How to plan for your child future?

As parents, one of the most important things that you have to do is to ensure that your child’s future is secure. For this purpose, parents work hard and earn enough money so that they can provide for their children sufficiently. But that is not enough; children need money at various stages of their lives, be it for higher education, going abroad or starting their own business venture. Parents need to always be prepared for whatever financial needs their child may have as long as they are dependent on them. There are various child investment plans and child saving plans that ensure the financial security of your child.

One of the most expensive affairs for a child is when they go for higher education or when they go for education abroad. It’s a huge expense to send your child abroad to study. This is the time when a child savings plan comes in handy. There are many child investment plans that are solely dedicated to your child’s education. These plans come at a minimum premium and pay you a lump sum at the time of maturity. They are often sufficient to pay for your child’s college and higher education and are particularly helpful if your child wishes to study abroad.

Some child plans are not only education oriented. They even allow the option of withdrawal during the tenure of the child investment plans. This can be used for medical treatment of the child when he or she falls ill. Such partial withdrawals come in very handy when the child is hospitalized due to an ailment, minor accident or a more serious medical condition. The best child plan helps to reduce the financial burden caused by medical expenditure, and such pay-outs act as an add-on for one’s health insurance plan. 

These investment plans can also help your child in case something happens to you. They make sure that your child is taken care of when it comes to their financial needs. Insurance companies offer a premium waiver if the parent passes away during the term of the policy. The child receives a lump sum amount promised at the time of purchasing the child investment plans and does not have to pay balance premium.