life insurance plans to help you protect various financial needs. Here are 6 life insurance plans that can help you secure the future of your child:
1. Invest 4G
This Unit Linked Insurance Plan offers you the opportunity to save for your future goals and dreams. It also provides you with the choice to opt for protection as per your suitability. It maximises your savings by adding Loyalty Addition and Wealth Boosters, which return the Charges of Mortality on policy maturation. Premium Funding Benefit feature ensures that the targeted savings contribution is made even if you are not around.
Learn more about Invest 4G.
2. Smart Future Plan
This plan is a unit-linked insurance plan that provides you with an investment opportunity for the long-term to fulfil various family needs, such as ensuring a bright future for your young ones or building a legacy for your future generations. This is a comprehensive life insurance cover that implies that there is a sum assured on death and a premium funding benefit on death or disability. It ensures that the plan you chose for your family is unaffected even if an unfortunate incident occurs.
3. Jeevan Nivesh Plan
This is a savings plan that ensures you can plan and achieve your life goals and protect the future of your children. Jeevan Nivesh Plan offers a life cover along with multiple policy term that helps you stay aligned to your financial goals.
4. Future Smart Plan
It is a unit-linked insurance plan that will provide the parents with a long term investment opportunity to build a bright future for their child. In case of any unfortunate event, the insurance will comprehensively cover everything to ensure your child's future stays unaffected.
5. Money Back Advantage Plan
You should be financially empowered during every sphere of life, and in this case, it's your child's education. Money Back Advantage Plan will provide financial help to your child by offering life cover and the milestone based on payouts via guaranteed money back payouts and maturity benefits.
6. Smart Junior Plan
With Smart Junior plan, you can benefit from guaranteed payouts in the last five years of the policy. You can rightfully align it with your child's education pivot points. Moreover, the plan also gives you an annual and final bonus on maturity, if applicable. Also, the plan gives your child comprehensive protection if any unfortunate incident happens with life assured.
Four Reasons to Buy a Child Insurance Plan
You cannot overstate the value of good education. Moreover, the regular hike in education can be the cause of impediment in higher education. However, if you invest in a child education plan, it will ensure your child's education's financial aspect. The child education plan is a combination of insurance and investment. Some part of the plan is for providing the financial security of the insurance, and the balance is an investment in market instruments.
1. Flexible Investment
This plan offers you the opportunity to invest in your child's future, i.e. for a long period. Factors such as a long policy term and flexible premium payment tenure makes it a considerable life insurance cum child plan.
2. Managing Future Expenses
Many people think of figuring out a proper plan for their child's education but many fail. A good child education plan helps you figure out your expenses like business ventures or your child's marriage and makes budgeting easier.
3. Education Corpus
As education's expense keeps increasing exponentially, it is important to choose a child education plan that keeps you financially secured when your child applies for higher education.
4. Protection even After Death
The situation of your child's dependence on you will not change soon. Thus, the child insurance plans provide death cover that will keep your child's education continued.
Having a child insurance plan to protect the financial future of your children is quintessential and you shouldn’t avoid buying one. It is beneficial for your kid to have a shield of financial safety in case something happens to you. Rather than derailing from their track, they can continue their future studies and achieve their dreams.