Kids are the epicenter of every family. As a responsible parent, your parenting role starts when you hear that you are going to be a parent. You start dreaming about your kid and start planning for his/her future. You do everything to provide comfort and security to your child. Often you sacrifice your small-small desires to fulfill the need of your kids. However, are you making sure that these little sacrifices that you make today will truly bear fruit tomorrow when the time comes to pay for your child’s education? It is said that education is the single biggest investment one can make and when it comes to educating your child, you would obviously want the best. To ensure that there is no compromise on that front, you must consider insurance policies that secure the future of your children as one of the most important instruments of investment.
The market is filled with many plans than can help you in meeting the future costs of your child’s education. We are living in the fast changing world where the value of money changes every day. Even if you think you have planned well for your child’s education, one cannot be too sure about the many hurdles that come up along the way. Inflation is one such villain that you can never dare to forget. The money you invested today for your kids may be great for today’s perspective or maybe even 5 years from now but are you sure that inflation will not ruin your plans when it is time for your child to take admission into college? Another assumption that we tend to make when it comes to planning for our child’s education is that we will always be around to support them financially. Yes, you may have planned your investments well, but have you given any thought to what may happen if you are not around? Isn’t it important that your child gets the best education and fulfills his dreams even if you don’t happen to be there when he needs it? Obviously, it is important that you don’t leave any stone unturned when it comes to securing your beloved child’s future. So, what is the optimal option for you?
The answer is very simple. Invest your money in a child plan that provides dual benefits, protection as well as the growth of your invested money in fighting against the inflation. For instance, ICICI Pru Smart kid Assure. The plan is designed especially to secure your child’s future. The plan offers the following benefits.
1. Grow your money in the long term: As the child’s education is a long-term goal, the plan works best to grow your money in the long run to beat inflation. The plan invests a major portion of the premium in equities to leverage growth opportunities and the remaining in debt securities to seek stability in investments.
2. Secure your child’s future: A child insurance plan ensures that the future of your child is not affected due to lack of finance. It offers two-ways security:
- Death Benefits: In case of unfortunate demise of the policyholder, the insurer pays death benefits to meet immediate family requirements at a critical time. The policy would continue to achieve your child’s financial goals, as planned by you.
- Waiver of premium benefit: The insurer waives off all future premiums in case of unexpected death of the policyholder. Here, in this case, the insurer continues to pay premiums on your behalf and gives money to the child at the specific intervals of time. This feature assures parents that needs of their kid are taken care of even in their absence.
- Ease of buying: Online shopping is one of the biggest factors that make the buy of plan very easy. You get to know everything about the plan along with buying, paying a premium, contact customer care for issues and queries just sitting at your home.
- Protection against disability and accident: The plan offers rider facility with some additional premium that provides almost the same benefits to the kid as in the case of death. So, even if you are not able to earn because of accident or disability, your kid will not have to suffer from any financial constraints.
- Tax Benefits: The entire premium paid is under tax benefits as the prevailing Income tax Act, 1961.
What can you ask more? The plan has everything that you may wish to secure your kid’s education need. You only have to open your computer, smartphone, tablet or laptop and browse online to buy the plan and rest will be all assured.