Providing the basics like food, clothing, and shelter, is not the only things that you need to do for your child. There is an extensive list of milestones that you need to consider while planning your kids future.
One such thing is a child education plan for your kid. It can include their secondary or higher education plans and expenses. With the increasing cost of schooling in our country, it is an excellent idea to start saving in advance.
If saving is not something that you cannot afford with your limited monthly income; then there are various other methods that you can use. One of them is investing in the best child education plan for making their future foolproof.
In case you are new to the world of child insurance plan; then here is a list of all the benefits that you can receive by investing in such services.
1. Maturity benefits
You might think that investing in child education plan is a waste of money. But the truth is it provides you with fantastic maturity benefits. One such advantage is that after the child insurance policy expires, you can use the money to support your kid’s college expenses. This will make sure that your kid does not have to compromise on his/her dream of enrolling in the best colleges in the country. Besides, it will also reduce the financial burden that parents have to face when it comes to college expenses of their kids.
2. Adding riders
Another highlight of child education plan is that you are allowed to combine different riders during the policy tenure. To make sure that your money gives you a full return on investment; you can add features like accidental coverage and medical coverage. Also, a typical child education plan, even allows you to waiver of the premium entirely, in case, the life assured dies an untimely death. It may not be a positive thing to start with but will definitely add a layer of financial security.
3. Partial withdrawals
As parents, you know that there are a lot of expenses that you need to deal with as and when your child grows. It can be for anything including developing his/her skills and talent. With the help of a child education plan, you will be able to make partial withdrawals to support such requirements. For example, if you buy a Bajaj Allianz Child Plan, then you can withdraw money in advance, to enroll your kid into a talent-oriented class.
4. School fee support
Another feature that most of you might not know about is that a child education plan supports school fee payment as well. Imagine that you are not able to pay school expenses for your kid due to some financial crisis. In such a situation, you can approach your child education plan provider to receive financial assistance. It makes sure that your kids educational future is never compromised due to the lack of funds.
5. Basic premium
Last but surely not the least, the Government of India has launched a lot of schemes, under which childcare and education are comparatively cheaper. For this reason, a lot of insurance providers have affordable premium rates for their child education plans or policies. In other words, it will not cost you a fortune to purchase a child education plan for your kid. You can even find out about the premium rates on various platforms that allow you to buy child insurance online.
The Bottom Line
The points mentioned above are just a few benefits of investing in a child education plan. To know more about the available options, you can try searching online as well. However, always remember to read the policy terms and conditions carefully.