Our children are our first priority. We work hard and earn all throughout our lives so that they get the best education and facilities without having to face any financial constraints. We all know that inflation and the cost of living have seen a considerable rise in the past few years. This may worry many parents today. Moreover,we never know what is coming for us, be it an unforeseen and untimely demise of the family’s breadwinner or diagnosis of a critical illness. This might create a financial burden on our children, resulting in them compromising their dreams and goals. That’s why it is necessary to invest in a child plan for financial security as well as a secure future for our child.
Today, parents have numerous child education plans available to choose from. This often confuses parents and may become a difficult task. Therefore, parents need to choose the best child plan to be at peace of mind in the coming years. To help today’s parents seamlessly choose the best child plan, we have prepared a conclusive guide on how to choose the best child education plan today.
1. Choose a Plan That Matches Your Child’s Goals
Our children have different goals and dreams. Some children want to go abroad for higher studies, while some might want to start their own business. For this, parents require a huge amount of money. In today’s time of rising inflation, managing our daily expenses as well as saving on a regular basis has become a difficult job. That’s where a child plan comes to the rescue. Investing in the best child plan which matches your child’s goals and financial requirements ensures that your child is secure and does not face any hassles while living his or her life.
2. Choose a Child Plan That Offers Additional Rider Benefits
Investing in multiple insurance plans to avail various benefits might be difficult for parents. To avoid such hassles, parents can choose a child plan that offers the provision of additional rider benefits. A child plan with rider benefits offers additional benefits and offers a larger amount of life cover. The policyholder can choose from various additional rider benefits, such as accidental disability rider benefits, accidental death rider benefits, waiver of premium rider benefits, critical illness rider benefits, etc. This will ensure that even if we are not there to financially provide for them, our children can still live a life without having to compromise anything.
3. Tax Benefits
Another key reason to invest in the best child plan in today’s time is to avail the tax benefits on the premiums paid by the policyholder. The policyholder can claim up to Rs. 1.5 lakhs of tax benefits in one financial year under Section 10(10D) of the Income Tax Act, 1961. However, tax laws are subject to change from time to time.
The best child plans come with the purpose of fulfilling the dreams and goals of your child and providing them with a seamless and hassle-free life. One of the best child plans in India to invest in is Unit Linked Insurance Plan (ULIP). It comes with both investment plan and insurance purposes. SO, you can get a lump sum amount as insurance as well as invest in market-related options, such as stocks, shares, bonds, etc., for wealth creation. Whenever you plan to invest in the best child plans in India, we recommend you going for a trusted and reputed insurance providing company.
