FAQ - Child Plans

Q.
What are the Steps to follow while buying a Child Insurance Plan?
Ans

Before purchasing any insurance plan it is advisable to opt for a reputable insurance company which is financially strong and keeps its customers interest as the foremost aim and provides good quality services. Let us look at the steps which one needs to follow while buying a Child Insurance Plan:

  1. First, decide how long the term of the plan depending on when you child needs the corpus. (Plan should include, Post Graduation requirements, Business, Short Courses, etc).
  2. Always remember - Parent needs to insure himself & child should always be the beneficiary. 
  3. Calculate the amount needed for fulfilling his needs. Always keep inflation in mind while decided the right amount
  4. If the term is less than 8-10 years, you may opt for an endowment plan. 
  5. If the term is more than 10yrs, go for ULIP's. Always start with the most aggressive fund. ULIP's are the best option when the investment planning is for a longer duration.
  6. Decide on the amount of Life cover needed. 
  7. Always compare different plans and speak with experts before finalizing the right product. 
  8. Stay invested for a longer term. In case of ULIP, you have the option to switch in and out when desired.
  9. When you are near to your target, move to the all debt investment options. 

Though it sounds simple and interesting, but you require a lot of information and expert advice while choosing the right plan. To know which plan will suit your needs please speak with our expert team at 66700001 or click here to compare the best Child Insurance Plans

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