Importance of Child Protection Plan
India is a developing country with the largest youth population. The education industry has progressed with rising in the percentage of youth attending schools and colleges as compared to previous years. But not only this has shown progress, but the cost of education also has soared with great aggregates. From primary education to post-graduate degrees, parents are combating to fulfill the financial needs for their children’s tutoring. The cost of higher education differs by a great percentage in urban and rural areas. In Urban areas, the average cost of professional courses is Rs. 64,763 while in rural areas (Source: Survey Household Social Consumption of Education in India)
Education in abroad is also getting costlier and in future it will rise with great aggregates considering advanced courses and currency inflation.
Child Protection Plans
5 Things to consider while buying Child Financial Protection Plans
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Invest Early
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Figure out child's short-term and long-term goals
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Purchase Health and Term Insurance
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Look out for partial withdrawal plans
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Appoint your child as nominee in your investments
Few Child Investment Plans
New Children Money Back Plan
Designed to cater to multiple needs of growing children, including their education, wedding, etc. This participating, non-linked money back scheme offers survival benefits in addition to the risk cover for children.
Bachat Plus
Bachat Plus is a non-linked, participating, individual life assurance savings plan which offers an enhanced corpus for your child’s future through bonus additions.
Premium Endowment plan
Premium Endowment Plan is a participating, non-linked, savings cum protection and with-profits plan which allows you to create a guaranteed corpus for your child.
Jeevan Umang
LIC plan where 8% of annual benefit from end of ppt to till maturity 100yrs and Tax free moneyback and returns. If premium paid for 3 yrs, then even after lapsation, all benefits remain as it is on reduced sum assured