5 Things to Know Before Opting Education Insurance Policies in India

Giving the best available education to your child gives them the wings to move ahead in life and enables them to achieve their dreams and goals. We as parents work really hard to provide our children with the best facilities. However, the cost of education has seen a huge rise in the past few years due to the rising inflation rates. This makes the parents worry when they think about how they will manage to pay for their child's education and save for future expenses.

Investing in a child insurance policy ensures that your child is financially protected and can continue with their education without any hassle. Apart from this, this plan also ensures that even if you meet an untimely demise and are not there to provide them with a financial backup, your child does not face any financial constraints.

In this article, we will look at a few things to keep in mind while you invest in a child insurance policy.

Know Your Child's Goals and Financial Requirements

Our children have different goals and financial requirements as some children may want to study abroad, or some may want to pursue MBA or any other field in India. Before you invest in a child insurance policy, it is important to know your child's financial requirements and goals.

The Child Insurance Policy's Tenure

A child insurance policy comes with different tenures. Another thing to keep in mind while investing in a child insurance policy is how long you want to invest in the policy. Let us understand this with the help of an example. Suppose after 10 years, your child will start with their education and might want to pursue their career in engineering or any other field. Knowing that the cost of education is rising day by day, you need to make sure that you invest in the child insurance policy that will provide you with maturity benefits after 10 years.

Choose a Child Insurance Policy That Offers Partial Withdrawals

While you plan to invest in a child insurance policy, make sure that the policy offers the facility of partial withdrawals. This will ensure that in case your child requires financial help in between the policy tenure, such as school or college fees, etc., you can easily make partial withdrawals.

Additional Rider Benefits

Investing in multiple insurance policies to avail numerous benefits can be difficult. Therefore, you should choose a child insurance policy that offers the benefit of choosing additional rider options. This will increase your benefits and the cover under one policy. You can choose from multiple additional rider options available, such as Waiver of Premium Rider Benefits, Accidental Death Rider Benefits, Critical Illness Rider Benefits, Income Benefit Rider Benefits, etc. However, riders are not mandatory and are available at additional cost.

Compare and Choose

Today, numerous child insurance policies are available for us to choose from. Therefore, you need to compare and carefully choose the child insurance policy that is the best match for your child's future financial requirements.

Summing it Up

You now know a few things to keep in mind while investing in a child insurance policy in India. Providing your child with a financial safety net will ensure that your child does not fall in the clutches of financial struggles and can seamlessly achieve his or her goals.

If you are looking for the best child insurance policies to invest in, then you should go for an insurance provider that ensures that your child is able to avail the best available education without facing any financial struggles.