A child insurance plan is a combination of insurance and investment that ensure a secure future for your child. Life cover is available as a lump sum payment at the end of the policy term. Not just this, these plans also provide flexible payouts at important milestones of your child’s education. While one may not want to think about unfortunate situations like death or serious medical illness, it’s important that you shield your child’s future against such incidents. Max Life Child Insurance Plans ensure that your child’s future financial needs are taken care of even in your absence.
Benefits of a Child Plan
- Since child plans are investment plans, they combine the benefits of insurance and investment.
- The Premium is bifurcated for the purpose.
- While traditional child plans give out the guaranteed amount, ULIP child plans are market-linked and the returns are based on the performance of chosen funds.
Advantages of a Child Plan
- Benefits offered by child plans
- Financial support for your child’s future
- Predetermined payouts
- No worry about premium payment in the worst-case scenario of premature death of a parent
- Flexibility to choose the investment mix
- Collateral option for a higher education loan
- The child insurance policy can be used as collateral for higher education loan in the future
- Child plans also act as an income protector tool for children who start earning at a younger age like talented actors, singers etc.
