Becoming a parent is one of the greatest joys you can experience. However, this happiness comes with its share of responsibilities – financial care being the most important among them. The ever-rising costs and inflation rate don’t exactly help in easing situations, though. The smart thing for new parents to do would be to start saving early, preferably as soon as your baby is born.
A secure financial future is the best gift that you could give to your child, second only to your love and care. One of the ways of doing this is to invest in a child saving plan. This way you are ensuring that your child can realize their dreams when they grow up.
A child plan offers the best of both worlds, insurance as well as investment. It can take care of your child even when you are not around. When a child policy matures or ends, you receive a lump sum amount which are most of the time accompanied by structured payouts. These provide a substantial contribution for your child’s higher education or any expenses that need to be taken care of.
Like any other investment, there are many variations of a child saving plan. There are several benefits, short-term as well as long-term, of investing in a child plan. Let’s look at 3 reasons why a child plan is a sensible and practical investment.
Reduce Your Financial Burden
Think about it. As a provider of your family, you have many responsibilities, not only towards your child but also towards your spouse and parents. A child plan helps reduce your financial burden. It empowers you to start investing bit by bit, which ultimately builds up to a sizeable corpus.
Save for Your Child’s Education
As a parent, it is your most eager wish that your child receives quality education suitable to prepare them for their future. A child plan ensures that you are ready for your child’s higher education when the time comes. It is also helpful if the child is planning to go abroad for higher studies. Higher education overseas is an expensive affair and may seem out of your reach if you aren’t prepared for it.
Protect Your Child Even When You’re Not Around
Let’s face it. Not being around for your family when they need you is one of the scariest thoughts which most of us don’t want to entertain. But it is a possibility that you have to be prepared for. In a child insurance plan - you, as a parent, are insured and your child is the beneficiary, with the future premiums being waived off in the event of your death during the policy term.
Life is unpredictable. While we cannot control everything that life throws at us, we can be ready to take up the challenges. And when it is a matter of your child’s future, investing in a good child saving plan seems like the most sensible thing to do. After all, you wouldn’t play around with your child’s future, would you?
The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.
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