Every parent intends to offer things that are necessary for overall development of the child. Holistic development encompasses all the important training and insights that are required to make him/her a good citizen of the world. This includes various lessons that will help him/her develop the necessary skills to tackle with all the problems that the world throws in future. A good education lays the foundation for such a holistic development. By enrolling your child into a good school, you are fulfilling a part of your primary duties as a parent.
Here are a few ways in which a child’s education plan helps you safeguard his/her future.
Benefits of Insurance Policy for Child Education
1. Regular Source of Savings
The child education policy serves as a regular source of savings for future needs. The insurance policy is an ideal investment and budget-friendly too since you need to pay a fixed amount of premium on a monthly/annual basis.
2. Death Benefits
All the insurance policies offer you death benefits. These death benefits take care of the complete education costs of your child, in case of untimely death of the parent. This way, you can be sure that your child’s education does not stop due to any external factor.
3. Great ROI
These insurance policies also offers a great return on investment since you get back the sum of insurance after the end of tenure.
4. Long Tenure for Returns
You can opt for an insurance plan for a period of anywhere between 5 years to 25 years, depending on the needs of your child. In addition, these plans usually have a very low minimum entry age allowing young fathers and mothers to take care of their children’s education needs.
5. Small Annual Premium
The insurance plans are available for a fractional cost of total benefits offered by them. This small premium allows people from various income classes to buy an insurance policy for their kids.
6. Tackle Heavy Rate of Inflation
The costs of primary as well as higher education are always on a rise. If your child is eligible for an admission in a good college, you can be rest assured that the decent fees for this college will go into several lakh rupees easily.
7. Allowance for Partial Withdrawal
Some insurance policies also allow you to make partial withdrawals from the accumulated funds for personal use. This feature is helpful in case your child is able to secure a good scholarship at a reputed institution.
8. Income Protection for the Child
The child plans also provide income protection for kids who start earning from a young age.
9. Medical Treatment of the Child
The insurance plan also takes care of the medical expenses of your child in case he/she suffers from a major accident.
10. Collateral for Higher Education Loans
This policy acts as a fantastic collateral for availing student loans for higher education.
We know that life is full of uncertainties and a small mistake can end up costing you a large financial sum that may affect your child’s education. To make sure that your child’s education goes without a hitch, you must invest in a good child policy, like the EduSave plan offered by Edelweiss Tokio. It will take care of all the educational needs of your child, even in your absence.
