Parents and guardians frequently have a variety of myths and misconceptions about child insurance. It is crucial that we eliminate these misconceptions and acquire clarity regarding the top child insurance options. In this blog, we will eliminate common myths about child insurance and clarify the factors to take into account when choosing a Child Insurance Plan in India. If you are one of those parents who wants to secure your child's future, then get in touch with us at 7834834444 to eliminate all the misconceptions regarding child insurance. Myth: The Life Of The Child Is Covered By The Child PolicyFact: Child insurance is for children, but the life insured should be parents Many people are not aware of the fact that when they take insurance for the security of their child and the person recommending it adds the child's name as the Life Insured (LI), it is not logical. In that case, the life of the child is insured, whereas it should be the parents or the earning member who should be the LI in any insurance policy, even if it is for a child. The child should always be the nominee. Parents or guardians need to understand the correct concept of LI and always make themselves or the earning member the LI who can pay the premium. If the child is insured, in the unfortunate event that the parents die, then the child will not be able to pay the premium and will not receive the sum assured money. Therefore, the Life Insured (LI) should always be the person who can pay the premium, which will benefit the child afterward and in any unforeseen circumstances. Read More:- How To Invest In Infrastructure Mutual Funds? Age Limit For Child Insurance
Do Indian parents have the ability to receive the sum assured if something happens to their child?In the unfortunate event of the child being insured and something happening to them, the parents will receive the sum assured. Usually, the purpose of child insurance is to help out the child financially when they are going through a hard moment. It can help with schooling, future needs, and other expenses until the child can start earning money. But with the sum assured amount, the parents who have been saving for their child do not have the ability to accept the money if something happens to their child. Best child insurance plan in India 2024Here is a list of some of the best child insurance plans.
Suming Up!It is great to look up for the future of your child with a Child Insurance Plan, but it is essential to understand the correct information regarding a life insurance plan. Before you buy child insurance, you must eliminate all the misconceptions and myths regarding the policies. To clear up all of your doubts regarding the child insurance plan, you can reach out to us at 7834834444. DisclaimerPlease keep in mind that the information above is provided purely for educational purposes and does not imply endorsement of any specific child insurance plan by RKFS. As a result of investing in any of the previously mentioned plans, you may obtain or purchase insurance; however, we are not responsible for that insurance. Related Post:- What Are Flexi Cap Mutual Funds?
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