Starting a family and bringing a new life in this world comes with a lot of responsibility both emotionally and financially. As parents, all strive to give them the best possible whether a secured life, good education, career etc. The cost of education and cost of living are soaring high, which makes it even more crucial to plan your finances well so that you can provide your child a worry-free future, saysĀ AVS Siva Rama Krishna, President Zone 2, SBI Life Insurance.
He says, ‘While there might be many financial products claiming to build corpus and protect your childās future, the most important of them all is a having an adequate child insurance plan. Having a child insurance plan not only provides you a protection (life) cover but also allows you to create a corpus for your child to let them lead an independent, secured and financially safe future. It covers all the vital phases of your childās life like basic and higher education, health care, or even a wedding.
But, it is equally important to note that investing in such a plan at an early stage gives maximum benefits.’
Siva Rama Krishna, says, ‘ A robust financial plan ensures support at every milestone of your childās life. However, in case of any unfortunate event, a child insurance plan helps the family in financial despair and allows the child to pursue his/her dreams uninterruptedly.’
‘It allows to build a corpus. Most child insurance plans come with an in-built option of Waiver of premium. In case of an unfortunate event such as the demise of the insured, the child will not be burdened with premium payment as the same will be waived off and the insurance company will pay the premiums to support the childās future and it also allows tax exemption besides uninterrupted future goal protection’
Thus, a child insurance plan does help in building a strong financial future of your child’, he adds.