Never miss a story

Get subscribed to our newsletter


×
Financial planning proves to be incredibly beneficial in the long run, for you and your children. Unsplash

As parents, we strive to provide the best to our children. We endeavour to give them more than we had so that they do not need to deal with the same hardships as us. Life is uncertain and things can change with a snap of the fingers. To combat the uncertainty, a foolproof plan needs to be set in place. Financial planning proves to be incredibly beneficial in the long run, for you and your children. One such addition to a financial plan for your child’s future is investing in a life insurance policy.

Follow NewsGram on LinkedIn to know what’s happening around the world.


Need for Financial Planning

Various life events need to be taken into consideration when it comes to laying out a smart financial plan for your child. These events can be for your child education plan, wedding, medical emergencies, buying a house, etc. Financial planning provides a structure to your finances and pushes you to create a path for you to walk on to achieve your financial goals. When it comes to making a child plan, it needs to place their present and future needs at the forefront.

Want to read more in Hindi? Checkout: नोबेल पुरस्कार की हक़दार हुईं दो वैज्ञानिक महिलाएं

What Does Life Insurance Include?

A life insurance policy is a contract between an insurance company and policyholder. It guarantees a sum assured will be paid to the beneficiaries on the death of the insured or on the maturity of the life insurance term. There are various kinds of life insurance plans available and you can choose the one that suits yours and your child’s needs best. For instance, there is something known as term insurance that provides coverage for a certain period (term). If the insured dies during the term specified in the policy, the benefit will be paid. Another option to consider for a child plan is ULIP. Unit-linked Insurance Plan (ULIP) is a dual benefit option where an investor gets the insurance and investment under a single integrated plan. There is also a particular life insurance child plan that is designed keeping children in mind.


Financial planning provides a structure to your finances and pushes you to create a path for you to walk on to achieve your financial goals. Unsplash

Life Insurance Child Plan

Child plans are insurance cum investment plans that help parents create a corpus to secure their childrens’ present and future. On maturity, these plans pay a lump sum amount which can be utilised for different purposes such as paying your child’s college fees, marriage expenses, etc. A child plan enables the policyholder to secure their child’s future while simultaneously building up an investment corpus. In case of a child insurance plan, the parent is the policy owner while the child is the beneficiary.

Benefits of Getting a Life Insurance

  • Financial Stability & Security

Investing in a life insurance plan is a great way to ensure your money is being saved and put aside for future purposes. It takes away the stress of dealing with unexpected financial troubles. Your child does not have to start from scratch if you have started investing early on in life.

Also Read: Learn More About the Interest You Will Pay When Buying a House

  • Guaranteed Income

If the insured is the breadwinner of the family and happens to pass away, the insurance money will act as an income replacement. You can opt for the amount to be paid as a lump sum or break it down in installments. Either way, it does not hamper with your child’s present or future.

  • Maturity Benefits

A life insurance child plan is designed in such a manner that the child is financially protected at every stage in life. Most child insurance plans offer a maturity period associated with the child’s important ages, such as 18, 21 or 24.

Conclusion

A life insurance child plan is a vital inclusion in your financial plan. It ensures your child’s present and future financial needs are well-taken care of and if ever an emergency occurs, there is a safety net to fall back on.

(Disclaimer: The article is sponsored, and hence promotes some commercial links.)


Popular

wikimedia commons

Recently, Tom and Jerry was made into a live action film

Every child who grew up in the 90s and the early 00s has certainly grown up around Tom and Jerry, the adorable, infamous cat-chases-mouse cartoon. The idea of naughtiness and playing mischief had the standards that this particular series set for children and defined how much wreckage was funny enough.

The show's creators, William Hanna and Joseph Barbera initially named their characters Jasper and Jinx. They did not plan for the fame that Tom and Jerry brought them when they released a movie by the name of "Puss Gets the Boot". This movie featured a certain cat and mouse who were a notorious pair, named Jasper and Jinx. When the movie became a hit, the names of the characters were changed and the show shot to fame.

Keep Reading Show less
Photo by Unsplash

Indians Rarely Make Time For Arts And Culture, Says Survey

One of India's leading private museums, the Museum of Art & Photography (MAP) Bengaluru, has released new primary research conducted by the ReReeti Foundation, on audience behaviour in India's cultural sector. While more than half of the respondents thought the arts and culture are essential, they rarely manage to make time for it. The majority (60.6 per cent), mostly young people under 30, felt Indian museums could present more engaging content, and most perceived culture as anthropological/ sociological. Of the diverse categories included, music emerged as the most popular cultural activity.

The report is based on a survey of 500 people, which included school and college students, professionals across sectors, homemakers and senior citizens. The first initiative of its kind in the cultural space, the report shares valuable insights into the behaviour and expectations of Indian audiences engaging with a broad range of cultural activities. As part of MAP's mission to foster meaningful connections between communities and the cultural sector globally, which includes its innovative digital programme Museums Without Borders, the report shares a wealth of insights that can help museums across the country understand their audiences better. As much as 60.6 per cent said Indian museums are not experimental enough, and can do more to create engaging content that is also relevant to surrounding communities.As much as 60.6 per cent said Indian museums are not experimental enough, and can do more to create engaging content that is also relevant to surrounding communities.

Keep Reading Show less
Photo by alexey turenkov on Unsplash

What is the best way to save Goa from deforestation?

What is the best way to save Goa from deforestation?

Drinking feni, may well be the answer, says the secretary of the Goa Cashew Feni Distillers and Bottlers Association Hansel Vaz, who on Thursday said, that sipping the state's unique alcoholic drink and making it popular would directly aid the greening of Goa's hills and other barren landscapes.

"To get more cashews, we need to plant more trees. I always say, by drinking feni you will save Goa, because we will be planting more cashew trees and we will have greener hills. The beauty of cashew is you do not need fertile land. You can grow it on a hill which can provide no nutrition. We will be able to grow more trees, if we can sell feni properly," Vaz said. Vaz's comments come at a time when the hillsides of the coastal state have witnessed significant deforestation for real estate development and for infrastructure projects. Feni is manufactured by fermenting and double distilling juice from the cashew apple.

2 glasses of a white drink Best way to keep Goa green is to grab yourself a glass of feni. | IANS

Keep reading... Show less