How to Secure Your Child's Future with Child Savings Plans
Posted: Jun 14, 2017
Insuring a child’s future is one of the primary duties of a parent. Child investment plans and Child Savings Plans are devised to ensure that your child always has enough money for his/her education, business or even wedding. Since they are devised for the safety of your child, a lot of people buy them for sentimental reasons, without putting much thought in it.
One of the most expensive affairs for a child is when they go for higher education or when they go for education abroad. It’s a huge expense to send your child abroad to study. This is the time when a child savings plan comes in handy. There are many child investment plans that are solely dedicated to your child’s education. These plans come at a minimum premium and pay you a lump sum at the time of maturity. They are often sufficient to pay for your child’s college and higher education and are especially helpful if your child wishes to study abroad.
Some child plans are not only education oriented. They even allow the option of withdrawal during the tenure of the Child Investment Plans. This can be used for medical treatment of the child when he or she falls ill. Such partial withdrawals come in very handy when the child is hospitalized due to an ailment, minor accident or a more serious medical condition. The best child plan helps to reduce the financial burden caused by medical expenditure, and such payouts act as an add-on for one’s health insurance plan.
These investment plans can also help your child in case something happens to you. They make sure that your child is taken care of when it comes to their financial needs. Insurance companies offer a premium waiver if the parent passes away during the term of the policy. The child receives a lump sum amount promised at the time of purchasing the child investment plans and does not have to pay balance premium.Child investment is very necessary for everybody. For more information visit us at www.pnbmetlife.com.
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