No one likes to compromise in providing their children with a good education and sufficient financial resources.
It doesn’t matter if your child is only 10 years old or has just finished school; choosing the best investment plan for your child’s education should be your first priority.
But what are child plans and how to make the right choice? Let us help you get a deeper understanding of this topic.
A child education plan is a type of savings plan, especially, made for securing your child’s future financially. This plan helps the parents ensure that their child will have enough funds for education in the future even if they are not here to support them.
The benefits of child education plans can be received either in lump sum or periodical payments, depending upon the policy.
However, if anything unfortunate happens during the policy tenure, then the nominee is entitled to a life cover amount.
Child investment plans are more than just a financial provision. These plans are a combination of investment and insurance plans which motivate you to save money in the long term with discipline.
Various things should be considered when choosing child plans to ensure that you only buy a plan which best suits your needs and works in line with your financial goals. Some of them are:
The policy you purchase should have a maturity period that matches your child’s educational needs.
For example- if your child is 10 years old and you are buying an investment plan for his higher education, then you should buy a plan having a maturity period of around 8-9 years.
With so many options available, you must select a plan that is inclusive of the features that you want.
Here are the most popular plans offered by insurance companies:
The premium you pay for the best one-time investment plan for a child or even for an instalment-based plan should justify the coverage provided. At the time of buying an investment plan, ensure that you are not going to pay for coverages that you do not need.
For this reason, it is suggested that you use the child plan calculator and get an idea of the premium you would be paying.
A policy that offers bonuses is considered to be very profitable as it increases the sum insured. So, before buying the best investment plan for a child's future in India, do not forget to check whether your chosen plan offers a bonus or not.
With an increasing inflation rate, having ample financial resources for your child’s education is becoming necessary. Thanks to child education plans, you can help your child achieve his goals without worrying about finances.
With PNB MetLife, you can get a variety of investment plans for a child, like the PNB MetLife Super Saver Plan which offers growth in bonus and the facility of waiver of premium.
Moreover, we have excellent plans curated for your child’s secure future, like the PNB MetLife Genius Plan or the PNB MetLife Guaranteed Goal Plan.
There are so many investment options, such as PNB MetLife Mera Wealth Plan, Smart Platinum Plus, Guaranteed Future Plan, etc.
It is indeed one of the best things you can do for your child as a child education plan helps fulfil the goals of your child by providing the necessary financial support.
Reference links:
https://www.pnbmetlife.com/insurance-plans/long-term-savings/pnb-metlife-guaranteed-goal-plan.html
https://www.pnbmetlife.com/insurance-plans/long-term-savings/pnb-metlife-super-saver-plan.html
https://www.pnbmetlife.com/insurance-plans/long-term-savings/pnb-metlife-century-plan.html
Disclaimer:
The aforesaid article presents the view of 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 or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
PNB MetLife India Insurance Company Limited Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
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Terms & condition apply, Benefits stipulated are subject to premiums paid and policies in-force. For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale. Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details. Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time. The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks. Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.
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