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3 Features of Child Insurance Plan which Make it a Must have Cover

Being married is the first step towards leading a more responsible life than before

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Being married is the first step towards leading a more responsible life than before. After marriage comes your baby and that is when you should start planning for investment. Investment for a child must address multiple goals for the child as well as you as parents. Child plan features not only aim to achieve a child's goals but also benefit parents with tax savings (as per prevailing tax laws), additional wealth, etc. There are very few investments ensuring that your kid's goals are looked after regardless of circumstances. Before you choose your investment instrument, you need to check the following.

1. What All You Need for Your Child's Future?

With the birth of a child, you need more money for fulfilling the child’s basic needs and ad-hoc needs that may come up. You will need funds for school days, college days, further education, medical needs, and other needs as and when they come up. Do you have enough money to support all these needs? That is a question you must ask yourself before planning to proceed. Trust me, savings alone can’t give you the required return.

2. Expectations from the Insurance Towards Step 1

The investment that you do should have benefits in the long run. You should be able to save tax, create more wealth and invest more than multiplies your wealth every year. Investments should give you return more than what you calculate may need for your child’s future considering inflation in mind. Tax benefits is another important aspect that you must consider. You should try to get benefit under section 80 C and section 10 (10D) ideally.

You should check if the money goes to equity or debt. Your risk profile plays a significant role in choosing the plan. Always look for the risk that is compatible with your investment profile. Also, check for the charges that you may have to pay when you invest in one.

Considering every point, ULIP fits adequately. It is one of the best investments that takes care of two needs at a time; they are basic life cover and wealth growth. Max Life’s ULIP plans are what investors will find satisfaction in for the immense benefits that they get. There are many mutual funds options for child education that many people invest in; however, due to the liquidity, it may not be a wise step. ULIP, on the other hand, has a lock-in period of five years. Your money stays and grows in those years. If you are still in a dilemma, you can learn about the features of ULIP that Max Life has to offer.

Allocation of Funds Automatically

Just like any other life insurance premium, you pay the premium of ULIP you choose from us, and we take care of the investment and allocation of your money to funds that are the most suitable to you. You will not have to take the hassle of fund allocation. It will automate to give you the best of returns in the long run., at max life your money will be in safe hands.

Meets your Child’s Goals with or without you

When you choose ULIP, you not only grow your money; but are also safe from any contingency such as your sudden demise. Even when you are not there, your child’s education and other needs will fulfill. All thanks to Max Life Future Genius Education Plan and Max Life Shiksha Plus Super Plan. Your child gets a regular payout and lump sum amount immediately in case of your death. We do not want you to be of use in this way; it is a special feature that takes care of your child.

Grow your Money

ULIP is one of the highest return paying investment instruments. You get more on and above your maturity benefit, you need financial security, so ULIP has it all for you.

Plan your Child’s Goals

Never delay the process of investing in your child’s future education. The sooner is better because you pay less premium and save yourself from the risk of inflation. Take your stand now for a future that secures you and your spouse as well as your bundle of joy.

ARN:- JuneBG/F/17

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