Child Savings Plans
Saving for your children can make a big difference in their lives. Most importantly, the rising costs due to inflation can be beaten with the right planning. Furthermore, a corpus can protect your children from any financial disasters in case of an emergency.
Ultimately, by saving for your children now, you will be helping them in almost all important periods of their lives. From the quality of education that they receive to becoming independent and starting something of their own, saving for your children provides them with a solid foundation that boosts their confidence. The money that you save for them acts as a safety blanket and helps them start their adult lives in the best manner possible.
Saving plans for children offer you two main benefits. These plans help you save money for your children’s future needs and also help protect them financially in case of an unfortunate event. Here is an example to show you how these plans work:
Benefits of children savings plans
There are several benefits of children savings plans, such as:
- The dual advantage of savings and life cover1: These plans offer the dual benefit of savings and life insurance. They help you save for your children’s future and, at the same time, ensure their financial security in case of an unfortunate event
- Emergency funds: These plans can be used in case of a financial emergency. They let you make partial withdrawals that you can use for any immediate needs
- Financial security: In case of an unfortunate event, savings plans for children provide a lump sum payment in the form of the claim amount. Additionally, the plan continues to be active and the life insurance company takes care of all future premium payments. The payout received at the end of the policy term ensures that your children’s dreams are fulfilled, no matter what