Best One Time Investment Plan for Your New Born Baby

Becoming a parent, especially for the first time is very exciting. The newborn child enters the world with newly born parents. This bundle of joy comes with major responsibilities. Friends and relatives who visit the baby gift small amounts of money. It is good to save or invest such funds instead of letting them sit idle. To choose the best one-time investment plan for a newborn baby, parents must do thorough research on various plans available. Several single premium payment plans offer double the benefit of insurance and savings. These exceptional single premium plans are different from the regular premium plans.

One-time investment plan for newborn baby advantages

• These plans best suit parents who do not have a stable cash flow.
• Parents end up paying less compared to the normal premium plans because they are purchasing the policy instead of paying the subsequent installments.
• There is no necessity to remember future payment dates. So, it avoids policy expiration due to non-payment.
• Moreover, these policies also provide tax exemptions according to the Income Tax Act.

How can you choose the best one-time investment plan for a newborn baby?

Having the right plan in place is extremely important in today's times. These plans also offer substantial returns along with financial coverage to enable the child fly high and come out with success. The current Indian market is flooded with several innovative child plans that offer diverse benefits and features. Making timely decisions is the key. There are some pointers parents should consider before deciding on the best investment plan for children.

• Timely decision: It is important to decide and act as soon as possible. This provides you the benefit of making the years economically more productive. Moreover, parents get ample time in building and retain adequate coverage for the child’s needs.
• Coverage: The cover you choose must be sufficient to fulfill the needs of your child in the future. For this, one must analyze the current needs. They can also use an investment calculator to understand the amount needed. When parents decide to start early, they can avail good Corpus at a lower premium. Starting early is the key.
• Inflation: When choosing the best child plan for a newborn baby, parents must also take inflation into account. Education costs are increasing day by day tremendously. So, parents must consider these factors before deciding on the coverage. Inflation is not considered; the accumulated Corpus may not be sufficient to meet tomorrow's needs.
• Partial withdrawal option: The world around us is full of uncertainty and therefore it is very important to be financially prepared. Always choose the plans that offer partial withdrawal facility as this can be your safety cushion in case of emergencies. It is always better to be safe than sorry.

Applying for the Best Child Plan for Newborn Baby

One can apply for the plan in two ways that is online and through intermediaries. All companies now have online availability. It would be easy to search for specific plans online. Parents need to log in to the company's website and choose the needed plan, coverage. They need to provide all the details such as age, premium amount etc. The payment can be done through net banking, credit or debit cards. In case of intermediaries or agents they need to pay the fees. So, it is always advisable to check online.

Parenthood journey is not easy but full of responsibilities. The primary responsibility of being a parent is to fulfill the needs of the child. Making timely decisions with one time investment plan for new born baby is also very important. Today's little savings can be helping hand in the future. So, parents must make wise decisions for the fruitful future of their children.