New Delhi: At least once in their lifetime, every parent must have thought about what will happen to their kids if something unfortunate happens to them. The thought indeed is a scary one. But that’s how miserable life can be. That’s why many parents invest in insurance schemes to secure the future of their child/children.
And what could be a better day to have a peek at insurance products ensuring that your children continue to receive financial cushion at a time when they need it the most. Some of the insurance products even provide impressive returns at the time of maturity that can be used to fund your kid’s education or marriage.
Here are a few insurance schemes for your child’s safe future:
LIC New Children’s Money Back Plan
Life Insurance Corporation of India’s (LIC) New Children’s Money Back plan is a money-back insurance scheme that is non-linked to equity markets. Returns from the insurance can be used to fund a child’s education or marriage or any other needs. The nominee child/children also receive financial aid in case of the death of the parent.
LIC Kanyadaan Policy
LIC Kanyadaan Policy is aimed at ensuring that the parents or guarding of a female child end up with enough money to fund her marriage. An investor can invest for a minimum of three years in the schemes to save for her daughter’s marriage. Parents can start investing for their daughter in the LIC Kanyadaan Policy as soon as she turns one.
PNB Metlife Smart Child Plan is another non-linked, non-participating savings life insurance policy that ensures guaranteed returns at the time of maturity. In case the unfortunate happens, the scheme ensures that the kids receive insurance. Parents aged 18 to 55 can buy insurance for their kids aged anywhere between 90 days to 17 years.
SBI Life Smart Scholar
SBI Life, the insurance selling arm of the country’s largest public bank, offers Smart Scholar Unit Linked Insurance Plan (ULIP) to parents that take care of the financial needs of the child in case of the unfortunate. Parents can buy the policy for their child aged 1 day to 17 years.
Max Life Shiksha Plus Super is another unit-linked investment plan (ULIP) that depends on markets to provide returns to the investor. The returns can be used to fund the education of the children. One can choose from five different fund options provided with the scheme. You can also apply for two partial withdraws to fund the educational or other needs of your children
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.