When you are a parent, you discover that you are willing to do all that you can to offer your child a better shot at life.
Vaibhav Suneja's insight:
The single biggest advantage of child insurance plans is that the offer a great deal of financial security. However, with the market crowded with insurers and a mind-boggling variety of plans on offer, choosing a particular one can be tough. This is why; it helps to have a checklist that would serve as a guide to help navigate through the insurance purchase maze.
Since we're talking about children here, it is crucial to map the possible capital intensive expenses that they are likely to come up against. Education, marriage, professional certification, and housing are but a few of these.
Upon mapping, it is time to prioritize the expenses and then list them out in order of importance.
Whilst putting a cost component against each of them is a good practice, it is also important to incorporate the price hike or inflation factor into the same.
The amount thus computed would be the approximate value of the policy that one would need to purchase.
Moreover, it is highly recommended that this amount be evaluated periodically, to track variations and ensure that the coverage remains well in line with the expectations.
Most Indians consider Retirement Planning important but only 28% are investing. Check out research from Max Life & Nielsen in Infrographic. There is going realisation that retirement planning should start early, but Indian's don't seem to be doing till they reach age of 39.....
Term insurance plans are also known as pure-risk policies, since the premium payable is wholly devoted towards the coverage of risk. In the case of other insurance solutions, the premiums also include an investment component and hence, are correspondingly higher.
For every lakh rupees as coverage, the premium payable for a term plan will be cheaper than those for other types of insurance policies.
The premium payable-to-coverage offered ratio is many times higher in the case of term insurance policies.
Coverage is extended even in the event of a payment stoppage of premiums.
Non-smoking individuals get special discounts when they opt for term policies.
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