In most of the cases, parents start planning for their child’s future quite late. To get the maximum benefits of insurance plans, it is recommended to start planning for your child’s future in his/her formative years to ensure that sufficient funds are available at the time when you child is ready to embark on career path. There is no guide to choose a right insurance plan. However, if chosen wisely, it can become a long-term asset to manage the future of your child.

1.Know your goals: Planning is the first step for investment. You should know how much amount you will require for your child’s education, marriage etc. The other important factor that should be considered is expected inflation rate and its effect on your investment. Therefore, you should advise a good  financial planner and then choose a right insurance plan.

2.Invest in child plan that offer premium waiver benefits: What is very important to have in a children’s insurance plan is the waiver of premium rider available. On the death of a parent, insurance company waives all future premiums and continues funding the policy and ensures that the maturity benefits that was set for the certain age remain intact.

3.Understanding the product and cost involved correctly: Before investing, you need to understand the product brochure correctly. Insurance companies levy various charges that needs to be paid by the customer. Therefore, you need to pick the most suitable insurance company after comparing all the benefits offered.