Children are the future of our society and it is very important that parents take initiative in securing the future of the children. One of the major goals will be to make sure that the children will have a fantastic future and lead good lives.
Need For Traditional Child Insurance:
A successful planning is the core of any insurance policy and child insurance is no exception. Cost of essential commodities/services has been sky-rocketing. At this juncture, if you do not have proper insurance schemes, then your child’s future will not be bright. According to a survey done by a leading advertising agency, an Indian dies in accident every 90 seconds.
Advantages Of Child Insurance:
Some of the advantages of the child insurance are given below as follows:
Save on the medical bills: A good child insurance will play a supreme role in saving your medical bills and get rid of unnecessary expenses.
Easy Conversion: Supreme child insurance is important for child and parents, as the children insurance plan can be converted into adult insurance plan after child reaches 18 years.
Flexible: Good child insurance offers the flexibility to choose various kinds of child insurance plans in a systematic manner.
Good Pay Outs: A child insurance plan is ideal to have a bright future for your star kid. After schooling, when your child goes for college, lot of financial help is required. Parents can make sure that sufficient funds are transferred from child insurance plan to fund the studies.
Disadvantages Of Child Insurance:
Child Insurance is the major part of the insurance plan required and some of the disadvantages of the child insurance are:
Poor Ratings: Child Insurance plans are not productive, in terms of ratings and investments
Genuine Plan: Most of the children plans are not genuine and hence corrupt practices will come into the picture
Full of Complications: Most of the situations, the child health cannot be stable and very tough to ascertain, the amount of coverage your child requires
Higher Benefits and Higher Cost: Due to the changes in the benefits offered, and the schemes, the cost of premium has increased considerably.
Insurance Companies Go Bankrupt: One need to check the status of the insurance companies and also need to check on amount that one is guaranteed upon. Credibility of the insurance companies must be thoroughly verified.
Hence as a result, one can go ahead and pick reliable plan and invest today.
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