How to Buy Life Insurance for a Child in India

Step-by-Step Guide

1. 1

   Step 1: Before planning for the child’s future

   In some companies the child life insurance is not possible if parents don’t have an insurance policy.
2. 2

   Step 2: the parents themselves should have adequate life insurance coverage.

   Check out for different Traditional Child Insurance Plans and Unit Linked Child Insurance Plans available in the market and choose the one that suits your needs and pockets the best. , It shouldn’t happen that because of lack of money you cannot continue paying the premium amount and your child’s policy lapses.
   
   But there is one big advantage in buying child insurance plan and that is the premium amount is relatively lower because of the young age. , Buying a universal life insurance plan it’s a good option if one is looking for flexibility in paying their premiums.
   
   Considering Term life insurance for your child acts equally great as they don’t have to worry about high premium coverage and is cheaper as well.
   
   Buying whole life insurance policy is a sound option as well, if they want their money to grow and have long-term premiums. ,,,,,
3. 3

   Step 3: Research is the most important factor every parent should consider before buying any life insurance policy for their child.

4. 4

   Step 4: One should have enough amount of balance

5. 5

   Step 5: so as to avoid any kind of financial problems in future.

6. 6

   Step 6: Calculate the rough amount which you willing to pay for the premium amount.

7. 7

   Step 7: Once decided

8. 8

   Step 8: call up your agent or you can even compare plans online by visiting online insurance portals.

9. 9

   Step 9: Follow up with your agent or the company from which you have taken the policy

10. 10

    Step 10: and maintain a proper folder for all you insurance policy.

11. 11

    Step 11: Pay your premiums on time and secure you child’s future.

12. 12

    Step 12: Tell your partner and children about their insurance policy

13. 13

    Step 13: in case anything happens to you there’s someone who knows about this.

14. 14

    Step 14: When the policy matures it will be like an asset for your child’s future

15. 15

    Step 15: as they can use the amount for higher education

16. 16

    Step 16: professional courses

17. 17

    Step 17: plan other investments and many more.

Detailed Guide

About the Author