Insurance policies are there to safeguard one’s money for the future. One can buy insurance policies to save money or can grow their money using the policies. Now, one of the biggest liabilities that every parent has is to safeguard their child’s future. As the economy is growing, the cost of everything is increasing likewise. From education to living to even medical needs, the cost of everything is on the rise. That is buying a children’s policy like the LIC children plan.
There are various types of policies that one can pick from. Childs plans tend to have types like unit-linked policies and endowment plans. The former is all about growing the money over time and latter is all about saving money over time to manage risk. Based on their risk appetite and their core objective, one can choose what needs to be covered under the LIC child plan.
Almost every plan provides a variety of benefits that one can reap. There is usually survival benefits and maturity benefit along with death benefit in case of any mishap. There are also riders to pick from, to get various waivers and benefits. One can also choose from different payout schemes like one-time payout in lump sum or payouts in regular intervals.
Choosing the right lic policy for a newborn baby will cover various expenses of the child’s future. This will help cover the tuition fees and the other expenses like the marriage costs of the girl child. It will secure their future financially and make them stable even in case of any guardian’s sudden demise.